Discovery Ltd, Africa\u2019s second-biggest insurer by market value, is expanding its footprint into five countries on the continent as it adapts to meet the needs of pan-African companies.<\/p>\n
Firms with employees in Kenya, Ghana, Nigeria, Zambia, and the Democratic Republic of Congo can now offer their workers access to Discovery\u2019s health-insurance benefits, chief executive officer Adrian Gore said in an interview.<\/p>\n
Those workers will also have access to the insurer\u2019s Vitality program, which offers discounts to people who keep fit and eat healthily in a bid to lower insurance claims.<\/p>\n
\u201cWe have launched into five markets and we are running a fairly comprehensive coverage with Vitality,\u201d Gore said at Discovery\u2019s offices in Johannesburg\u2019s financial district.<\/p>\n
Discovery has partnered with local insurers in the new markets to ensure they meet regulatory requirements – a business model that has seen the firm expand around the world. Another focus is Asia, where the company has partnered with AIA Group Ltd to build a new health-insurance technology business.<\/p>\n
In South Africa, Discovery is looking to grow its now four-year-old digital bank. The lender has 400,000 customers with deposits of R9.5 billion ($627 million), and is looking to grow that to 700,000 by 2024, when the bank is projected to break even.<\/p>\n
\u201cWe\u2019ve got leadership in life and health insurance, we\u2019ve got emerging leadership in motor and property and casualty, and I see the bank\u201d as bringing it all together, Gore said.<\/p>\n