Business Day Spotlight
PODCAST | Discovery Insure uses tech to standout
Mudiwa Gavaza speaks to Anton Ossip, CEO of Discovery Insure
In this edition of Business Day Spotlight, we talk about how one of SA’s fastest-growing insurance companies is using technology to stand out and achieve growth.
Host Mudiwa Gavaza is joined by Anton Ossip, CEO of Discovery Insure, to shed light on their business.
Discovery Insure is the group’s short-term insurance unit, dealing with individuals, cars and homes, as well as businesses.
Ossip talks about the unit’s use of, and investment in, technology. Without giving away too much, he says their investment is “significant”, going into the “millions” to develop and maintain their platforms.
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One of Discovery Insure’s big focuses has been changing driver behaviour through incentives and technology. Ossip says they have a programme in place as part of Vitality that rewards people for changing their driving habits for the better. Given the high rate of road accidents in SA, the group has chosen incentives as a way to try to curb the worrying trend. Apart from reducing the dangers on the road, it is likely to save the insurer money in would-be claims when there are fewer incidents overall to deal with.
According to their data, by improving their driving behaviour, Discovery clients have a 24% reduction in their motor accident frequency, says the group.
Ossip says they have developed a device that clients fit to their cars, which works to track and collect data on vehicle speed, braking and a host of metrics that are then used to assess — based on a set of standards — how well a person drives. The system can even tell when drivers are using their phones while behind the wheel, the insurance boss explains.
The discussion focuses on Discovery Insure’s business model; the effect of Covid-19 on the insurance sector; the unit’s use of, and investment in, technology; the partners that Discovery works with to develop its technology platforms; changing driver behaviours through incentives; and trends likely to affect sector, such as the growth of cyber insurance.
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• Business Day Spotlight is a MultimediaLIVE production.
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