Discovery last week announced the launch of Discovery Business Insurance. According to their press release, the new offering will offer clients unique benefits across property, accident, motor and other business liability claims, through Discovery Insure.
BusinessTech reports that the product will also include cover for social media. “Businesses continue to face physical risks such as property damage, but emerging risks such as reputational damage in a social media era are also increasingly becoming a significant cost to businesses,” it said.
“We have used Discovery Insure’s insights to design a business insurance solution that looks at a business holistically, and the risks they face in the 21st century,” says Zuriel Naiker, Head of Discovery Business Insurance. “Discovery Business Insurance comprehensively protects businesses through innovative technology-enabled solutions, underpinned by our shared value model of insurance.”
Discovery Business Insurance is built on the vision that businesses that show good financial performance and have successful operations have a lower insurance risk. This new offering provides powerful incentives and benefits to businesses in order to help them grow, reduce their insurance costs and manage their risks. Healthier businesses also benefit South Africa as a whole as they contribute to higher economic growth and employment.
To help entrepreneurs and management teams assess the health of their businesses, clients will have access to a business diagnostic tool co-developed by Discovery and Endeavor South Africa, a not-for-profit organisation with 20 years of global experience supporting high-impact entrepreneurs. The diagnostic tool provides actionable insights and recommendations for SMEs as well as access to preferential rates from a collection of world class service providers, such as Amazon Web Services for IT solutions and the Gordon Institute of Business Science (GIBS) to provide talent and skills development programmes.
Endeavor aims to catalyse long-term economic growth by selecting, mentoring, and accelerating high-growth companies that are ready to scale locally and globally.
“Endeavor inherently aligns with Discovery’s shared value insurance model, which is focused on building better businesses. Better businesses drive economic growth and job creation,” says Catherine Townshend, Managing Director of Endeavor South Africa. “In partnering with Discovery we can leverage our global insights and methodologies to reach and support a wide range of businesses and help them to thrive.”