Categories: Banking Insurance Reviews

Discovery Limited Review 2021

Discovery Limited
Type Public
Traded as DSY
Founded in 1992
Products Insurance, asset management, medical aid administration, science-based well-being programs, debit and credit cards, investment products
Address 155 West Street,
PO Box 786722,
Sandton,
2146
South Africa
Phone 227 11 529 2888
Revenue R60 billiom
Total assets R180,2 billion
Website www.discovery.co.za

Discovery Limited is a financial services group headquartered in Sandton South Africa. The group consists of multiple companies dealing with life and health insurance, banking, well-being programs, investments and medical aid administration.

Member companies include Discovery life, health, Vitality, insure, life collective investment and life investment services. All these member companies are based in South Africa.

The company has other member companies around the world. Countries with member companies include United Kingdom, United States, Australia, Singapore and China. Foreign member companies include Ping AN health, human health, VitalityHealth, VitalityLife, Vitality Corporate Services, AIA Vitality and The Vitality group.

Discovery Limited reports revenue of R60 billion with total assets at R180,2 billion. Doubling in total assets within a space of 6 years since 2014. The company is listed on the JSE as DSY.

A brief history of Discovery Limited

Discovery Limited was founded in 1992 by Adrian Gore who serves as the company CEO. Adrian Gore established Discovery as a small specialist health insurer. The aim was to make people get healthier by eating and living a healthy lifestyle.

Rand Merchant Bank Holdings quickly invested in Discovery Limited to aid young Gore to achieve his goals. Later Discovery limited successful listed on the JSE in 1999.

Discovery achieved great milestones since its existence. The company’s member, Discovery health was the first scheme to introduce the medical savings account.

Discovery has since invested in short term insurance, life insurance, investments and savings. This is to diversify its business and moving from a health-centric company to a financial services provider of note.

Discovery makes use of technology in an interesting way. The use of telematics technology has helped encourage safe driving habits to Discovery members.

Other technological advancements include using technology to track customers spending behaviour on healthy food and rewarding them for healthy food choices.

Today Discovery has engaged in social responsibility programs. The company has awarded more than R160 million in grants for the education and training of healthcare specialists. This was done through the Discovery foundation to help with the shortage of skilled healthcare professionals in the country.

Discovery limited services

Bank

Discovery bank offers three card options to clients. Cheque cards include gold, platinum and black account. All Discovery bank accounts have a credit card option that you can apply for. However, Discovery credit cards are subject to credit assessment and approval. Discovery issues purple cheque cards to high net clients and cannot be applied for.

Gold cheque account is an entry-level account with low monthly fees and bank charges. The premium account is a mid-tier account for professionals and comes with slightly better rewards than the gold account. Black cheque account is designed for high earners with benefits higher than those of the platinum and gold account.

All accounts come with an option of a savings account known as savings pocket. Added is the Vitality rewards to reward you whenever you transact.

Medical Aid

Discovery health offers different types of medical aid plans. Medical aid can be taken for personal care or as a business to insure employees so that they are taken care of if in bad health.

Plans cover for the hospital bill, access to medical specialists, pre and postnatal healthcare, travel cover, chronic medication and disease cover and many more. Medical aid plans differ, with some medical aid cover options going for thousands of Rands.

Life insurance

Discovery life insurance covers you and your loved ones. You can insure against your child’s lifestyle and education through global education and child protector. The US dollar life plan is also one of the plans offered by the insurance company and pay with US dollars for illness and disability benefits.

You can also take a life assurance policy to safeguard your business from uncertainties. If disabled, ill or die your company will be financially taken care of from their life assurance payout.

Investments

Investments towards retirement can be on a personal capacity or as a business securing the income of employees after retirement. Retirement payouts happen in two ways by paying out a lump sum or annuities over a certain period of time.

You invest in savings and receive good interest on your savings per annum. Savings can help on a number of situations such cashing out when unemployed, during a pandemic, to cover hospital bills etc.

You can invest offshore with the help of Discovery by having the institution find opportunities for you. Investments range from buying international stocks, trading Forex, investing in hedge funds and many more. Its investment platform is available for individuals investors and companies.

Car, home and business insurance

Discovery offers comprehensive insurance for personal and business. Discovery also offers one of the best car insurances. You can insure against your car, home and business. To get Discovery insurance you first need to get a quote from the company as an assessment of your asset(s) will have to be performed.

Discovery Vitality

Vitality program encourages healthy activities among employees and individuals and rewards them for it. According to Discovery Limited, Vitality health members live longer and do not develop lifestyle-related diseases.

With Vitality, employees can earn points as they get healthy. They are encouraged to live well by exercising regularly, eating healthy food and being checked regularly.

With Vitality, you get rewarded for living healthy. You receive up to 100% cashback on healthy food, 50% on healthyCare and 50%back on life premiums.

Conclusion

Discovery Bank has grown to become a huge corporation in a short space of time. Today the company offers many services in banking, finance and other areas.

Discovery is the only behavioural bank in the world that offers rewards for smart banking decisions. Even with the Vitality program, you get rewards that are incredible such as getting a free iPhone product should you meet your health target.

It will be an understatement to say that Discovery Limited has not achieved its objectives, rather it has gone beyond achieving them. From a health-centric company to being one of the leaders in Financial services provision currently, it is surely a company we all marvel at.

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