South African life insurer Discovery moves into Japan

Added 25th July 2016

South Africa’s third largest insurer by market value, Discovery, has teamed up with Japan’s Sumitomo Life Insurance and SoftBank Group to launch life products into Japan, the company has announced.

South African life insurer Discovery moves into Japan

Discovery’s flagship Vitality programme, which rewards members for exercising and eating healthy, will be introduced into Japan - the world’s second biggest insurance market - using Sumitomo and SoftBank’s technological and digital capabilities, said the Johannesburg-based firm.

The partnership, which is awaiting regulatory approval, is expected to reach the Japanese market immediately.

Discovery’s chief executive, Adrian Gore, said in a statement: “Discovery is proud to be partnering with Sumitomo Life and Softbank to introduce Vitality to the Japanese market.

“Sumitomo Life is an excellent partner for Discovery. Their rich experience and excellent track record in the Japanese life insurance market, combined with SoftBank’s cutting-edge and sophisticated technological and digital capabilities will transform the market, create social value, and achieve business growth.”

Named one of the top 40 largest companies in South Africa, Discovery was founded and launched by Gore in 1992 as a health-insurance administrator. The firm has since branched out into life cover, investment funds, credit cards and property and casualty insurance and said it has customers in the UK, Germany, China, Singapore and Australia.

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Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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