During 2019, the total amount paid out to clients amounted to R4.8 billion. Last year, 97% of claims received were paid out.<\/p>\n
\u201cBy design, Discovery Life\u2019s extensive product range<\/a>\u00a0provides protective cover for a full array of potential life-changing events,\u201d says Daniel Stoch, a Senior Risk Specialist at Discovery Life.<\/p>\n \u201cAny person can be affected by the development of disability or severe illness \u2013 both of which can impact a person\u2019s ability to earn sufficiently for a household. The death of a loved one is another life-changing event that can result in financial difficulties,\u201d he adds.<\/p>\n \u201cThe R4.8 billion we paid out in claims last year spans across our wide range of cover benefits, with less than 50% of that for traditional life cover. This tells us that we have an extensive enough offering that is capable of protecting people\u2019s lives.\u201d<\/p>\n \u201cOf the total we paid out between January and December 2019, more than R2.2 billion has helped support families with life cover payouts. More than R1.1 billion was paid to clients who submitted\u00a0Severe Illness Benefit<\/a>\u00a0claims. We paid out R226 million in multiple claims during the course of last year too. Around 21% of severe illness-related claims were also paid out as second or subsequent claims. Again, this shows us that we are catering for the needs of people today.\u201d<\/p>\n \u201cAlso on the higher end of claims payouts during 2019 were against\u00a0Capital Disability<\/a>\u00a0and\u00a0Income Continuation<\/a>\u00a0benefits with more than R816 million and R375 million respectively,\u201d adds Stoch.<\/p>\n \u201cIn order to maintain an offering that can better benefit people\u2019s lives, we\u2019ve woven in reward mechanisms that enhance financial security into every product offering,\u201d Stoch explains.<\/p>\n \u201cThese include features like\u00a0upfront premium discounts and the ability to earn PayBack<\/a>, as well as the option to select the Cash Conversion benefit, which provides lump-sum payouts in retirement.\u201d<\/p>\n \u201cTo date, we have paid out around R6.8 billion in PayBack to our clients. Between January and December 2019, client\u2019s received R1.2 billion in PayBack. We\u2019ve even saved our clients and their families around R1.2 billion in gym fees during 2019 through our incentivised rewards programme, Vitality<\/a>,\u201d he adds.<\/p>\n \u201cWhen our clients take care of their health by eating well, exercising regularly and completing necessary health checks, they become healthier, even well beyond the point of retirement. This reduces risk for the development of potential conditions like cancer or cardiovascular diseases, among others \u2013 especially later in life when risk for these typically increases.\u201d<\/p>\n \u201cIn 2019, clients on either a Gold or Diamond Vitality status showed a 53% lower mortality risk than those clients who weren\u2019t engaged with the programme,\u201d says Stoch. \u201cPositive behaviours enhance a person\u2019s state of health and that lowers insurance risk. The benefit of this is that value can then be shared \u2013 in the form of discounted premiums and PayBack. This contributes to making cover go even further.\u201d<\/p>\n \u201cWe\u2019ve taken the stance that to protect people\u2019s quality of life through insurance, we need to keep a close eye on what needs to be covered as comprehensively as possible. We assess risk based on these dynamic needs and offer a range of cover that can continually evolve to remain relevant. When cover is relevant, it\u2019s also more valuable \u2013 for life<\/em>,\u201d concludes Stoch.<\/p>\n\n
Enhancing people\u2019s lives through rewards<\/strong><\/h3>\n