Vaccination Max PayBack Qorus Innovation in Insurance Awards 2022 - Winner

Considering our commitment to get clients vaccinated against COVID-19 and improving health outcomes for all, Discovery Life became the first insurer globally to incentivise vaccination through product design. By getting vaccinated against COVID-19, clients guaranteed their maximum applicable premium PayBack of up to 100% of their first year’s premiums. Resulting upfront vaccination questions have allowed us to improve underwriting and risk management. For no additional premium, the unique PayBack benefit embodies Shared-value by returning a portion of premiums in cash. Value is created and shared when clients actively manage their health, as measured through engagement with other Discovery products, such as the Vitality wellness program and medical aid. Currently, the equivalent of 25% of total risk claims are paid in PayBacks as a reward for healthy living. To aid South Africa’s vaccine program, Discovery Life created the Vaccination Max PayBack Offer on new policies that qualify for premium PayBacks. It guarantees that clients earn their maximum applicable PayBack in the first year of their policy, effectively resulting in life insurance for no premium for a year. This is the epitome of Shared-value where clients, society and Discovery Life all benefit from incentivised healthy client behaviours. 12 048 policies received the offer, with 4 101 (39%) having been verified as fully vaccinated and guaranteed their maximum applicable PayBack. Of these 4 101, 456 policyholders changed their initial stance and have since been vaccinated. The remainder are not yet fully vaccinated but indicated they would vaccinate within a year.