“The health and wellness of South Africans is high on our priority list at Discovery Life,” says Deputy Chief Executive, Gareth Friedlander.
“It is our core purpose to ‘enhance and protect’ as many lives as we can through our range of shared-value life cover offerings. Given the health risk of COVID-19, we’ve needed to adapt and find the best solutions possible to better protect our clients,” he adds.
The COVID-19 pandemic has created a new health risk and no-one is immune.
“With COVID-19 vaccination programmes well underway, it has already been scientifically shown that infection risk and the severity of ill-health can be reduced by as much as 95%.”
“Therefore, vaccines are capable of doing exactly what we as an organisation care about doing most – protecting lives.”
“Through our Shared-value Insurance model, we can enhance a client’s quality of life. One way we’re doing this, in relation to COVID-19, is through the newly launched Vaccination Max PayBack offer,” Friedlander says.
Explaining Discovery Life’s Vaccination Max PayBack offer
All new clients who take out a qualifying Life Plan with Discovery Life are eligible for the Vaccination Max PayBack offer by committing to be vaccinated against COVID-19 and; thereby, reducing the risks associated with infection.
These clients will receive their maximum possible PayBack of up to 100% of their premiums accrued to their PayBack Fund at the end of the first year of their policies.
“Since COVID-19 vaccines have been shown to reduce a person’s risk, clients have an opportunity to be better protected against the disease. Our Vaccination Max PayBack offer serves as an additional mechanism to return exceptional value to our clients,” explains Friedlander.
Using the power of shared value for societal benefit
All individuals vaccinated against COVID-19 benefit from and are helping the country achieve increased immunity, as well as significantly reducing their chances of being hospitalised or even dying from an infection.
“For us as an insurer, risks are significantly reduced. A healthier client base exhibits lower mortality, morbidity as well as better persistency.”
“When this happens, we can derive insurance savings over a longer time, which we can then give back in the form of PayBacks to generate significant value for clients through their life policies.”
Friedlander continues, “Once more people are vaccinated, communities have a better chance of remaining healthy. We will also start experiencing more productive workforces and benefit from a more efficient, active economy.”
“Vaccines are proven to reduce loss of life. Once the majority of people are vaccinated, there is a greater possibility for communities and the economy to be restored to a healthier and more productive state again.”