Discovery Limited Review 2024

Discovery Limited is a prominent financial services entity headquartered in Sandton, South Africa. The group encompasses various companies specializing in life and health insurance, banking, wellness programs, investments, and medical aid administration. Its members include Discovery Life, Discovery Health, Vitality, Insure, Life Collective Investment, and Life Investment Services.

While all group companies are based in South Africa, there are also international member companies operating globally. These include entities in the United Kingdom, the United States, Australia, Singapore, and China. Notable foreign members comprise Ping AN Health, Human Health, VitalityHealth, VitalityLife, Vitality Corporate Services, AIA Vitality, and The Vitality Group.

Discovery Limited reported R60 billion in sales and R180,2 billion in total assets. Since 2014, total assets have more than doubled in six years. The company is traded on the JSE under the symbol DSY.

A brief history of Discovery Limited

Adrian Gore, the CEO of Discovery Limited, established the company in 1992 with a focus on specialized health insurance. The primary objective was to promote healthier lifestyles among individuals. Rand Merchant Bank Holdings promptly invested in Discovery Limited, supporting Adrian Gore’s vision. In 1999, Discovery Limited successfully debuted on the JSE, marking a significant milestone in its journey.

One of the notable contributions of Discovery Health, a subsidiary, was introducing the medical savings account, pioneering innovative healthcare financing. Over the years, Discovery has diversified its portfolio, venturing into short-term and long-term insurance, investments, and savings, broadening its scope from health-centric to encompassing various financial services. The company leverages technology extensively, notably utilizing telematics technology to encourage safe driving among its members.

Furthermore, Discovery has integrated technological advancements to track customers’ healthy food choices, rewarding them for making positive dietary decisions. Beyond its core business, Discovery has also embraced social responsibility initiatives, channeling over R160 million through the Discovery Foundation to support education and training for healthcare professionals, addressing critical shortages in the country’s healthcare workforce.

Discovery limited services

Bank

Discovery Bank offers three card options for its clients: Gold, Platinum, and Black account cheque cards. You have the flexibility to apply for a credit card linked to any of your Discovery Bank accounts. However, it’s important to note that Discovery credit cards are subject to credit approval and evaluation processes.

Additionally, Purple cheque cards are exclusively available to high-net-worth clients and are not open for general application. The Gold cheque account is a basic option with affordable monthly fees and minimal bank costs, ideal for those seeking a straightforward banking experience.

For clients looking for more perks and benefits, the Platinum account offers a mid-tier option with enhanced incentives compared to the Gold account. On the other hand, the Black cheque account caters to high-earning individuals who desire premium benefits surpassing those of the Platinum and Gold accounts.

Regardless of the account type chosen, all Discovery Bank accounts come with a savings account known as a savings pocket. Moreover, the inclusion of Vitality rewards ensures that you earn rewards every time you engage in transactions, adding value to your banking experience.

Medical Aid

Discovery Health offers a variety of medical assistance plans. Medical aid can be used for personal care or for commercial purposes, such as insuring employees that they would be taken care of if they become ill. The hospital bill, access to medical specialists, pre and postnatal healthcare, travel insurance, chronic drug and disease insurance, and many other benefits are included in the plans. Medical aid programs vary in price, with some alternatives costing thousands of Rands.

Life insurance

Your loved ones and you are covered by Discovery life insurance. Through global education and kid protector, you may protect your child’s lifestyle and education. The US dollar life plan is another of the insurance company’s policies that pays for illness and disability payments in US dollars. You can also take out a life insurance policy to protect your company from unforeseen events. Your employer will be financially taken care of if you become incapacitated, ill, or die as a result of their life insurance claim.

Investments

Retirement investments can be made on a personal level or as a business to ensure the income of personnel after they retire. Retirement payouts can be made in two ways: as a lump sum payment or as annuities over a set length of time. You put money into savings and earn a nice rate of return each year. Savings can be useful in a variety of situations, including cashing out while unemployed, during a pandemic, and to pay for hospital bills, among others.

With the help of Discovery, you can invest offshore by having the institution uncover prospects for you. Buying international stocks, trading forex, investing in hedge funds, and many more options are available. Its investment platform is open to both individuals and businesses.

Car, home and business insurance

Discovery provides comprehensive personal and commercial insurance. Discovery also has one of the greatest vehicle insurance policies available. You can protect your automobile, home, and company with insurance. To obtain Discovery insurance, you must first obtain a quote from the provider, as an evaluation of your asset(s) will be required.

Discovery Vitality

Under the Vitality initiative, both employees and individuals are incentivized for engaging in healthy activities. Discovery Limited highlights that Vitality health members generally experience longer lifespans and a reduced likelihood of lifestyle-related illnesses. Through Vitality, employees can accumulate points by adopting healthier habits, such as regular exercise, nutritious eating, and routine health check-ups.

The Vitality program offers rewards for maintaining a healthy lifestyle. Participants can receive up to 100% cashback on healthy food purchases, 50% cashback on health-related expenses (HealthyCare), and 50% cashback on life insurance premiums, motivating them to prioritize their well-being.

Conclusion

Employees and people are rewarded for participating in healthy activities as part of the Vitality initiative. Vitality health members, according to Discovery Limited, live longer and are less likely to suffer lifestyle-related ailments. Employees can earn points with Vitality as they get healthier. They are encouraged to have a healthy lifestyle by exercising regularly, consuming nutritious foods, and having their health monitored on a regular basis.

You are rewarded for leading a healthy lifestyle with Vitality. You can get up to 100% back on healthy food, 50% back on healthyCare, and 50% back on life insurance premiums.