Based on our own experience and statistics, we have found that more clients enquire about Discovery Life than other life insurance company's products. This is interesting, as we are an independent practice, and we have contracts with no less than 7 life insurance companies:
- Discovery - Hollard - Liberty - Momentum - Old Mutual - PPS - Sanlam As an advisor, the process I go through is to first understand the client, his needs, then match the best product to his needs. Discovery Life does not necessarily meet client needs in every situation. So why do more clients ask me about Discovery Life? When we unpack the trend, I think there are a few things that draw clients to Discovery Life: 1. A client is a Discovery Health member. As Discovery Health is the largest open scheme in the country, with 55% market share, most of our clients are on Discovery Health. They are familiar with the company, and they trust the brand. Hence they ask for Discovery Life when they think about life insurance. 2. Discovery is an expert in marketing. Whether you like Discovery or not, they are a leader in marketing. From its early days, it has been very strong in marketing. You hear and see its advertising everywhere: Online, radio, TV, social media. And it does an excellent job, with beautiful graphics, interesting stories, partnering with sportspeople. In your face everywhere. 3. Discovery excels in mobile engagement. Discovery spends a lot of efforts and money in developing its mobile apps early on. It is a leader in mobile apps. I find myself logging in to Discovery app at least once a week, to check my Vitality Active Rewards, then maybe browse other sections. Discovery has made a lot of information and data easily accessible, at your fingertips literally. You don'g need to log into a website, you don't need a computer. You don't have to call a number. All you need is a phone. Yes all that information is kept secure. 4. Everything under one roof. As Discovery continues to expand its product range, and clients log into Discovery app regularly and see what else Discovery has to offer, they would think, "Why not get this product with Discovery as well, so I have everything in one place?" 5. Social influence. As more and more people become clients of Discovery, when their family and friends talk about life insurance, the name Discovery would come up somewhere in the discussion. 6. The profile of our clientele. As Daberistic focuses on the business owners and professionals market, they tend to be in the more affluent market. Discovery's market positioning speaks to their needs, image and aspirations. Discovery Life has many unique features and benefitsis. It is competitively priced if integrated with Discovery Health and Vitality. It has an attractive payback benefit. Now a Discovery Bank client can get further benefits with the Discovery Bank Integrator. While Discovery Life does have a strong value proposition, it is not for all clients. If a client is not on a medical aid administered by Discovery, does not like to exercise, does not pay attention to healthy living, does not want to spend time engaging with Vitality wellness programme, then he will find Discovery Life to be expensive. And it can become even more expensive over the long term.
0 Comments
Leave a Reply. |
AuthorKevin Yeh Archives
January 2025
Categories
All
|