Johannesburg – Financial services group Discovery has been globally recognised for its role in successfully creating shared value in insurance.
A report published by nonprofit consulting firm FSG and the Shared Value Initiative listed Discovery, along with three other companies applying the idea of shared value. The concept was proposed in 2011 by Harvard Business School professor Michael Porter and FSG's Mark Kramer.
The report indicates that insurance companies have a role in benefiting society by protecting individuals and organisations from adverse events. Insurance companies are also more profitable when societal conditions improve. For example reducing accidents, improving health and helping organisations be more prepared for economic risks all help improve the profitability of insurers, the report explained.