Adrian Gore founded Discovery in 1992 with the goal of creating a more sustainable health insurance model in South Africa. Discovery grew rapidly by developing innovative programs like Vitality, which rewards policyholders for healthy behaviors. Vitality tracks activities like workouts and nutrition to provide points redeemable for discounts and rewards. This wellness focus helped Discovery become the leading insurer in South Africa and expand internationally by partnering with insurers in other countries. Gore attributes Discovery's continued innovation to internal programs that encourage employees to generate new ideas and evaluate managers based on the success of launches.
Λήδα Λιακοπούλου, Head of Design & Communication / Co-Founder, OSevenStarttech Ventures
Oμιλία από την Λήδα Λιακοπούλου, Head of Design & Communication / Co-Founder, OSeven στο πλαίσιο του Digital Finance Forum 2016
Περισσότερες πληροφορίες: http://digitalfinance.ethosevents.eu/
An Entrepeneur's Perspective on Distracted DrivingZoomSafer
ZoomSafer CEO Matt Howard's "Distracted Driving and Managing Technology" workshop presentation to the highway safety officials attending the 2010 GHSA Annual Meeting
Λήδα Λιακοπούλου, Head of Design & Communication / Co-Founder, OSevenStarttech Ventures
Oμιλία από την Λήδα Λιακοπούλου, Head of Design & Communication / Co-Founder, OSeven στο πλαίσιο του Digital Finance Forum 2016
Περισσότερες πληροφορίες: http://digitalfinance.ethosevents.eu/
An Entrepeneur's Perspective on Distracted DrivingZoomSafer
ZoomSafer CEO Matt Howard's "Distracted Driving and Managing Technology" workshop presentation to the highway safety officials attending the 2010 GHSA Annual Meeting
Human drivers have always been an essential requirement in the operation of a motor vehicle. At the same
time, research has repeatedly demonstrated that driver error plays a role in more than 90% of road crashes
(NHTSA 2008; Blanco et al. 2016). As such, in the past two decades, vehicle manufacturers have designed new
and increasingly sophisticated features that provide more assistance to drivers to help mitigate such errors. Such
features are an important precursor to the development of automated vehicles and, currently, expectations are
high that the advent of semi- or fully- automated vehicles will dramatically reduce road crashes
#SaferCarsForAfrica - Collins Khumalo, AA South AfricaGlobal NCAP
Global NCAP & AA South Africa #SaferCarsforAfrica launch in Cape Town, with the first independent crash test assessment of some of South Africa’s most popular compact and small cars.
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
Presented at the 2018 People.Horses.Culture Conference, Adelaide, South Australia by Julie Fiedler
Masters of Communication (by research) with Central Queensland University.
Is there a future for telematics in the Middle East?Frederik Bisbjerg
"Telematics as a car insurance product has never really taken off in the region, but there is a potential for a higher adoption rate with the right business model, says Mr Frederik Bisbjerg of Qatar Insurance Company."
World Insurance Report 2014 from Capgemini and EfmaCapgemini
As digital interactions steadily increase, insurers now have the web, mobile, and social media as the quintessential business platforms for shaping and evolving customer experiences, and ultimately, their brand and profitability. The World Insurance Report 2014 from Capgemini and Efma assesses the digital capabilities of more than 250 insurers in 14 countries. It identifies where leading best practices exist and the tactical approaches that can turn a digital presence into a differentiating customer experience.
Featuring data from over 15,500 customers across North America, Europe and Asia-Pacific, Capgemini’s exclusive Customer Experience Index (CEI) exposes the increasing gap that exists between insurers who are seekers of providing positive customer experiences versus those that are delighting customers with a strong digital service offering. The difference between the two is having direct impact on firm profitability.
Addressing both life and non-life segments, the World Insurance Report 2014 covers 30 insurance markets and includes insights from 97 senior executive interviews.
Health Care Customer Archetypes Innovating For Key Dimensions of Customer Nee...HumanCentered
Health Care Customer Archetypes
Innovating For Key Dimensions of
Customer Need, Want and Aspiration.
Michael Eckersley, MFA, PhD
Customer Needs Discovery & Innovation
Congress, Chicago, 13 June, 2007
Human drivers have always been an essential requirement in the operation of a motor vehicle. At the same
time, research has repeatedly demonstrated that driver error plays a role in more than 90% of road crashes
(NHTSA 2008; Blanco et al. 2016). As such, in the past two decades, vehicle manufacturers have designed new
and increasingly sophisticated features that provide more assistance to drivers to help mitigate such errors. Such
features are an important precursor to the development of automated vehicles and, currently, expectations are
high that the advent of semi- or fully- automated vehicles will dramatically reduce road crashes
#SaferCarsForAfrica - Collins Khumalo, AA South AfricaGlobal NCAP
Global NCAP & AA South Africa #SaferCarsforAfrica launch in Cape Town, with the first independent crash test assessment of some of South Africa’s most popular compact and small cars.
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
Presented at the 2018 People.Horses.Culture Conference, Adelaide, South Australia by Julie Fiedler
Masters of Communication (by research) with Central Queensland University.
Is there a future for telematics in the Middle East?Frederik Bisbjerg
"Telematics as a car insurance product has never really taken off in the region, but there is a potential for a higher adoption rate with the right business model, says Mr Frederik Bisbjerg of Qatar Insurance Company."
World Insurance Report 2014 from Capgemini and EfmaCapgemini
As digital interactions steadily increase, insurers now have the web, mobile, and social media as the quintessential business platforms for shaping and evolving customer experiences, and ultimately, their brand and profitability. The World Insurance Report 2014 from Capgemini and Efma assesses the digital capabilities of more than 250 insurers in 14 countries. It identifies where leading best practices exist and the tactical approaches that can turn a digital presence into a differentiating customer experience.
Featuring data from over 15,500 customers across North America, Europe and Asia-Pacific, Capgemini’s exclusive Customer Experience Index (CEI) exposes the increasing gap that exists between insurers who are seekers of providing positive customer experiences versus those that are delighting customers with a strong digital service offering. The difference between the two is having direct impact on firm profitability.
Addressing both life and non-life segments, the World Insurance Report 2014 covers 30 insurance markets and includes insights from 97 senior executive interviews.
Health Care Customer Archetypes Innovating For Key Dimensions of Customer Nee...HumanCentered
Health Care Customer Archetypes
Innovating For Key Dimensions of
Customer Need, Want and Aspiration.
Michael Eckersley, MFA, PhD
Customer Needs Discovery & Innovation
Congress, Chicago, 13 June, 2007
An Innovation System consists of the integrated organization, operation, governance and people that insure long-term growth through successful innovation of incremental and transformational opportunities throughout a company.
Top 10 Insurance Brands on Facebook in South Africa Q3-2016Andrew Felbert
In this report we looked at the top 10 Insurance brands on Facebook in South Africa over the third quarter of 2016
Read on to find out how brands like 1st for Women, Discovery, Old Mutual and OUTSurance performed on
Fans
Engagement
Sentiment
Share of Voice
Campaign Effectiveness
Health Insurance Innovation Summit 2017 - IoT in Health InsuranceAndrew Dart
Andrew Dart shares his insights on IoT within health insurance and healthcare including an in-depth look at the Vitality program, the biggest stealth healthcare initiative in recent times and more innovations. The video of this presentation can be seen here https://www.the-digital-insurer.com/health-insurance-innovations-presentation-andrew-dart-part-health-insurance-summit/
HealthXL Digital Health Success Stories Report Part OneMaeve Lyons
Part 1 of HealthXL’s ‘Digital Health Success Stories’ report is now available and delves into some of the recent successes in medical tech and asks the experts what it all means.
Key Points:
Multi-million dollar investments don’t always mean success. Success looks different to each stakeholder involved in digital health.
The winners in digital health will be those who provide real solutions to problems at a reduced cost.
Part 1 of HealthXL’s ‘Digital Health Success Stories’ report comprises an in-depth view of the progress of digital health, case studies, along with opinion from some key players in the industry.
Digital health empowers us with ways to improve outcomes and increase efficiency.
Part 2 of our report will look at how we can learn from failures in digital health, available [when available and how to access].
Digital Health Success Stories Report - Part 1Tom Parsons
Part 1 of HealthXL’s ‘Digital Health Success Stories’ report is now available and delves into some of the recent successes in healthcare technology and asks the experts what it all means.
Defines Mission and Vision, suggests how to develop a mission and vision, and gives examples of good mission and vision statements. For both non-profit and for-profit organizations and companies.
Cover SheetProject Analysis ByMatthew PankeyBBA in Finance2011-20MerrileeDelvalle969
Cover SheetProject Analysis By:Matthew PankeyBBA in Finance2011-2021MGT 4810 W1-W2 Fall 2022
Executive SummaryExecutive Summary Johnson & Johnson is a multinational American company with headquarters in New Bunswick, New Jersey. Medical devices, pharmaceuticals, and consumer health are the three main business sectors of Johnson & Johnson, which was founded in 1886. J&J is a Fortune 500 firm with about 250 subsidiary businesses that operate in more than 60 countries and sell goods in more than 175 nations. To stand out from rivals, Johnson & Johnson relies on its products and innovation. With the help of this company analysis, students can examine every facet of Johnson & Johnson's operations as consultants. This pertinent data may be used to shed light on how J&J might enhance internal and external operations while enhancing its financial performance and stockholder value. The Strategic Management textbook and other trustworthy sources, such as Johnson & Johnson's annual reports, investor website, and news releases, were used to compile all of the information for this research. Through this capstone project, students can examine pertinent corporate finances and gain knowledge about the potential pitfalls of their chosen career pathways.I was able to get substantial Microsoft Excel knowledge with this assignment, which will help me as I begin to improve my career-related skills. Due to the significant study and analysis required to create each tool, I also had to learn good time management techniques. When examining a company's financials and annual reports to estimate its value, I also feel as though I learned knowledge.
Table of ContentsTable of ContentsTool 1:Historical AnalysisPage 4Tool 2:Mission Statement AnalysisPage 5Tool 3:Remote Environment AnalysisPage 7Tool 4:Competitive Profile MatrixPage 12Tool 5:Internal Factor EvaluationPage 14Tool 6:CohesionPage 17Tool 7:Generic StrategyPage 20Tool 8:Perceptual MappingPage 22Tool 9:GlobalizationPage 23Tool 10:Financial Ratios and BenchmarkingPage 25Tool 11:SWOTPage 30Tool 12:Financing Recommendations for SWOTPage 35
Tool 1Historical AnalysisPurpose: Identify which strategies have historically been successful and how they have affected revenue by relating recent strategic events inside the company to consumer health, medicines, medical devices, and overall revenues. Findings from this research will be used in a SWOT analysis to identify strengths and weaknesses. Data was taken from yearly reports by Johnson & Johnson.YearsGross RevenueConsumer HealthPharmaceuticalMedical Devices2011$82,584$14,053$45,572$22,9592012$82,059$13,898$42,198$25,9632013$81,581$13,853$40,734$26,9942014$76,450$13,602$36,256$26,5922015$71,890$13,307$33,464$25,1192016$70,074$13,507$31,430$25,1372017$74,331$14,496$32,313$27,5222018$71,312$14,697$28,125$28,4902019$67,224$14,447$25,351$27,4262020$65,030$14,883$24,368$25,7792021$93,775$14,635$52,080$27,060Recent Strategic Events2, 3March 2011: Acquires Crucell, a biopharmac ...
Health Catalyst Named 2019 Healthcare IT Corporate InnovatorHealth Catalyst
Utah HIMSS (UHIMSS) recognized Health Catalyst for its innovative leadership with the 2019 UHIMSS Healthcare IT Corporate Innovator award. Dale Sanders, Health Catalyst President of Technology, accepted the honor on behalf of his organization at the UHIMSS 2019 spring conference on May 17. He shared some key insights into what makes a great environment for ongoing innovation, including these valuable sources for invention and originality:
Mischief
Humor
Depression
Pen and paper
Naivety
Pattern recognition
Walking
cover sheetProject Analysis ByMatthew PankeyBBA in Finance2011-20simisterchristen
cover sheetProject Analysis By:Matthew PankeyBBA in Finance2011-2021MGT 4810 W1-W2 Fall 2022
Executive SummaryExecutive Summary Johnson & Johnson is a multinational American company with headquarters in New Bunswick, New Jersey. Medical devices, pharmaceuticals, and consumer health are the three main business sectors of Johnson & Johnson, which was founded in 1886. J&J is a Fortune 500 firm with about 250 subsidiary businesses that operate in more than 60 countries and sell goods in more than 175 nations. To stand out from rivals, Johnson & Johnson relies on its products and innovation. With the help of this company analysis, students can examine every facet of Johnson & Johnson's operations as consultants. This pertinent data may be used to shed light on how J&J might enhance internal and external operations while enhancing its financial performance and stockholder value. The Strategic Management textbook and other trustworthy sources, such as Johnson & Johnson's annual reports, investor website, and news releases, were used to compile all of the information for this research. Through this capstone project, students can examine pertinent corporate finances and gain knowledge about the potential pitfalls of their chosen career pathways.I was able to get substantial Microsoft Excel knowledge with this assignment, which will help me as I begin to improve my career-related skills. Due to the significant study and analysis required to create each tool, I also had to learn good time management techniques. When examining a company's financials and annual reports to estimate its value, I also feel as though I learned knowledge.
Table of ContentsTable of ContentsTool 1:Historical AnalysisPage 4Tool 2:Mission Statement AnalysisPage 5Tool 3:Remote Environment AnalysisPage 7Tool 4:Competitive Profile MatrixPage 12Tool 5:Internal Factor EvaluationPage 14Tool 6:CohesionPage 17Tool 7:Generic StrategyPage 20Tool 8:Perceptual MappingPage 22Tool 9:GlobalizationPage 23Tool 10:Financial Ratios and BenchmarkingPage 25Tool 11:SWOTPage 30Tool 12:Financing Recommendations for SWOTPage 35
Tool1Historical AnalysisPurpose: Identify which strategies have historically been successful and how they have affected revenue by relating recent strategic events inside the company to consumer health, medicines, medical devices, and overall revenues. Findings from this research will be used in a SWOT analysis to identify strengths and weaknesses. Data was taken from yearly reports by Johnson & Johnson.YearsGross RevenueConsumer HealthPharmaceuticalMedical Devices2011$82,584$14,053$45,572$22,9592012$82,059$13,898$42,198$25,9632013$81,581$13,853$40,734$26,9942014$76,450$13,602$36,256$26,5922015$71,890$13,307$33,464$25,1192016$70,074$13,507$31,430$25,1372017$74,331$14,496$32,313$27,5222018$71,312$14,697$28,125$28,4902019$67,224$14,447$25,351$27,4262020$65,030$14,883$24,368$25,7792021$93,775$14,635$52,080$27,060Recent Strategic Events2, 3March 2011: Acquires Crucell, a biopharmace ...
Now, next and near future: Our planning framework for Covid-19 and beyondDani Goodwin
Here at twentysix, we’ve been working non-stop to guide our clients through these uncertain times. From this experience, we’ve produced a free marketing strategy playbook to support businesses with the now, next and near future.
Proposal On School Lunch
Project Proposal : Nike Inc.
Crime Research Proposal
Proposal
Oil and Gas Proposal
Sample-Catering-Proposal
Training Strategy Proposal Essay
Sample Proposal Letter Essay
Sample Grant Proposal Essay
Sample Csr Proposal
The most innovative companies to watch in 2021TheBusinessFame
Innovation and challenges act as two sides of a coin. But, it is only a visionary that can successfully execute and operate on those lines. In our edition of ''The Most Innovative Companies to Watch in 2021'', we bring to you organizations
from across the globe who are way ahead of time. In our Cover Story, Jump to Health, gives us a 360- degree solution in these times where heath is Wealth.
Any questions, feel free to email me at infi8899@infi-body8mind.com .
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If you know anyone who is interested in making an extra $5,000-$6,000 part-time per month, feel free to let me know.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
3.0 Project 2_ Developing My Brand Identity Kit.pptx
How discovery keeps innovating
1. In 1992, Adrian Gore founded Discovery with an idea for a health-
insurance model that would make people healthier. The South African
start-up quickly grew into a global player, with a market cap of over
$8 billion and a foothold in major markets, including the United
Kingdom and China. In the commentary that follows, Gore reflects
on the Discovery Group’s sources of innovative energy and on the
organizational efforts required to maintain that energy as the company
grows. (For more on these issues, see “The eight essentials of
innovation,” on mckinsey.com.) One key, says Gore, is that rewards and
risk taking go hand in hand at Discovery, which puts its money where
its mouth is by making an innovation score part of each manager’s
performance evaluation and by conducting an annual competition to
identify creative new ideas.
When I started out as a young actuary in a life-insurance company,
South Africa was moving from an apartheid state to a proper
democracy and facing some serious challenges, particularly in health-
care. There was an undersupply of doctors, an unusual combination
of disease burdens, and a new regulatory environment that had zero
tolerance for the discrimination of the past, and rightly so. This
meant you couldn’t rate customers on preexisting conditions. Finally,
unlike most countries, where a national system partially covers risk,
there was no unified public health-insurance system at that time.
When you put those four things together, sustainably financing
healthcare becomes a very complex undertaking. When we formed
How Discovery
keeps innovating
CEO Adrian Gore describes how the South
African company has been shaking up its
industry through business-model innovation
and explains what helps to catalyze new ideas.
M AY 2 0 1 5
2. 2
Discovery, we asked the question, “How do you innovate and build a
health-insurance system that can work in this kind of environment?”
Our gut instinct was that if you can make people healthier, you can
offer more sustainable insurance. It turns out that three lifestyle
choices (smoking, poor nutrition, and poor physical activity)
contribute to four conditions (diabetes, cancer, heart disease, and
lung disease) that drive over 50 percent of mortality every year. So
lifestyle choices are fundamental to any social-insurance system.
The behavioral science tells us that people need incentives to make a
change. But that wasn’t universally known at the time; we were just a
start-up acting on a hunch.
When we were starting out, a massive gym chain approached us with
the idea to sell our health insurance to their membership base—a
classic cross-sales strategy. Our breakthrough came when we flipped
this idea around: What if you can use the gyms when you get your
insurance from us? But we couldn’t figure out how to afford it.
Then we thought, “Well, what if you earn points by doing healthy
things? Then those points give you access to cool rewards and
a discount on your premium?” That idea was the catalyst for
everything, which I think is true of innovation. It’s a moment in time.
It’s not always a revelation in a laboratory. In my experience, it’s
right there in front of you. Once you get it, you run with it.
The genesis of Vitality
That initial idea was the genesis of our Vitality program, which
has evolved into a complete wellness system that tracks everything
from physical activity to nutrition over the course of a person’s
life. For instance, customers earn points by logging their workouts
with fitness devices from Nike+, Fitbit, and others. These sync up
with Vitality directly, through a computer, or with mobile apps on
smartphones. When you go to our partner grocery stores, the healthy
food is clearly demarcated on the shelf, and you get a 25 percent
discount at the register when you swipe your Vitality card. When we
first launched the program, we were criticized for wasting healthcare
dollars on incentives, but customers went berserk for it.
3. 3
Today, Vitality is the foundation of our business model, driving every
one of our offerings. Take life insurance. It seemed to us that the
system was broken. What happens when you fill out an application?
They basically cut you in half for a detailed health analysis—blood
tests, medicals. From that, they derive a very sophisticated rating
that often comes with a rate guaranteed for life. But how does
it make any sense to set a rate at a certain point in time, when a
change in your behavior could shift the underlying risk throughout
your life?
So we decided to offer a new, competitive model. The beauty of it
is the shared value it creates for our customers, our company, and
society. Our customers are given an incentive to become healthier,
lowering their premiums. And we are able to operate with better
actuarial dynamics and profitability.
Adrian Gore
Vital statistics
Born May 16, 1964, in Johannesburg, South Africa
Married, with three children
Education
Graduated with bachelor’s degree in actuarial science in
1986 from University of the Witwatersrand
Career highlights
Discovery (1992–present)
Founder and CEO
Liberty Life (1986–1991)
Product development actuary
Fast facts
Member of the World Economic Forum’s Global
Health Advisory Board
Named South Africa’s Best Entrepreneur by
Ernst & Young in 1998
Chosen by The Sunday Times as Business Leader
of the Year in 2010
South Africa chair of Endeavor, a global nonprofit
organization dedicated to supporting high-potential
entrepreneurs in emerging markets
4. 4
In 2001, we rolled out Discovery Life on this basis, and soon became
the number-one provider of life insurance in South Africa. Our
competitors have been around for more than a hundred years, but
they don’t have Vitality. If you understand the scale of the program,
you can see it’s not a capability that could easily be copied. We log
70,000 gym visits per day; people have bought a hundred million
dollars’ worth of healthy food in the last few years through our
structure. Vitality has provided a competitive advantage that has
served us well both inside our home country and beyond it.
The flexibility of Vitality’s structure allows us to enter markets where
we could never become the main insurer; the barriers to entry are
just too high. We can instead partner with established insurers in
those markets by scaling our Vitality model as needed. In the United
Kingdom, we worked with Prudential initially but recently acquired
full ownership of our health- and life-insurance businesses there.
In the Asia–Pacific region, we are now rolling out our model across
some of AIA’s markets. We also have an equity stake in Ping An
Health, working with one of China’s largest insurers, Ping An. Just
this year, we’ve established a new partnership with John Hancock
Life Insurance in the United States, and we’re developing one with
Generali in Europe, as well.
The model that keeps on giving
Just as Vitality has allowed us to expand geographically, it has also
been an additive model that can accommodate other dimensions.
For instance, we found that most motor insurance suffers from
the same irrationalities as healthcare and life insurance: people
underconsume wellness, which in this case means safe driving.
We saw an opportunity to develop a standard vehicle-tracking
device that monitors not only the location of a car but also how
people are driving—the acceleration, G forces. Rory Byrne, a South
African engineer who designed cars for the racing driver Michael
Schumacher, has helped us with the telematics to build a Formula
One–level analysis of a person’s driving behavior. But that requires
a complex black-box install in the car. So, we’ve been working with
a company founded by two MIT professors to build an application
that also works directly through your smartphone. It has given us
5. 5
some amazing insights into what we call “driving DNA.” We can
immediately tell if someone else is driving your car or if you’ve
gotten into an accident, just by the deviation in data, which raises a
red flag. The Vitalitydrive program allows us to track our customers,
to reward them for good driving with a lower premium and a
discount on gas, and to provide real-time emergency assistance.
A cycle for innovation
We’re often asked, “Can you keep innovating?” The truth is, I find
that the more you innovate, the more you can innovate. Most
innovation in companies is event based. A competitor comes up
with something, and the company responds. We do the opposite.
Our leaders are always on a treadmill to create and launch new
ideas. For example, every year we have a rock-star launch where
we’re presenting something new to thousands of our intermediaries
who own sales. Our guys know the date is booked. The concert’s
happening. You just better write the music.
We have growth metrics for a lot of what we do. Our earnings per
share have grown by 25 percent a year, compounded, for the last
two decades, with little capital. But my personal view is that the
rationales behind innovation and earnings targets are not really
great bedfellows. You have to invest in innovation, even if you don’t
know where it will end up. But with a growth-target mind-set,
you’re always thinking, “Oh, we can’t do this, because it’s going to
undermine our margins” or whatever. You ought to do both well, but
it’s challenging to balance those two parts of your brain.
To push ourselves to find the next idea, we have an internal
competition every year called Inspiring Excellence, where our top
one thousand leaders break into teams of two to four people and
work on new concepts. Throughout the year, we hold contests until
we’ve narrowed down to the top five teams, who present at our
annual management conference. Even ideas that don’t win often
prove to be winners later on, when we roll them out. This program
provides us with a strong inventory of possibilities, which are
continually replenished.