Discovery Smart Suite – products for young adults Qorus Innovation in Insurance Awards 2018

Young adults are exposed to particular risks, including significantly higher incidence of car accidents and consequently, a consistently higher mortality and morbidity rate because of behavioral, yet largely controllable causes. In response, Discovery developed intelligently designed products tailored for young adults utilising our unique shared value insurance model to comprehensively protect and reward them. Responsible Young Adult Insurance, the first product, is a hybrid pay-as-you-drive and traditional comprehensive motor insurance product for drivers under 30 years old. This product aims to: • Reward and attract safer (daytime) drivers to Discovery Insure, improving the composition of the book. • Discourage night-time driving (which is far riskier than daytime driving) and therefore reduce loss ratios. The driver receives an upfront discount on their premium in return for comprehensive daytime driving cover as well 24-hour cover for non-accident perils (theft, hail, etc.). Clients who choose to drive at night have an additional “pay as you drive” premium charged monthly in arrears. Trips taken between 9:30pm and 5am are charged per-kilometer based on the driver’s previous month’s Vitalitydrive status. Uber discounts are offered to provide an affordable alternative mode of night-time transport. The second product, the Smart Life Plan, offers intelligent insurance for young professionals, giving up to 100% of premiums back for driving safely and leading an active lifestyle through the Vitality Active programme. This unique approach encourages the formation of positive health and good driving habits, thereby helping to eliminate almost all of the mortality and morbidity risk in this age group.