They focus on driving employee behaviours that improve retirement outcomes and quality of life.
With over 3,000 attendees, close to 50 exhibitors and numerous knowledge-sharing sessions, the inaugural HR Indaba was arguably a resounding success. With only a month to go before this year’s event, Discovery Head of Product for Employee Benefits Guy Chennells speaks about why they are looking forward to it.
Discovery is a major player in the medical aid space. Tell us about how the employee benefits business ties into this rich history?
In 1992 Discovery revolutionised medical aid through a single, profound insight: If people lived healthier lives, it would change insurance for good. It would also change society. We introduced rewards for healthy behaviour choices, and grew into a global organisation.
Discovery Employee Benefits brings the same philosophy: Our solutions drive healthy savings behaviour by motivating employees to save more, for longer, and manage their health and wellness. When they do this, we are able to reward their behaviour by adding boosts to their retirement savings.
How do you differentiate yourselves from competitors in your space?
We approach employee benefits with an entirely different mindset and product set. Our focus is squarely on changing employee behaviours that improve their retirement outcomes and quality of life, and we back this up with substantial incentives. From increasing every Rand a person invests with us by up to 15 percent, to returning 15 percent of life insurance premiums to healthier people, we really invest alongside those who invest in themselves.
Also, when employees join our retirement funds, they can get up to 15 percent boosts to transferring assets and monthly contributions, and, with our state-of-the-art digital benefits dashboard, they can set goals, understand their projected retirement income and make choices that fit their individual circumstances. We enable employees to create personalised contribution plans to close their retirement savings gaps through our increased savings-over-time feature.
We also currently have an offer that gives employers who use Discovery for their employees’ health needs, and who sign up with Discovery Retirement Funds, the opportunity to receive a 100 percent discount on their admin fees for their retirement savings. They can find out more on our website www.discovery.co.za.
Why have you signed up for the HR Indaba and what should attendees look forward to seeing from you at the event?
At Discovery we recognise the benefits of employee health and wellness as being one of the most highly valued hidden business assets. Attendees can look forward to speaking with us at our stand about our unique solutions as well as the current offer of zero admin fees on Discovery Retirement Funds for qualifying clients.