Earlier today it was revealed that Discovery is to enter the insurance market with the Discovery Insure Product!
In a statement to Moneyweb the insurer revealed:
- Discovery leverages Vitality, its proven behavioural economics business model, and creates Discovery Insure, a strong competitor geared to shift the short-term value insurance landscape;
- Discovery Insure to unlock value for consumers in the R50bn South African short-term insurance market;
- Discovery Insure utilises the science of measuring driving intelligence to reward good drivers with fuel rewards: clients can get up to 40% of their monthly fuel spend back;
- Discovery now operates in the short-term, health and life insurance, long term savings and investments, wellness and credit card market.
Discovery Insure announced that it will aim: to “structurally reduce the cost of insurance through positive behavioural change, to channel actuarial and risk management savings to significantly reduce the cost of fuel for clients, and to make the roads safer for families insured.
“By channelling the actuarial and financial benefits of better driving, along with the efficient payment mechanism of DiscoveryCard, the BP fuel network and safer vehicles enabled through Tiger Wheel & Tyre, the VitalityDrive programme incentivises clients through valuable rewards. The application of advanced telematics technology ensures that Discovery Insure clients are safer and better protected on South Africa’s roads”, it said in a statement.
The following phrase deserves special mention: “Discovery Insure utilises the science of measuring driving intelligence to reward good drivers with fuel rewards: clients can get up to 40% of their monthly fuel spend back.”
Ctrack has been announced as the telematics partner which will allow Discovery to monitor the driver behaviour on the car insurance product.
It is most important to recognize that there is an ever increasing focus in the car insurance industry on insurance telematics and especially those characteristics known as “how you drive”, “safe drive” “drive style” , “pay as you drive” and “driver intelligence”.
Also view: Pay As You Drive and Car Insurance