The South African economy has suffered tremendously due to the global and national COVID-19 epidemic. As we gradually move back to ‘normal’, many consumers are taking advantage of incredibly low interest rates to secure new vehicle purchases.
Discovery Insure CEO, Anton Ossip, announced the launch of a new product in their offering, providing vehicle warranty cover to its clients. The new product, available exclusively to Discovery Insure clients, comprises comprehensive and market-leading mechanical breakdown and electrical failure cover for 36 critical vehicle components, with no cover limits.
According to Ossip, “Our driving behaviour technology allows us to collect telematics data for each driver on our Vitality Drive programme, making it possible to tailor-make premiums for our warranty product.” This telematics-based warranty cover is a world-first, with up to 100% vehicle servicing discounts for driving well.
CEO of Motus Financial Services Kerry Cassel adds, “We are able to cover a more comprehensive list of critical components, with no limits, due to the data we have collected from operating in the motor industry market for decades. This product encourages good driving with premiums based on a driver’s specific driving profile as well as the unique circumstances of the vehicle compared to a market where premiums are mostly undifferentiated.”
Discovery Insure, a leading South African short-term insurance company, has its ambition to create a nation of great drivers. Its business model is anchored on its Shared-value Insurance model that encourages drivers through the Vitality Drive programme to improve their driving behaviour, using telematics data collected from their vehicles, and reward them for their good driving.
Motus Financial Services develops and distributes innovative vehicle-related financial products and services through importers, distributors, dealers, finance houses, call centres and digital channels. Motus is South Africa’s largest automotive group and undisputed leader in mobility. Apart from its interests in financial services, Motus represents 22 Original Equipment Manufacturers (OEMs) through over 300 strategically located dealerships. Its unrivalled footprint across South Africa allows Motus to quickly gauge changes in motoring trends.
“Together, our two companies saw a business opportunity in the market where we could combine Motus’ expertise in the vehicle Warranty business with Discovery Insure’s Vitality Drive programme to create the world’s first telematics-based Warranty product,” said Ossip.
“By driving well, drivers who have our telematics-based Warranty product will be able to access the Vitality Drive vehicle servicing benefit discount up to a maximum of 100% depending on the Vitality Drive status of the client, limited to a R5 000 spend, when visiting a dealership that is part of our vast network, including over 270 Motus Retail service centres as well as Bosch service centres.”
Cassel adds, “Through our extensive years of experience in the vehicle and warranty business, we knew that good drivers looked after their cars and would be better clients to offer warranty cover to.”
“As Discovery Insure, we are excited to work with Motus to bring this world class offering to our clients,” says Kgodiso Mokonyane, Head of Strategy at Discovery Insure. “We look forward to seeing the success of this product and creating a stronger relationship to bring more value to our clients.”