MedTech Booster Benefit Qorus Innovation in Insurance Awards 2019

The recently introduced LifeTime Capital Disability Benefit was designed to assist Discovery’s claimants in regaining their pre-disability lifestyle as opposed to simply compensating them for suffering a disability. The rapid advancement in assistive devices and medical technology allow those who have suffered some of the most severe disabilities to regain a significant portion of their pre-disability lifestyle. These devices can cost in excess of USD283 000 in South Africa making them prohibitive for the average South African who only has on average USD63 000 lump sum disability insurance. The new LifeTime Capital Disability Benefit includes a number of world-first features to ensure that Discovery’s clients’ needs are fully met should they suffer a disability. This includes the revolutionary MedTech Booster Benefit, which provides additional upfront and ongoing payments, allowing clients to receive up to USD 710 000 in cover to provide them with access to the latest medical technology associated with certain disability events and conditions. Discovery’s team of medical experts conducted clinical and technological research where a global review of all the latest assistive devices used to treat various disabilities and illnesses was done and their respective costs determined. Discovery’s disability definitions were then categorized into four MedTech groups based on the costs of the assistive devices required should a client suffer that particular illness or injury. Claimants will receive additional funding for cutting-edge assistive devices based on the MedTech group classification of their disability. The MedTech Booster Benefit means that clients will be able to access cutting-edge technology to help minimize the impact of their disability on their lifestyle through a tiered benefit that dynamically adjusts their cover based on their needs.