South African insurer Discovery to set up retail bank

South African insurer Discovery Ltd is pushing into retail banking with an initial $150 million investment, a move that will pit it against five established banks in a fiercely competitive market. “We have never ever been first to market, we have always been more of a disrupter,” Adrian Gore, founder and chief executive of Discovery, said on Thursday. “The behavioural model that we have has a great value in the banking space.” Founded in 1992, Discovery’s model is linked to a behaviour tracking programme that rewards its health and life insurance clients for healthy lifestyles, paying for gym memberships or offering cash back on money spent at healthy restaurants.
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