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Trying to jump-start increasingly weak sales of life insurance, some of the world’s larger insurers are looking to Discovery, a South African financial-services and insurance company, who have an app-based activity-tracking and rewards program that incentivizes healthier behaviors with offers of reduced premiums, 50% off flights or 25% cash back on groceries.
Since March 2015, Discovery, with a market capitalization of 88.24 billion South African rand ($6.75 billion), has signed agreements with much larger insurers including Manulife, Italy’s Assicurazioni Generali SpA and Hong Kong’s AIA Group Ltd. Discovery provides its partners around the world with the intellectual property—proprietary data and technology—for the Vitality program, and in return receives licensing fees and a share of the partners’ resulting revenue or profits. Partners say the program attracts younger clientele—often first-time buyers—increases customer engagement and improves data collection. John Hancock offers Vitality as a $24-a-year add-on to life-insurance policies.
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