Discovery Business Insurance

Discovery is a South African financial services organisation that has made significant strides in the healthcare, insurance, and wellness markets.

Overview of Discovery and their shared-value model

Since its establishment in 1992, the organisation has been guided by a clear purpose to enhance and protect people's lives and make them healthier.

Discovery has achieved this through the shared-value insurance model, which seeks to provide better health and value for clients, superior actuarial dynamics for the insurer, and a healthier society. To achieve its core purpose, Discovery has a deep understanding of the challenges that threaten people's health, wealth, and safety.

Providing business solutions for environmental problems

The shared-value insurance model is centred on creating an environment that supports and encourages healthy living, providing personalised services to meet clients' needs, and adopting innovative ways to manage risk.

As an organisation, Discovery is committed to leveraging technology and data analytics to better understand and manage risk. With a focus on improving outcomes for its clients and society, Discovery is an excellent example of how organizations can create value while contributing positively to the communities they serve.

What products and services does Discovery offer?

Discovery is a South African company that dominates the financial services industry with its market-leading businesses. These businesses include Discovery Health, which manages over 39% of South African medical scheme memberships, and offers non-medical products such as gap cover and healthy company.

Discovery Life provides life, disability, income protection, severe illness, and funeral cover to both individual and business clients. Discovery Insure offers innovative car, home, and business insurance, and has over 290,000 cars insured in South Africa.

Discovery Invest offers flexible investment plans to retail and corporate clients and has over R120 billion in assets under administration. Discovery Bank is a digital retail bank that offers a range of products, attracting over 1 million accounts within three years of its launch.

Discovery Business Insurance is a commercial insurer that uses innovative technology and enabled solutions to comprehensively protect businesses.

What is the Discovery business insurance plan?

Discovery offers comprehensive insurance cover for businesses, providing market-leading coverage for property and accident insurance.

One of the unique features of the plan is the broadest business interruption cover, which covers business interruption following property damage, theft, damage to electronic equipment, and theft or damage to insured vehicles.

The plan also uses advanced risk assessment technology, such as drone technology to assess risk at business premises, thermal imaging to detect electrical faults, and smart glass technology to facilitate the real-time collection of risk information. Additionally, online tools are made available for businesses to self-assess their risks.

Comprehensive business motor vehicle insurance

For businesses that rely on commercial vehicles, Discovery offers comprehensive commercial motor vehicle insurance with unique rewards and features.

The online fleet portal allows businesses to track their vehicles in real time, and the rewards for good driving can help reduce premiums by up to 30%. The write-off accelerator is another unique feature that allows businesses to write off their vehicle at a lower damage level of 40% or 50%.

What additional coverage does Discovery offer?

Discovery has expansive cover that also caters to the unique risks of the 21st century, including cyber risks, reputational risk, and social media liability.

Cyber insurance covers businesses or third parties following the loss due to a cyber-attack, and through their partnership with AVeS Cyber Security, they offer cyber risk assessment and management solutions at discounted rates.

They also offer crisis and reputation management cover which makes provision in case of a crisis that jeopardizes the reputation of a business, with basic cover of R50 000 automatically included at no additional cost.