Insurance heavyweight launches business offering

16 May 2018 | Web Article Number: ME20189894

Commerce & Trade
Finance & Investment
SMME Development & Support

DISCOVERY yesterday announced the launch of Discovery Business Insurance – a new type of shared value insurance focused on building better and “healthier” businesses.

Discovery Chief Executive Adrian Gore said he was excited to be expanding the “Discovery for Business” product suite to provide a comprehensive set of employee benefits and risk solutions.

Discovery Business Insurance will offer clients benefits across property, accident, motor and other business liability claims, through Discovery Insure.

“We have used Discovery Insure’s insights to design a business insurance solution that looks at a business holistically, and the risks they face in the 21st century,” said Zuriel Naiker, Head of Discovery Business Insurance. “Discovery Business Insurance comprehensively protects businesses through innovative technology-enabled solutions, underpinned by our shared value model of insurance.”

The offering works on the premise that businesses that show good financial performance and have successful operations have a lower insurance risk. It offers incentives and benefits to businesses in order to help them grow, reduce their insurance costs and manage their risks.  

“Discovery Business Insurance has been designed to cater for small and medium businesses (SMEs), as these businesses are key to helping South Africa thrive. SMEs provide employment to 60% of the labour force, but are often unaware or underinsured for the liabilities they face,” the company said in a statement.

Clients will have access to a business diagnostic tool co-developed by Discovery and Endeavor South Africa, a not-for-profit organisation.

The diagnostic tool provides insights and recommendations for SMEs as well as access to preferential rates from a collection of leading service providers, such as Amazon Web Services for IT solutions and the Gordon Institute of Business Science (GIBS) to provide talent and skills development programmes.

“Endeavor inherently aligns with Discovery's shared value insurance model, which is focused on building better businesses. Better businesses drive economic growth and job creation,” said Catherine Townshend, Managing Director of Endeavor South Africa. “In partnering with Discovery we can leverage our global insights and methodologies to reach and support a wide range of businesses and help them to thrive.”

Anton Ossip, CEO of Discovery Insure said: “We look forward to seeing our business model having a positive effect in a new area of insurance. The model has worked exceptionally well across the Group and in Discovery Insure, specifically to lower risk and improve road safety as our clients adopt safer driving behaviour.”

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