The prestigious Qorus-Accenture Innovation in Insurance Awards shines a spotlight on the leading innovators in the industry. Among them, the Global Innovator 2022 award recognizes insurance companies that not only showcase innovation in new and exciting ways but also embed innovation in their strategy and daily operations. This year, it was clear that Discovery stood out as a true Global Innovator in insurance, setting a high standard for others to follow in a rapidly evolving economic landscape.
Discovery’s renowned shared-value model, particularly its Vitality product, underscores the belief that prioritizing the health and behavior of individuals can significantly improve their risk profiles. Gareth Friedlander, Deputy Chief Executive Officer of Discovery Life, emphasizes how this model challenges the traditional notion of risk as a static indicator and highlights the impact of behavior on healthcare risk. By focusing on promoting healthier choices and altering behaviors, insurers can effectively shift the risk curve in a positive direction.
The success of Discovery’s shared-value model transcends geographic and industry boundaries, showcasing the power of purpose-driven innovation and customer-centric approaches. Friedlander emphasizes that innovation at Discovery is not reactionary but proactive, driven by a culture of continual improvement and employee contributions across all facets of the business.
As highlighted in Accenture’s Digital Health Technology Vision for 2022, advancements in technology play a pivotal role in shaping long-term strategies for healthcare organizations. Discovery’s response to the challenges posed by the COVID-19 pandemic exemplifies this technological readiness, with innovative products like Vaccination Max PayBack leveraging existing infrastructure to drive behavioral change and support vaccination efforts.
Discovery’s commitment to wellbeing extends beyond healthcare, encompassing finance, infrastructure, and environmental initiatives. Winning innovations like the Healthy Futures Calculator, Motion Alert, and Pothole Patrol demonstrate Discovery’s holistic approach to improving lives, empowering customers to make informed decisions, and creating societal value.
Looking ahead, Discovery remains dedicated to innovation, with a focus on leveraging technology for personalized solutions that drive behavioral change and improve outcomes. Friedlander underscores the importance of tailoring products to individual preferences and behavior, highlighting Discovery’s commitment to continual improvement and customer-centric innovation.
Discovery exemplifies the transformative power of sustained innovation in the insurance industry. As our Innovator of the Year for 2022, Discovery serves as a beacon of excellence in driving positive change, shaping the future of insurance through purposeful innovation and unwavering commitment to customer well-being.
