Discovery Home Loan Protector Qorus Innovation in Insurance Awards 2024

South Africans have more than $50 billion in home loans – 7 times more than credit cards.

Choosing the right home loan is critical. For example, we estimate Discovery clients could save over $900 million in interest over their remaining home loan terms with just a 1% reduction in interest rates.

With Discovery, clients can get a comprehensive home loan package that integrates a home loan with financing, insurance protection for their home and family, and rewards for managing their money well – including a reduction of up to 1.5% in their home loan interest rate. This includes: - Home Loan: Clients get competitive financing for their new or existing home, or the ability to switch to a better deal on their existing home loan. - Home Insurance: Comprehensive cover for a client’s largest investment, home contents and portable items. - Home Loan Protector: Protects a client’s family home in the event of death or any of the Defined Medical Conditions.

Many banks have mandatory requirements to take short-term and/or life insurance when clients take a home loan. However, Discovery recognises that we can use the behavioural Shared-value Insurance model to incentivise these clients to add these insurance products and manage their money well, thereby significantly lowering their credit risk with the resulting reduction in risk enabling us to provide them with reduced home loan interest rates.

Therefore, with a Discovery Home Loan, clients can get up to 1% off their interest rate for protecting their home and personal risk, and managing their money well.