Discovery for Business has launched.
So, the long awaited day has arrived… and Discovery has launched Discovery for Business… an updated take on the world of health for companies, business insurance (commercial insurance) and employee benefits in the form of Retirement funds and Group Risk.
In Discovery’s own words:
Discovery for Business is a comprehensive employee benefits and risk solutions suite incorporating healthcare, retirement funds, group risk, business insurance and business assurance, underpinned by the Vitality Shared-value Insurance model and a simple, integrated platform to provide intelligent insights and analytics.
So, what all has been launched:
- Discovery Business Insurance
- Healthy Company
- Discovery Retirement Funds and Discovery Group Risk (updated- has been an offering for a while).
Discovery Business Insurance
I am using Discovery’s own words once again below. We will unpack these offerings in further blog posts at a later stage.
Suffice to say, that Discovery have taken a standard business insurance offering and added components. Of particular interest to me, is the technology (especially in fleet management) and the offerings for covering social media risk and Very Important — Cyber risks.
Here are their words summarising the offering:
Discovery Business Insurance is a natural expansion of Discovery Insure. Since its launch in 2011, Discovery Insure has led the market in the fields of insurance, technology and behavioural economics. As a result we offer our clients the most comprehensive and innovative insurance.
Through our shared-value model, technology, big data and strategic partnerships, we have developed insights into managing motor and property risks. We have leveraged off these insights to create a market-leading business insurance product that our shared-value model underpins.
Discovery Business Insurance is not your traditional insurance company. Instead it offers a product that looks at businesses as a whole to help create better and higher performing businesses that can manage their risks.
Our offering has the trusted Multi-peril product structure as a cornerstone and enhances this for the risks of today, such as cyber and social media through MultimarkX. Underpinning this is Vitality, which creates true shared-value insurance. We have introduced innovations to all the key insurance classes: property and accident, and motor and liabilities. A strong technology chassis, with tools and support, enables all this to make the process of insuring companies easier.
Our offering has strong support from the two largest reinsurers in the world: Munich Re and Swiss Re, who provide capacity and access to global commercial insurance expertise.
In Discovery’s words:
Introducing Healthy Company from 1 July 2018
Healthy Company is Discovery’s digitally-enabled, comprehensive employee assistance programme and wellness solution. Healthy Company identifies and proactively supports employees that are at risk and employees that are healthy. It manages the four key dimensions of their wellbeing through screening and risk classification, proactive tailored interventions, and data-driven insights.
What is Healthy Company?
Screening and risk classification: Involves access to comprehensive employee health and wellness screening, at no extra charge, through the Discovery Wellness Experience, online assessments and an app-based tool to capture the employee’s mood and to detect signs of emotional distress.
Proactive, tailored interventions: Proactively reaches out to employees, based on their risk profile, with tailored solutions that range from prevention and education to ongoing or episode management. This includes in-app notifications and reminders, telephone calls from a Healthy Company coach, referrals to registered psychologists or debt counsellors, or referrals into available healthcare and wellness programmes.
Data-driven insights: Delivers intelligent, actionable insights and reporting for each employee, as well as the employer. These reports cover an employee’s health and wellbeing risks and their progress in managing these risks.
If you are interested in this for your company, you can request a quote.
Discovery Retirement funds and Discovery Group Risk
Again, in Discovery’s own words:
Discovery brings employee benefits offering to market
With a proven model that changes savings behaviour and inroads made in the discretionary savings space, with more than R70 billion assets under management in just ten years since inception, we now offer employers access to the Discovery Retirement Funds and Group Risk.
These are umbrella funds that improve materially on what is already available in the industry. They are designed to drive and reward behaviour change to assist employees to close their retirement savings gap. We do this through an online employee engagement platform that helps employees set retirement goals, see the progress they’re making towards meeting their goals, understand their options, and make choices that fit their individual circumstances. The product also encourages positive investment behaviour through rewards such as boosts.
The default investment, the Discovery Target Date Retirement Fund, provides a lifelong savings solution that dynamically adjusts the investment strategy to meet investors’ needs in a single investment portfolio. Employees can also choose to invest in the Discovery Balanced Fund range or the Discovery Dynamic Asset Optimiser Fund of Funds range at institutional asset management fees, and also have access to the most popular external funds for Invest retail clients.
Discovery value-adds: We offer boosts of up to 15% for asset transfers, depending on term to retirement, and boosts of up to 15% on all contributions to reward behaviour such as healthy living and safe driving. These boosts can then be used to supplement retirement savings. The boosts continue post-retirement by rewarding employees who practice responsible withdrawal levels and a healthy lifestyle with income boosts of up to 50% when they invest in a Linked Annuity with us.
Our admin fees are among the lowest in the market, starting at R25 per employee per month for the largest schemes. We apply a 100% discounted admin fee for those employees who earn less than R5 000 a month. Each scheme is priced uniquely.
I just wanted to get this out, so that those employers that are wanting to look at solutions, realise that there is now another offering in the market. As mentioned, i will break this down in further blog posts at a later date.