Discovery Insure recognised as a Model Insurer at Celent Model Awards Program ceremony held in Boston, Massachusetts.
Wedneaday 25 April 2018
At the 2018 Celent Model Awards Program ceremony held in Boston, Massachusetts, Discovery Insure’s Vitalitydrive smartphone programme was recognised as a Model Insurer in the Innovation and Emerging Technologies category.
“Discovery Insure is pleased to be recognised as a Celent Model Insurer for Innovation and Emerging Technologies. With high accident rates and road deaths being a concern for many countries, our approach continues to be to make drivers aware of their poor driving behaviour and motivate them to improve – reducing the number and severity of accidents and claims. We do this because we understand that the nature of risk is behavioural,” says Ilan Ossin, Discovery’s Head of Telematics.
The Vitalitydrive programme, empowered by telematics technology, uses powerful incentives to encourage better driving behaviour, directly reducing the cost of insurance, as better drivers have fewer and less severe accidents.
“These savings are passed back to the clients through Vitalitydrive rewards, and society benefits as roads become safer. This is called the Shared-Value Insurance model, because value is created and shared between the insurer, clients and society,” says Ossin.
Discovery Insure’s Vitalitydrive sensor and smarpthone application, developed in partnership with Cambridge Mobile Telematics (CMT), is an innovative smartphone-enabled technology called DQ-Track. It enables Discovery Insure to measure vehicle dynamics (acceleration, braking, cornering), time of day, and mileage, and enables drivers with smartphones to improve their driving behaviour to ultimately reduce the risk of an accident.
“Discovery’s implementation of the Vitalitydrive programme is already showing positive results and we see this award as further proof that telematics can be the answer to many of today’s road safety issues,” said Hari Balakrishnan, Founder and Chief Technology Officer at CMT. “We are continuously improving our programme with Discovery and are proud to partner with them on such a worthy mission.”
The Celent Model Insurer, an annual programme now celebrating its 12th year, accepts global nominations in five categories; Data, Analytics and AI, Digital and Omnichannel Technologies, Innovation and Emerging Technologies, Legacy and Ecosystem Transformation, and Operational Excellence.
Celent offers Discovery Insure a further special mention: “The smartphone enabled telematics technology with the innovative IoT Vitalitydrive sensor reduces the logistics for enabling the telematics programme. This positions the programme for continued, future growth. Second, the smartphone app serves as an active touch point with the customers, providing the opportunity for higher customer engagement and increased loyalty.”
Note to editors:
Celent recognises companies with a Model Insurer Award in Innovation and Emerging Technologies based on the below criteria:
Effective innovation and emerging technology implementation continue to create sources of value for insurers.
This report recognizes projects such as the expansion into previously untapped markets due to technology; the use of technologies not previously used in the insurance industry; or the development of an innovation culture within an IT organization.
Incumbent insurers face increasing challenges and opportunities from concurrent forces. Dramatically changing customer expectations and low investment returns threaten both property and casualty and life insurers. Declining participation rates and indifference by millennial consumers restrict growth in life companies. To respond, profitable growth features significantly in insurers’ business strategies. The initiatives recognized in the Innovation and Emerging Technology work stream help insurers respond to the growth imperative using new techniques and tools.
About Discovery Limited
Discovery Limited is a South African-founded financial services organisation that operates in the healthcare, life assurance, short-term insurance, savings and investment products and wellness markets. Founded in 1992, Discovery was guided by a clear core purpose – to make people healthier and to enhance and protect their lives. Underpinning this core purpose is the belief that through innovation, Discovery can be a powerful market disruptor.
The company, with headquarters in Johannesburg, South Africa, has expanded its operations globally and currently serves over 5 million clients across South Africa, the United Kingdom, the United States, China, Singapore and Australia. Discovery recently partnered with Generali, a leading insurer in Europe, and has partnered with John Hancock in the US. These new partnerships will bring Discovery’s shared-value business model to protection industries in Europe and the US.
Vitality, Discovery’s wellness programme, is the world’s largest scientific, incentive-based wellness solution for individuals and corporates. The global Vitality membership base now exceeds three million lives in five markets.
Discovery is an authorised financial services provider and trades under the code “DSY” on the Johannesburg Securities Exchange.
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