How we performedPARTNER
MARKETS
PARTNER
MARKETS
Chief Executive Officer
Chief Executive Officer
THE VITALITY GROUP
The Vitality Group, a wholly-owned subsidiary of Discovery Limited in the United States (US), provides wellness programmes to corporate clients. Through its corporate offering, The Vitality Group reaches a total of 964 269 employees across large and mid-size groups.
The Vitality Group offers corporate wellness products in
the US market, which aim to improve employee health and
lower healthcare cost coverage for corporate clients.
The business is gaining traction in the market and has
steadily grown its membership and employee engagement
over the financial year. There was a 34% increase in
employee engagement, measured by the number of
monthly activities undertaken by each employee, which
was driven by product enhancements, a revamped
website and improved mobile portals.
PING AN HEALTH
In China, Discovery has a 25% equity stake in Ping An Health, the largest comprehensive medical insurer in the country. Ping An Health provides private healthcare policies to corporates and individuals in the Chinese market.
Discovery’s partner in Ping An Health is the Ping An Insurance Group of China, a prominent insurer with strong brand equity and an excellent distribution footprint. In addition to this partnership, Discovery has also reached an agreement with the broader Ping An Insurance Group to incorporate the Vitality Shared-Value Insurance model as an additional benefit to life insurance products.
READ MOREIn other partnerships across Discovery Partner Markets, in Canada, Japan, Pan-Asia and Europe, Discovery operates a franchise model. We partner with leading insurers as they integrate Vitality Shared-Value Insurance into their health or life insurance products.
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AIA VITALITY
The period was particularly noteworthy for AIA Vitality, with the Vitality Shared-Value Insurance model now being part of the core offeiring in six AIA markets: Singapore, Australia, Hong Kong, the Philippines, Thailand and Mlaysia. There is an opoportunity to introduce Vitality Shared-Value Insurance to additional AIA markets.
MANULIFE VITALITY
John Hancock’s parent company, Manulife, launched Manulife Vitality in Canada in September 2016, pioneering the Vitality Shared-Value Insurance model in Canada. Manulife has more than 20 million clients in 22 countries.
GENERALI VITALITY
In Europe, we have progressed rapidly since signing an agreement with Generali in 2014. Generali Vitality launched to the public in Germany in June 2016 with the first sales occurring in July. The initial market response has been exceptional, with new business doubling the sales achieved before the launch. Generali also intends to launch in France on 1 January 2017, followed shortly by a launch in Austria.
JOHN HANCOCK VITALITY
In the US market, the relationship with John Hancock continues to flourish. The Protection Universal Life, Term, and Indexed Universal Life products are available in the majority of states, and the remaining states are expected to help drive sales, once approved. Since its launch, John Hancock Vitality has received numerous awards and garnered significant media attention for its transformative approach to life insurance.
SUMITOMO LIFE
We are also excited by our recently concluded partnership with Sumitomo Life Insurance Company in Japan. Our partner in the Japanese market is a substantial and respected life insurer, with over 10 million policies in force and $18.1 billion in annualised premiums.
Japan is the second-largest life insurance market globally after the US. It has an ageing population, with 80% of mortality related to non- communicable diseases. There is substantial opportunity to influence behaviour positively and improve health outcomes. In addition, the Japanese insurance market faces rising medical costs and the government is eager for initiatives that will alleviate this burden.
Discovery will gain valuable experience in customising the Vitality Shared-Value Insurance model for an older market, where incentives relating to physical activity may need to be presented differently.
2016 STRATEGIC
OBJECTIVES
In our previous report, we outlined strategic objectives in a number of key areas. In this section we report on our progress.
As our international operations grow, we continually refine our operating structures to maintain focus on product innovation that will secure high levels of engagement. To this end, we are working with our partners to accelerate the development of product roadmaps for each market to enable the integration of Vitality into more insurance products.
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