Discovery has been named by Fortune magazine as one of the top 51 companies in an index that ranks companies across the world on the significance of their social impact. In Fortune’s inaugural Change the World list, Discovery features 17th placing ahead of established brands like IBM, Nike, Unilever, and Starbucks.
Adrian Gore, Founder and Chief Executive of Discovery says the ranking recognises the relevance and competitiveness of the company’s shared value insurance model that is driven by Vitality, Discovery’s global incentivised wellness programme. “This is a truly fantastic endorsement of what we set out to achieve. It is also a reminder of the opportunity we have to keep elevating our core purpose – to make people healthier – from a noble philosophy to a tangible reality for the millions of people we serve around the world.”
Fortune magazine Deputy Editor, Clifton Leaf provides context in a video announcing the list: “It’s about innovation. It’s about trying to find a new market for something that is inherently good… there are stakeholders beyond shareholders. They are companies doing well by doing good.”
Mark Kramer, Director of FSG commented in the same video: “Discovery (Insurance) is one of the companies that are actually extending the life expectancy of their customers and thereby creating a more profitable model for selling insurance.” FSG, an international think tank, collaborated with Fortune and several other global thinkers on the index.
The list appears in the September 2015 issue of Fortune magazine and a version and a video are available at fortune.com/change-the-world.
How Discovery is changing the world through a shared value insurance model
Discovery’s nomination and ranking in Fortune's Change the World list is reflective of the impact of the company’s shared value insurance model and Vitality wellness programme. The model responds to the changing nature of insurance risk. This change indicates that what were previously chronic conditions, thought to be stable and permanent at policy inception, have now transitioned to risks that are fundamentally behavioural.
The model realises that individuals behave irrationally in relation to their health, choosing to lead a sedentary as opposed to an active lifestyle. To change this, Discovery pursues a unique obligation of improving people’s health through Vitality. The programme removed barriers to living a healthier life and encourages healthy behaviours using incentives. These incentives are funded through the insurance profits generated by the improved health of its members.
Today, Vitality is the largest and most credible full-scale behaviour change platform globally. It has been in existence for over 20 years and is available via Discovery’s shared value insurance model in South Africa and the UK, John Hancock in the US, AIA in Asia, Ping An in China and Generali in Europe. There are over four million people worldwide actively improving their state of health and fitness using Vitality’s proven behavioural change model, which is recognised by a growing number of international academic publications.
Discovery is an authorised financial services provider and trades under the code “DSY” on the Johannesburg Securities Exchange.
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