Discovery Travel Insurance South Africa

Discovery Travel Insurance South Africa – Vitality is a science-based behavior change program that helps you track your progress toward better health and rewards you for making better choices with an unparalleled array of health, lifestyle and entertainment benefits.

Earn important points by being active, eating well and doing all your health checks. You will enjoy a variety of bonuses at each status level, the higher the health, the higher the vitality status.

Discovery Travel Insurance South Africa

Discovery Travel Insurance South Africa

At the beginning of each year, your Vitality Points reset to zero, but you still retain the rewards and status level you earned the previous year. This is to encourage you to stay healthy every year.

Discovery Provides R11.4bn In Value To Clients In 2022

How to Earn Vitality Points You can earn Vitality Points every time you take a step to learn or improve your health.

A year to train in a way that suits you. Plus, you can earn weekly rewards for achieving your fitness goals on Vitality Active Rewards.

Understand how you earn points as you get healthier with Vitality, and all the great rewards you can enjoy along the way.

Science of Vitality explains our evidence-based approach that encourages and rewards you to exercise more, drive better and use responsibly.

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Rewards are based on your participation in your [or selected] vital programs and are subject to restrictions, terms and conditions.

Pay only when you work out with Vitality Pay as you Gym from just R75 to R100.

Earn weekly rewards from coffee and smoothies to shopping and entertainment rewards to achieve your fitness goals with Vitality Active Rewards.Discovery Limited is a financial services organization established in South Africa and engaged in health insurance, life insurance, short term insurance, savings and investment, wellness markets and most recently banking.

Discovery Travel Insurance South Africa

From the beginning, Discovery has been guided by the primary goal of making people healthier. It now operates in more than 19 countries and reaches more than 10 million members.

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Discovery was founded in South Africa in 1992 during the country’s transition from apartheid. At the time, the national health system faced many challenges, including a high burden of disease, a shortage of doctors and a complex regulatory framework. This combination has made it difficult to develop a sustainable health insurance offer.

Discovery’s approach has been to focus on the demand side of healthcare by prioritizing prevention. As such, Discovery has sought to make people healthier and develop products that have a positive impact on society. I have developed a disciplined model to do this called the Dynamic Shared Value Insurance Model.

Where does the project fall within the scope of shared value? (ie reimagine products and markets, redefine productivity in the value chain, enable local cluster development, etc.) Other – It did not reimagine products or markets, it was a shared value from the start.

The primary purpose of Discovery was the concept of Vitality, which motivates people to live healthier lives by helping them change wellness behaviors. Due to cognitive programming such as over-optimism, (that wouldn’t happen to me) or instant gratification (it’s easier to eat a piece of cake than to run) people struggle to prioritize healthy behaviours, with significant implications for societal costs of health care. Vitality aims to make individuals’ behavioral biases work for them, rather than against them, by making healthy choices the easiest choices.

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The operative mechanism of vitality is to reward people for positive behavioral changes. The model focuses on the main risks that lead to chronic diseases (such as lack of physical activity and unhealthy diet); uses incentives to encourage people to have preventive assessments and checks; It provides subsidized membership and/or discounts for health promotion activities. While many programs or apps encourage people to make healthy choices, Vitality’s vision was to plug this approach into insurance systems, so that tangible value can be created, captured and shared.

The Vitality Shared Value Insurance model promotes, supports and tracks healthy behaviour, which ultimately means fewer illnesses, fewer deaths and lower insurance costs. A portion of these savings is shared with members in the form of rewards or to fund additional incentives, creating a sustainable cycle of shared value.

The model thus creates benefits for: 1) the member (increased value, better health); 2) work (fewer injuries, greater profitability, health risk group) and 3) society (a healthier, more productive workforce). In the words of Harvard Business School professor Michael Porter, it is a business model that addresses social needs profitably.

Discovery Travel Insurance South Africa

The impact of the Vitality Shared Value Insurance model extends far beyond the health benefits. For example, Discovery’s short-term insurance offering uses telematics technology to track driver behavior and communicate these patterns with the drivers themselves. With incentives such as a 50% discount on fuel and a return on insurance premium, drivers show sustained improvement when they join the program and significantly better driving behavior compared to the wider national group of drivers.

Short Term Insurance

Rewarding customers for good driving ultimately leads to lower injuries and fatalities, and safer roads. Discovery Insure drivers drive 10% better than the average driver in South Africa, and advanced and participating drivers have a 30% lower injury rate compared to basic and neutral drivers, and a 34% lower injury severity.

Vitalitydrive members also experience 60% fewer road fatalities compared to the average South African driver. Members received R660 million in fuel in cash and awarded R1.1 million in active rewards for good driving behaviour.

Changing people’s lifestyle behavior has an enormous societal benefit: Studies from the Oxford Health Alliance and the World Health Organization show that four risk factors (poor diet, physical inactivity, tobacco use and excessive alcohol use) lead to four chronic diseases (cardiovascular diseases). diabetes, chronic lung diseases and various cancers) which contribute to 60% of deaths worldwide and 80% of health costs. In addition to the demands these diseases place on the social and health services, they also cause reduced productivity in the workplace, long-term disability and reduced resources in the household. Securing shared value makes it easier and more affordable to live a healthy lifestyle and motivates members with concrete incentives to drive continuous behavioral change.

In addition, the business model shows promising applications in investment and banking. Globally, an increase in life expectancy will lead to the number of people over 65 reaching 11% of the world’s total population. The vital shared value model is applied to this population by proposing interventions that will have the greatest impact on people of older ages. With the right incentives, Vitality can encourage clients to improve their health before and after retirement, as well as save more, faster and withdraw less.

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By doing this, more money is invested, over a longer period, which gives the company more fee income – which funds the above incentives. This model has become popular in South Africa and more recently in the UK. Preliminary results from South Africa suggest that the Vitality Shared-Value model results in clients starting to save an average of two years before retirement, withdrawing 2% less from an annuity at retirement.

This is expected to result in them receiving an average of 50% more fund value 10 years after retirement. Since its inception, SA Invest’s operations have awarded clients in excess of R5.7 billion in value shared benefits.

Based on credit card exposure, Discovery found strong correlations between the way customers manage their health, wellness and financial protection with their underlying credit risk. Discovery applies these ideas to banking, given that encouraging positive financial behavior can create additional value for the bank, which in turn can be used to fund incentives.

Discovery Travel Insurance South Africa

This has the potential to deliver significant social benefits, given that only 6% of South Africans save enough for retirement and South African national savings amount to just 15.5% of GDP – with limited social networks.

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The Vitalitydrive offering also provides an important social benefit as accidents are three times more severe for the South African economy than the US economy, and the road death rate per 100,000 population is 31.9 higher than in India, Russia, Brazil or China. Discovery Insure saw drivers improve by 15% after one month of VItalitydrive, and most of this improvement lasted over time.

The model has also seen partnerships with public and non-profit organisations. For example, the Safe Travel to School program is a collaboration between Discovery and Childsafe to get children to school safely.

The program uses Vitalitydrive technology to help school bus drivers improve their driving behavior and increase road safety awareness through monthly feedback and recommendations on how to become a better driver. It uses the Track and Encourage Better Behavior model to keep children and roads safe.

It is still difficult to calculate the full measure of the impact of shared value in a single monetary measure. Discovery measures economic impact, taking into account the many relevant factors, to provide a comprehensive and holistic view of collective community savings to ensure shared value.

Health Insurance Market Size, Trend, Growth & Opportunities

In addition, while corporate reporting platforms have integrated environmental, social and governance indicators, metrics related to health and well-being (beyond occupational health and safety) have historically been excluded. Over time, Discovery visualizes societal benefits through company disclosures about the company’s health impact in the workplace, market and society.

While the form emerged in South Africa in response to a unique environment, it has shown continued relevance in a variety of industries and environments. Vitality Shared-Value insurance is exported to international markets through the Global Vitality Network – a global platform of partnership resources, software, data and scientific assets. Plus

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