Discovery is a leading South African company with a significant presence in various sectors, including life insurance, medical scheme administration, short-term insurance, long-term savings, and banking. This blog post will explore the diverse operations of Discovery in South Africa, highlighting its innovative approach and influential market presence.
Discovery Health
Discovery Health is the largest medical scheme administrator and managed care provider in South Africa, managing over 39% of the total membership of South African medical schemes. It offers a range of non-medical scheme-related products such as gap cover, Flexicare, and Healthy Company. Discovery Health’s comprehensive services ensure that members receive top-notch healthcare management and support.
Discovery Insure
Discovery Insure provides innovative and comprehensive car and home insurance solutions. With over 285,000 cars insured on South African roads, Discovery Insure is trusted by many for its reliable and customer-centric insurance products. The company’s unique offerings include rewards for safe driving, which incentivize and promote safer road behavior.
Discovery Invest
Discovery Invest offers a wide range of local and offshore investment plans tailored to both retail and corporate clients. With over R120 billion in assets under administration, Discovery Invest provides flexible and comprehensive investment solutions designed to meet the diverse needs of its clients. The company’s investment products are known for their innovation and ability to deliver strong returns.
Discovery Bank
Discovery Bank is a full-service digital retail bank that has revolutionized banking in South Africa. Within three years of its launch, Discovery Bank has attracted over 1 million accounts. The bank offers a range of products designed to meet the financial needs of its customers, all while integrating the Vitality rewards program to promote financial wellness and healthy living.
Global Expansion
Discovery’s success in South Africa has paved the way for its expansion into international markets, particularly in the United Kingdom and other parts of the world through Vitality Global.
- Vitality UK: Comprising VitalityHealth and VitalityLife, this division offers private medical insurance, long-term life insurance, serious illness cover, and income protection.
- Vitality Global: This division focuses on expanding Discovery’s Shared-value Insurance model globally. It operates through two main business units: Vitality Network, which licenses the Vitality program to insurance partners worldwide, and Vitality Health International, which forms strategic partnerships with health insurance players in various markets.
Conclusion
Discovery’s diverse operations in South Africa and beyond showcase its commitment to innovation, customer-centric solutions, and market leadership. From healthcare and insurance to banking and investments, Discovery continues to set the standard for excellence and reliability in the financial services industry.