Discovery Life earned a podium finish for the Bank Integrator benefit in the 'Neobanks and Specialized Players' category at the Efma Customer Insight and Growth Banking Innovation awards in Paris recently.
The Discovery Bank Integrator is a world-first benefit that enables clients who engage in healthy financial behaviour to be rewarded with an upfront discount of up to 15% on their Discovery life insurance premiums.
Recognising the very best examples of banking innovations in multiple categories, the competition this year attracted 2 808 submissions from 658 institutions in 94 countries.
The lifetime benefits of behavioural banking
Discovery Life's head of technical marketing, Andrew Mc Currie said: "We are thrilled with this recognition. Through Discovery Bank - the world's first behavioural bank, and Vitality Money, a behaviour-based financial health programme - we can now give clients holistic advice on their financial health."
The Discovery Bank Integrator allows our clients to be rewarded with upfront life insurance premium discounts of up to 15% if they take out life insurance with Discovery Life and have a bank account with Discovery Bank. They also qualify for ongoing adjustments to their Discovery Life insurance premiums as they continue to engage in healthy financial behaviour.
How physical health affects financial health
The idea for the Discovery Bank Integrator stems from research that shows a link between financial and physical health. Simply put, when people are physically healthier, they tend to be financially healthier as well.
"By insuring people more accurately, we can reward clients better, for responsible financial behaviour regardless of their level of income," McCurrie added.Efma, a not-for-profit association formed in 1971 by bankers and insurers, specialises in retail financial marketing and distribution. Today, more than 3 300 brands in 130 countries are Efma members, including over 80% of Europe's largest retail financial institutions.
Discovery Life Limited. Registration number 1966/003901/06, is a registered long-term insurer, and an authorised financial services and registered credit provider, NCR Reg No. NCRCP3555. Discovery Bank Limited. Registration number 2015/408745/06. An authorised financial services and registered credit provider. FSP number 48657. NCR registration number NCRCP9997. Limits, terms and conditions apply.