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Discovery Insure continues to chip into market

Discovery Insure continues to chip into market
05-05-14 / Staff Writer

Discovery Insure continues to chip into market

"We launched in May 2011, after five years of prior hard work and sleepless nights. We are obviously overjoyed that we have come this far to having 50 000 active policies" beams Baloyi."We are still faced with a lot of challenges as a relatively new player in short-term insurance and as an industry, but we are certainly overwhelmed with what we have achieved as a young insurer" he says with a smile.

Baloyi concedes that Discovery Insure was, in fact, not the first company in South Africa to launch Telematics but it certainly is the first to score 50 000 policyholders using this kind of technology. "This technology puts human behaviour in the centre of our business model and as Discovery Insure, we have, and continue to reward our policyholders handsomely for good behaviour" he explains.

"Our product offering is borne out of leveraging the behavioural economics expertise in the Vitality programme with the latest telematics technology. The success of our business model is also evidenced by our interim results for the period ending 31 December, 2013. Our performance exceeded all expectations,"Baloyi says confidently.

Having recently returned from the Insurance Telematics Summit at the Hilton Tower Bridge in the city of London where more than 140 insurance executives at the helm of small to global companies converged to listen to his keynote presentation about Discovery Insure' successful Usage Based Insurance strategy (UBI), the soft spoken Baloyi wowed delegates who scored him at 4.7 out of 5 in their feedback forms, a first since the launch of the annual event.

"For us, this is the future. Telematics is here to stay even though it will obviously evolve since technology is so robust and dynamic nowadays. Our eyes are on changes in the technology paradigm, but also paying particular attention on our clients' behaviour as well as how we can save them money, reward them for good behaviour and keep them happy and satisfied" says Baloyi.

Baloyi remains positive about Discovery Insure's trajectory of success. Its new business has grown by 40% to R257 million, and the company says it is fast approaching R1 billion in annual premium income. The teenage company's current market share of new business in South Africa's short term insurance industry is estimated to be 12%, showing great stamina and appetite for growth

Launching in May 2011 as a disruptive short term insurance company, Discovery Insure had surely set itself up on a stage to compete with the best in the industry and globally. The company recently announced that it has collected 1.2billion kilometres of driving behaviour and its data shows that its Vitality Drive has a positive impact on the South African driving landscape through the creation of a nation of great and safer drivers.

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