Discovery Limited Insurance South Africa which we will be discussing today is a founded financial services organization that was established in 1992. They operate in short-term insurance, life assurance, and investments. Their main objective and aim are to make people healthier and protect their lives. This financial services group is listed on the Johannesburg Stock Exchange (JSE) with its headquarters in Sandton.
Below, we will be discussing the history of Discovery Limited Insurance South Africa and the amazing products that they offer to their clients.
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History of Discovery Limited Insurance South Africa
Adrian Gore and Barry Swartzberg were the ones that founded Discovery Limited Insurance South Africa in the year 1992. RMB Holdings acquired a stake in the business by making them it’s subsidiary through Momentum Group which is currently part of MMI Holdings Limited in the same year. The Momentum Group became part of First Rand to achieve the aim of a unified financial services group in 1998. This was after the merger of the financial services interests of Anglo American Corporation of South Africa Limited (presently Anglo American plc) and RMBH. With this unified grouping, First Rand Group owned 75 per cent of Discovery Limited.
Through a successful prior public offering, Discovery Limited was listed on the JSE in October 1999. Thereafter, First Rand lowered its stake in Discovery Limited to 64 per cent within that year. For R740 million, Momentum Group Limited transferred its investment to First Rand Limited in 2003. All of First Rand’s entire shareholding in Discovery Limited was unbundled in November 2007 and the shares of Discovery Limited were allotted to its shareholders. As a result, RMBH became the single largest shareholder as it received a 25 per cent direct stake in Discovery Limited.
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FirstRand, RMBH, and Remgro spun off their insurance assets to Rand Merchant Insurance Holdings on 7 March 2011 and separately listed it on the JSE. Due to this restructuring, RMBH’s entire stake in Discovery Limited was transferred to RMI Holdings. The intention to set up a retail banking subsidiary with an initial $150 million investment was announced by Discovery Limited in September 2015. Successfully, the world’s first behavioural bank known as Discovery Bank was launched by Discovery Limited in March 2019.
Products Offered by Discovery Limited South Africa
Life Insurance
Discovery Limited Insurance South Africa is one of the best insurance companies that offers a satisfying experience of life insurance. In short, their clients rank them as the number 1 long-term life insurer. Also, they have been listed for the Best Customer Experience in South Africa award in the Ask Afrika Orange Index 2022. With award-winning benefits and rewards for a healthy life, you can get comprehensive life insurance coverage for you and your family. They also offer you access to the LifeTime Severe Illness Benefit which is the most comprehensive cover in the market. This is because this insurance policy is voted to be the best dread-disease cover for early-to-late-stage cancers.
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Furthermore, you are offered the LifeTime Capital Disability Benefit which gives extra payouts through their market-first Medtech Booster. As a result of this policy, you will be offered access to cutting-edge medical devices. Therefore, this helps you to focus on regaining as much as possible of your pre-disability lifestyle. Indeed, Discovery Limited doesn’t just offer life insurance but also keeps you comprehensively covered, financially protected, and rewarded.
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Car Insurance
Discovery Limited does not just offer car insurance but also gives market-leading innovation, service and safety features at competitive rates. You can opt-in for their innovative car insurance cover which gives you access to their Vitality Drive. Vitality Drive is a driver behaviour with state-of-the-art safety features that rewards your good driving. There are three insurance plans under the car insurance that will help you choose the type befitting to your lifestyle.
Essential Plan
With the essential plan, Discovery Limited Insurance South Africa offers you comprehensive car insurance. The Vitality Drive programme associated with it comes with state-of-the-art safety features and rewards you for good driving. If an insured third party causes an accident, this plan offers no excess. You can choose the excess amount payable in the event of a claim as the excess flexibility offers you that option. In addition, you get to enjoy emergency roadside assistance which includes Direction Assist and Trip Monitor. After a hijacking or major vehicle accident, professional counselling is gotten as a result of the Trauma Support cover. Whenever you become legally responsible to pay compensation for accidental death or damage to a person’s property, you enjoy the cover.
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Classic Plan
This insurance policy gives you comprehensive insurance coverage for your vehicles at highly competitive rates and improved benefits. For theft-related and weather-related claims or the causing of an accident by a third party, there’s no excess. You are provided with optional Uber benefits and when you claim, you can hire a car for up to 30 days. It also gives you the right to choose the excess amount payable in the event of a claim as a result of excess flexibility. In addition, you are offered emergency roadside assistance which includes Direction Assist and Trip Monitor. Furthermore, you get professional counselling after a hijacking or a major vehicle accident due to the Trauma Support cover. If you become legally responsible to pay compensation for accidental death, bodily injury, or damage to property, you will enjoy the cover.
Purple Plan
This plan will be very ideal for the needs of those that have over R5 million in insured assets. It tends to offer comprehensive car insurance with improved benefit limits, exclusive experiences and an assigned Discovery Insure Service Executive. The best part about it is that all these are dedicated to your individual needs. Also, the Vitality Drive programme which comes with state-of-the-art safety features rewards you for good driving. There is no excess for all theft-related and weather-related claims or accidents caused by insured third parties. Enjoy optional Uber benefits and access car hire for up to 30 days.
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The excess flexibility option gives you the right to choose the excess amount payable in the event of a claim. In addition, you get to enjoy emergency roadside assistance which includes Direction Assist and Trip Monitor. If you own several cars but only one is driven at a time, your premiums are reduced with the multi-vehicle benefit. Furthermore, you get the replacement value of a new car of a similar make and model if the car is less than 24 months. Whenever you need anything, there’s an assigned Service Executive to help you out. The purple plan grants you coverage for personal liability and gives you Trauma Support coverage. In short, you can also get cover for your motorcycle, quad bike, caravan, trailer, and watercraft.
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How to Contact Discovery Limited Insurance, South Africa
You can reach out to them on 0860751751 or speak to your financial adviser.
Conclusion
We have surely learnt a lot about Discovery Limited Insurance South Africa and the amazing products that they offer. However, you can carry out research if you wish to get more detailed information.