A wide range of product enhancements across its portfolio, anchored by the continued evolution of its Superbank, which connects the Discovery ecosystem through a single, rewarding client experience, has been announced by Discovery to the financial adviser community.
Discovery has announced a wide range of product enhancements across its portfolio anchored by its Superbank (Image source: @ The Citizen
The CitizenHealthier behaviour can unlock banking benefits, safer driving can reduce insurance costs and sound financial decisions can lower investment fees.
A client’s overall relationship with Discovery will also be recognised through their Portfolio status, a unified rewards tier that increases flight discounts and Discovery Miles rewards.
“Discovery’s shared-value model has always been about helping people become healthier and more financially secure, and sharing the value created with them.
“The Superbank brings the shared-value power of the Discovery Group into a single, connected client experience.
“Discovery Bank acts as the integrative layer across clients’ financial, health and lifestyle needs, converting the value they create into a tangible, meaningful rewards currency,” says Hylton Kallner, Discovery South Africa and Discovery Bank CEO.
Updates
Further updates from the Group include:
- New banking features and richer rewards from Discovery Bank.
- The next evolution of Discovery Invest’s shared-value investment platform to help families grow, preserve and transfer wealth.
- Immediate and enhanced fuel rewards from Discovery Insure.
- The expansion of Discovery Life’s signature PayBack rewards across its product range
- An evolution of traditional employee benefits to help protect employees and manage health lifestyle risks such as gambling.
Launch highlights
Highlights from the launch include:
- Discovery Bank
Discovery Bank’s Superbank proposition continues to deepen the integration between banking and the broader Discovery ecosystem, rewarding clients for their complete relationship with the Group.
- Rewarding clients for their complete Discovery relationship
Discovery Bank clients will soon be able to earn Portfolio points based on their qualifying Discovery products and their level of engagement, progressing through five tiers.
Portfolio status combines with Discovery Bank’s rewards and Vitality Money, Vitality Health and Vitality Drive rewards to unlock 100% off the qualifying base fare of local and international flights - the Group’s highest flight reward to date - and up to 45% off on Miles D-Day when spending with Discovery Miles partners, on the 15th of every month.
- More flexible payment features, product options and rewards
Discovery Bank clients will in future enjoy more ways to pay with Discovery Send Cash, a feature that lets clients pay anyone in South Africa, even without a bank account.
From 1 October, a separate feature, EasyPay, allows clients to pay a range of everyday bills including municipal accounts and traffic fines.
The Bank also introduced the Black Suite for Young Professionals, with tailored, premium banking benefits and rewards at a price point designed for clients early in their careers, with a full, benefit-rich feature set.
New Miles+ and network partners include Leroy Merlin, and Sleep is now the fourth ring in the Vitality Active Rewards experience, available in the Discovery Bank app.
- Discovery Insure
From 1 October, Discovery Insure is rolling out the first two in a series of enhancements to its Vitality Drive programme, making it simpler and more rewarding for clients to benefit from driving safely through the Discovery Bank and Discovery Miles ecosystem.- Instant rewards for driving safely.
The new PerfectDrive feature rewards clients with Discovery Miles immediately after each qualifying event-free trip of more than 5km. Clients can earn at least 20 Discovery Miles per qualifying trip, up to 100 Discovery Miles a day and 3,000 Discovery Miles a month, in addition to their existing Vitality Drive rewards.
“Our data shows that clients who complete more perfect trips have a lower accident frequency. More than 17 million perfect trips are already completed each year by drivers with Blue, Bronze and Silver Vitality Drive status.
"PerfectDrive recognises this progress by rewarding safe driving immediately and more frequently,” says Robert Attwell, CEO of Discovery Insure.
- Enhanced fuel rewards
From 1 November, Discovery Insure clients can earn up to 65% back on qualifying fuel spend at Shell, bp, and on eligible Gautrain spend.
This comprises up to 50% back through Vitality Drive based on their driving behaviour and Vitality Drive status, plus up to 15% based Vitality Money status and holding a qualifying Discovery Bank product.
Separate loyalty cards are no longer required to access the benefit; to qualify for and maximise rewards, clients simply pay for fuel with a virtual Discovery Bank card.
One of the new benefits is the immediacy of the reward as clients will receive their rewards shortly after a fuel purchase, paid into their Discovery Miles account or within 24 hours into an Insure Funder Account, which can be used to pay for vehicle maintenance or fund their excess after a claim.
In addition to the 2027 contribution increase and new Active Core plan announced separately on behalf of Discovery Health Medical Scheme (DHMS) today, Discovery Health shared enhancements to Flexicare and the launch of its most comprehensive gap cover product next year.
“Together, these enhancements reinforce Discovery’s shared-value model: by aligning the interests of clients and the business around better health, healthier behaviours and sound financial decision-making, Discovery creates value that is shared back with clients in the form of tangible rewards and lower costs,” says Kallner.
