Precious Nduli, Head of Technical Marketing and Marketing at Discovery Insure.
Having experienced developments across various sectors within the financial industry, I realised early in my career that the short-term insurance industry presents unique challenges and opportunities, particularly in the South African context.
Contrasting my nine-year tenure in the short-term insurance sector with my earlier experience in the life and investment industry, the most significant difference lies in the industry’s pace. Unlike life insurance, which often involves long-term planning, short-term insurance requires quick responses to rapidly changing conditions. This dynamic nature is driven by many factors, including economic shifts, regulatory changes, and the constant evolution of risk profiles.
A key area of concern within the short-term insurance landscape is road safety. South Africa, unfortunately, has one of the highest rates of road fatalities globally. While road conditions play a role, the primary contributor to accidents is driver behaviour, accounting for over 60% of road incidents. This includes dangerous practices such as distracted driving, particularly the use of mobile phones while driving, which has doubled in prevalence between 2021 and 2023. The impact of these behaviours is significant, with a mere 20 seconds of phone use while driving increasing the risk of an accident by 60%.
TWO WORLDS.
ONE FUTURE.
WORLD-CLASS LIFE INSURANCE
BENEFITS IN DOLLARS
Get world-leading life insurance that gives your clients access to authentic global cover with our Dollar Life Plan. This policy allows your clients to diversify their risk protection, and can be tailored to suit a range of financial needs and circumstances. Access our full suite of innovative risk benefits and financial rewards that pay out in US dollars.
The Discovery Dollar Life Plan is issued by Discovery Life International, the Guernsey branch of Discovery Life Limited (South Africa), licensed by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law 2002 to conduct long-term insurance business. The Discovery Dollar Life Plan is also subject to the South African Insurance Act of 2017. Discovery Life Limited, registration number 1966/003901/06, is a licensed life insurer, and an authorised financial services and registered credit provider, NCR registration number NCRCP3555. Product rules, terms and conditions apply.
Innovations encouraging safer driving – Discovery Insure has taken proactive steps to address these issues through our Vitality Drive program. This initiative uses telematics technology to monitor driving behaviors, such as acceleration, braking, and phone usage, providing drivers with an objective assessment of their driving habits. The program incentivizes safe driving through rewards, including discounts on fuel, car maintenance, and insurance premiums. It’s great to see over 90% of Discovery Insure’s clients opting for the program, indicating strong engagement and a collective effort to improve road safety.
I believe that insurers have a critical role to play in promoting safer driving practices. By leveraging data and technology, insurers can provide valuable insights and encourage behavioural changes that lead to safer roads. While Discovery Insure is actively involved in initiatives such as fixing potholes in Johannesburg, broader systemic issues require more comprehensive approaches. This includes nationwide efforts to improve road infrastructure and ongoing education to change driving behaviors.
Advice for Women entering the Industry – For women entering the financial services industry I need to emphasize the importance of passion and hard work. Identify areas that excite you and seek out mentors early in your career.
The landscape of the industry is evolving fast, with increasing representation of women in leadership roles. I urge women to be proactive in creating opportunities for themselves and to leverage the various supportive networks within the industry.