New Discovery Business Insurance features address bespoke needs of businesses

Discovery Insure has launched new bespoke products tailored to the specific needs of heavy commercial vehicle operators, restaurant owners, healthcare professionals, as well as lawyers and accountants.

“With these products, Discovery Business Insurance aims to give clients peace of mind that their business is adequately protected and has access to everything they need to succeed,” says Discovery Insure Chief Executive Officer, Anton Ossip.

Heavy commercial vehicles

Heavy commercial vehicles face risks and challenges such as overloading, distracted driving and driver fatigue. Research shows that 71% of commercial motor accidents were caused by distracted driving and 13% of truck drivers were fatigued at the time of their accident.

“Over the last three years, we have collected over seven million minutes of driving data through Vitality Drive for Business. This data is based on smaller commercial vehicles and the results show that vehicles that drive well have an 87% lower loss ratio than vehicles that are not on the programme,” says Ossip.

Discovery Business Insurance offers comprehensive insurance for heavy commercial vehicles, including up to 40% saving on their vehicle premium for driving well and being RTMS-certified.

Restaurant owners

According to the Restaurant Association of SA, 33% of local restaurants have had to close shop since the start of the lockdown, while 70% had to retrench employees. “To help our restaurant clients through this difficult time, we offered them premium relief by automatically giving them 25% cash back on their non-motor premium from January to June 2021,” explains Ossip.

With the new restaurant owners’ product, clients automatically get tailored insurance and benefits included at no additional premium, such as business interruption cover following a physical loss event, cover for other business premises and stock kept at multiple premises, cyber and accidental damage cover for point-of-sale devices.

33% of local restaurants have had to close shop since the start of the lockdown, while 70% had to retrench employees

Healthcare professionals

“Healthcare professionals are adopting the use of digital systems to service their clients, with 53% of physicians using e-prescribing systems. This increases the risk of cyber-attacks and reputational damage events for the medical practice,” says Ossip.

The Healthcare professionals’ product offers embedded cover and benefits automatically included in the plan at no additional premium. This includes an upfront payment of 25% of their verified Discovery Health Medical Scheme earnings following a business interruption claim, cover for cyber and reputational risks, and worldwide cover for medical equipment. Clients also get expert legal assistance and information packs to help them with issues related to the POPI Act, such as the relevant information to include in the client consent forms.

Lawyers and accountants

There has been an increase in the use of digital systems by these professionals, exposing them to an increased risk of cyber-attacks.

“To help lawyers and accountants protect their clients’ confidential information, we have created a bespoke product that includes automatically embedded benefits. This includes cover for cyber and reputational risks, discounts on new laptop purchases, Lexis Sign and more,” says Ossip.

Anton Ossip, Chief Executive Officer, Discovery Insure