The Future of life insurance. NOW.

Today Discovery Life announced the launch of Discovery Life Plan 3.0, a fully digitised customer experience that will become available from 17 March 2023. This new Life Plan is designed to provide clients with access to the most comprehensive suite of risk protection benefits, and experience them, simply and powerfully on the face of their mobile phone. This follows two decades of innovation in building the most comprehensive suite of Life plans, aimed at all client segments, and designed to meet the full spectrum of needs.

“This is next-generation protection cover that essentially lives and breathes, every day, on the face of your mobile, offering our clients ongoing incentives and even more value for healthy living and managing their money well. It has evolved through the science in the Shared-value Insurance model and is agile enough to respond to the ever-changing needs of our clients – in some respects, in real-time – while better protecting their unique lifestyles. We have enhanced and simplified premium discounts and paybacks,” says Riaan van Reenen, CEO of Discovery Life.

Discovery Life has pioneered the evolution of life insurance and protection cover since its inception 23 years ago, in three distinct phases. This has included separating the investment from the risk offering, introducing rewards mechanisms engineered through a holistically designed shared-value insurance business model, and now, the simplification and personalisation of the client experience through digitisation. Each phase has embodied innovative products that meet clients’ needs and create unmatched value, while making them healthier, and enhancing and protecting their lives. 2011 was particularly important for Discovery Life in this journey, in that shared-value insurance was formally recognised as a category.

A seamless management platform for advisers

The introduction of Life 3.0 is supported by the launch of Advisor 360, an enhanced platform that gives financial advisers a holistic view of their clients’ financial portfolios through a centralised virtual platform. Gareth Friedlander, Deputy CEO of Discovery Life explains: “Advisor 360 offers a quicker and simpler new business process, meaning that advisers will be better equipped to provide more holistic advice while their clients enjoy the benefits of less paperwork, faster turnaround time, and more comprehensive life planning.”

The Future of Life Insurance. NOW.

Discovery’s Life Plan 3.0 offers many progressive features that are enabled by the high-end digital capabilities of tomorrow. Both clients and financial advisers can expect:

Streamlined cover through one easy-to-manage Life Fund: Clients are still able to access efficient cover at discounted rates, but now with even more financial rewards.

The ability to earn free additional cover: By managing their health and wellness, clients will be able to earn even more cover, without underwriting and at no additional premium.

More flexibility when choosing illness and disability cover: Discovery’s Life Plan 3.0 offers clients the choice of accelerated or non-accelerated Severe Illness and Capital Disability benefits based on their unique needs – with built-in whole-of-life protection for multiple claims.

Cover in less than 30 minutes: Without the time-consuming need for medical requirements, Discovery Life is now able to fully underwrite applications for eligible lives up to age 65 in under 30 minutes. Qualifying clients will be able to enjoy world-leading benefits at fully underwritten rates faster than ever before.

Enhanced financial rewards: By simplifying and enhancing the Shared-value Insurance model, Discovery Life clients are now able to get more value from their life insurance through healthy behaviour that brings about deeper integration discounts and further value through PayBacks and Cash Conversions. To date, Discovery Life has paid more than R10 billion in PayBacks. Through the Discovery Life Plan 3.0, clients will be able to get up to 100% of their qualifying premiums back through managing health and wellness

Funeral plan 2.0: Introducing an upfront integration discount to all clients who are members within the Discovery Health ecosystem of 15% that remains fixed while they are members of a scheme administered by Discovery Health. This also offers rich cash-back benefits where clients will be receiving one premium back every year guaranteed and up to 100% of their premiums back at age 65.

The Discovery Funeral Plan 2.0 represents an opportunity for clients to access standalone comprehensive funeral cover. Planning a funeral and adjusting to life when a loved one passes away are some of the hardest things to face. The funeral cover helps to protect the beneficiaries from the financial burden following their loss. Discovery now offers a unique policy that covers these costs and provides additional value through discounts and premiums back in cash.

“We're excited that we have transformed life insurance yet again. For over two decades, Discovery Life has become synonymous with making clients healthier and enhancing and protecting their lives. Over this time, we have paid out in excess of R45 billion in claims while designing market-leading products catered to the ever-changing nature of risk. Today’s launch is all about taking our clients into the future of life insurance. So, we are excited that Discovery’s Life Plan 3.0 offers many progressive features that are enabled by the high-end digital capabilities” concludes van Reenen.