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CTW.1122.Discovery-Insurance

<p class="p1">Founded as a health insurer, Discovery has branched into banking, where it's incentivizing physical and financial health simultaneously. Its Vitality model offers lower loan interest or higher deposit rates to diligent savers—and also rewards them with discounts on wellness products and healthier food. Vitality has helped make Discovery’s banking unit one of the fastest-growing in South Africa.</p>

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Discovery (DCYHF): Company Profile, Stock Price, News, Rankings

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Discovery (DCYHF): Company Profile, Stock Price, News, Rankings | Fortune

Discovery CEO Adrian Gore discusses the provider's incentive-based: "When people are healthier we're more profitable."

How the end of apartheid influenced this health insurance company's unique business model

Leadership

So our company discovery uh is a global life and health insurer. Our our fundamental purpose make people healthier, has manifested in this vitality shared value model that incentivizes people to be healthier and prices that and integrate that into life and health insurance. And we operate in 40 markets across the world with over 40 million lives that we touch. So, so the roots of the company I think are quite interesting because I think today we we world leaders in, in, in behavior change and and factoring that into, into financial services. How we got to where we we we are is as a start of health insurance in South Africa in 1991 and 92. This was just at the time that Nelson Mandela was released and apartheid was coming to an end in South Africa. And the idea was to start a health insurer that would offer a sustainable solution to people. But in our country at that time, there were too few doctors, very terrible levels of disease burden HIV A I DS, the epicenter of that, the illness and government rightly so wanted no discrimination at all. So for health insurance like in the US, you couldn't, you couldn't exclude pre-existing conditions. You couldn't price people differently. So our kind of epiphany, it was really a hunch was, could we make people healthier? In other words, could we could we actually incentivize people to be healthy and bring the price of healthcare down? We couldn't price the risk properly and we couldn't control the doctors because there are too few of them. So we had one simple choice and that was really a kind of entrepreneurial hunch or could we incentivize people to be healthier? That became this very sophisticated vitality, shared value model? Effectively, we share value by sharing incentives with people and making profitability by people being healthier and kind of in that evolution was fascinating. We kind of learned this this very simple truth that we are one of the only industries and when people are healthier, we are more profitable. So we are completely aligned to our customers. If they are healthy, we make money. And so we use that profitability to incentivize better health when you get the shared value cycle. That's kind of how we we evolved on the back of that model, many insurers around the world as as the world emerged into purpose there, as we started understanding behavioral economics and the and the biases of people and as technology started to offer things like devices and Apple watches and all those kinds of things that make measuring behavior much easier. Um you know, this, this model started to globalize. And so companies around the world, insurers around the world uh were very keen to work with us and we developed this repeatable scalable business model and capability and tech and data that we partner our partners with. So that is kind of our, our evolution. But I I have to say the um once you understand that you know mortality that the chance of dying or getting sick is very much affected by behavior, the entire world of financial services is different. I mean, that's an actually our train to learn things of selection, not behavior. But you know, the data is now showing we're seeing it in every issue. Behavior change is so fundamental. So I, I I'm proud of that. I think we're leading the world by industry and how you understand behavior change and how you price it into financial services.

Moderator: Geoff Colvin, Senior Editor-at-Large, FORTUNE,
Paula Price, Board Director and Audit Committee Chair, Accenture; Board Director, Bristol-Myers Squibb; Board Director and Audit Committee,Chair, Warner Bros. Discovery,
Charlotte Simonelli, Board Member and Audit Committee Chair, NielsenIQ,
Brian Stafford, President and CEO, Diligent


The Modern Board: Rethinking Audit

Conferences

Paula Price, Accenture; 
Brian Stafford, Diligent


Moderator: Geoff Colvin, Senior Editor-at-Large, FORTUNE
Paula Price, Accenture; 
Brian Stafford, Diligent


Hamilton Bennett, Senior Director, Vaccine Access and Partnerships, Moderna
Julia Cheek, Founder and CEO, Everlywell
Leah Lipsich, Vice President, Regeneron Pharmaceuticals
Dr. Hanneke Schuitemaker, Vice President and Global Head, Viral Vaccine Discovery and Translational Medicine, Janssen Vaccines and Prevention
Moderator: Dr. Nancy Snyderman, Board Member, Alkermes, Axonics Modulation Technologies

MPW Summit 2020: Innovation Vs. The Pandemic

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Be it working on vaccines or therapeutics, striving to improve testing, or just helping us better understand the COVID-19 virus, leaders in those fields are innovating and collaborating in new exciting ways as they race to meet it.

[MUSIC PLAYING] CLIFTON LEAF: What Apple was able to do with its electronic health records interface, very, very quickly, how does that change the game for EHRs and the rest of medicine? DR. LLOYD MINOR: We have a long way to go with EHRs. I mean, we still transmit records by fax machines in health care today. Can you believe that? I mean-- CLIFTON LEAF: Where are the fax machines? DR. LLOYD MINOR: Under the computer do you see a fax machine. I think what Apple has done in terms of empowering people to have their medical records on their device and in partnership with health care delivery systems like Stanford Medicine, that's very empowering for all of us. And it's a start, but we still have a long way to go to really make electronic health records interoperable, to make them serve the needs of our patients and of health care providers. The commonly used electronic health record systems in the country today are legacy systems based upon 1970s architecture, and they just don't lend themselves to the type of modern software innovation that Apple and other major tech firms are [INAUDIBLE]. And I do think we're starting to see change. And I think with the Office of the National Coordinator and a lot of other governmental agencies interested in this interoperability topic, yesterday, Dr. Seema Verma on Fortune Brainstorm Health, talked a lot about that in her remarks. And I'm optimistic that we're going to continue to drive that change and it can't come quickly enough. CLIFTON LEAF: So Sumbul, I look to bring you into this conversation about UX, right? And I mean this is, you know, Apple is famous for its user interface. It's famous for its consumer-centrism, and its looking at the health care world through these lenses. And tell me how that translates into, as you're thinking about projects to develop. DR. SUMBUL DESAI: You know, with what we did, for example, with the ECG app, it's something we're really proud of as a team is that that is an incredibly beautiful experience, but also an accurate and validated one. And so, when we think about the work, we really think about bringing those worlds together. And in every aspect of the development we do around health features, we think about usability at every step of the process, even with our studies, but also we think about the science along the way. So I think it's what's nice is we-- it's really special and amazing. And that's why it's so fun is you get to bring those two worlds together and hopefully develop really meaningful and impactful features for our customers. [MUSIC PLAYING]

Apple and Stanford University School of Medicine have worked closely toward discovery of how technology innovation can usher in a new era of proactive healthcare and Electronic Health Records. 

Insights: Apple and Stanford Medicine Partner To Make Electronic Health Records Interoperable

Technology can create ew era of Electronic Health Records

Apple and Stanford of Medicine on Electronic Health Records

Apple and Stanford University School of Medicine have worked closely toward discovery of how technology innovation can usher in a new era of proactive healthcare and Electronic Health Records.

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