Email not displaying correctly? View it in your browserNewsletter Edition 658 / 6 August 2015

eDiscoverer - The weekly newsletter for financial advisers to keep you up to date with what’s happening at Discovery.

General

Discovery Health

Discovery Insure

Discovery Invest


General update
Report suspicious or unusual transactions

All representatives of the Discovery Group have a responsibility to submit a report if they know or suspect any business area has received or is about to receive proceeds of crime or funds connected to financing terrorism.

As a financial adviser, you are a representative of the Discovery Group, and as such, it is important you know you share a responsibility to detect and report any suspicious or unusual transactions.

It is also your shared responsibility to report any transaction that any business unit takes part in that:

  • Is likely to facilitate the transfer of proceeds of crime or funds connected to terrorist financing
  • Has no apparent business or lawful purpose.

It does not matter whether your suspicion is correct or not; what is important is that you report your suspicion.

By reporting a suspicious or unusual activity you, as a representative, will protect yourself, as well as the Group, from potential criminal liability for being involved in money laundering or terrorist financing.

As soon as you suspect a transaction, you must report it. You should always proceed with the transaction, otherwise it may be seen as tipping off!

The form is downloadable here. You can email your report to suspicious_transactions@discovery.co.za This process differs from the reporting of incidents of fraud, dishonesty or betrayal of trust against Discovery.

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Discovery Health update
Extra benefits when members need them most

The Insured Network Benefit gives Discovery Health Medical Scheme members full cover for day-to-day medical costs, like when they have spent their allocated yearly Medical Savings Account – when in their Self-payment Gap before reaching their Annual Threshold, if their plan has one.

Depending on the type of plan they chose, they have cover for GP consultations fees, day-to-day cost-effective medicines, blood tests, maternity costs and a defined list of durable external medical items. These unique sets of healthcare services are always paid in full when they use a provider in our network, even when their Medical Savings Account is used up.

This benefit is available only on plans with a Medical Savings Account (Executive, Comprehensive, Priority and Saver Plans) and is not available on Classic Comprehensive Zero MSA, Core and KeyCare plans.

What each plan covers:

Executive and Comprehensive Priority Saver
  • Consultations with GPs participating in our GP network
  • Consultations with GPs participating in our GP network
  • Limited additional consultations with GPs participating in our GP network
  • Durable external medical items obtained from our network providers
  • Durable external medical items obtained from our network providers
 
For Executive and Classic Comprehensive plans: For Classic Priority: For Classic plans:
  • Pathology (GP and specialist referrals) at Dis-Chem, Clicks and Pick n Pay pharmacies
  • Pathology (GP and specialist referrals) at Dis-Chem, Clicks and Pick n Pay pharmacies
  • Antenatal consultations and 2D ultrasound scans at a gynaecologist or obstetrician who we have a payment arrangement with
  • Preferred medicine list for acute medicine – Schedule 3 and above (Tier 1) at Discovery MedXpress, Dis-Chem, Clicks and Pick n Pay pharmacies
  • Antenatal consultations and 2D ultrasound scans at a gynaecologist or obstetrician who we have a payment arrangement with
 
  • Antenatal consultations and 2D ultrasound scans at a gynaecologist or obstetrician who we have a payment arrangement with
   

Our list of network partners will make sure members are never charged more than the Discovery Health Rate. Members can check out the MaPS tool, our medical and provider search tool to find a GP in the Discovery Health GP Network, or a gynaecologist, or a network pharmacy for cover for medicine and pathology. More information is available on Insured Network Benefit guide.

Inform your clients today on maximising their benefits to enjoy full cover.

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Discovery Insure update
SmartTip: Updated smartphone-enabled DQ-Track compatible smartphone list

The smartphone-enabled DQ-Track helps clients to improve their driving sooner due to immediate feedback and the ability to compete with friends. Clients using the smartphone-enabled DQ-Track earn on average 25% more DQ Points and have a 10% lower chance of being in an accident.

From 1 August 2015, we have extended the compatibility of the Discovery Insure app to a wider range of smartphones. We have added the following popular smartphones to our compatibility list:

  • Samsung A3
  • Samsung A5
  • Samsung Galaxy A7
  • Samsung YOUNG 2
  • LG Spirit
  • LG LEON
  • LG G3 BEAT
  • LG G2 MINI
  • Huawei P8lite
  • Huawei Ascend G620S
  • Huawei Ascend G7

These phones do not contain a component called a gyroscope. This means that for these types of phones, we cannot measure cellphone use during driving. Clients using these non-gyroscope phones will therefore not be eligible to earn the 100 DQ Points available for safe cellphone use while driving, but can still earn up to 750 points for good driving.

The full list of compatible smartphones is available for download from the Financial Adviser Zone.

Note: The statistics found in this research show results for past and current driving trends only and do not represent future trends.

Discovery Insure Ltd is an authorised financial services provider. Registration number 2009/011882/06. Limits, maximum fuel and Gautrain spend limits, terms and conditions apply. Go to www.discovery.co.za for more details or call 0860 751 751.

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Discovery Invest update
We have a new structured fund available

Imagine being able to invest your clients’ money, knowing exactly which shares are going to perform the best over five years.

Discovery’s latest innovation, the Discovery Europe High Five Fund, offers investors a return linked to whichever five of Europe’s largest shares perform the best from a global portfolio of the 20 largest European Equity shares over a five-year period. At the end of the five-year term investors will receive an equal weighting of the five-year performance of these top five shares.

Clients are provided with capital protection for falls in the global portfolio of up to 40%. This provides clients with unlimited upside potential and some downside protection.

Discovery’s new structured fund will be available for investment from 11 August 2015.

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Closure of some of the Investment Solutions funds

Discovery Invest received a request from Investment Solutions to close some of the Investment Solutions Multi-Manger Life funds because they will no longer be offering these funds. The eleven funds will close on 15th September 2015.

As a result your clients are required to switch their investments into other funds offered on our platform by 31 August 2015.

We will send this letter to your clients on 12 August 2015.

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The new Discovery Global Real Estate Securities Feeder Fund

The new Discovery Global Real Estate Securities Feeder Fund provides the benefit of global property exposure without the cost or illiquidity of owning offshore property directly.

Download the Discovery Global Real Estate Securities Feeder Fund July 2015 presentation for more information.

Click here to download the latest Discovery Global Real Estate Securities Feeder Fund Factsheet.

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The Discovery Life Property Escalator Fund

The Discovery Life Escalator – Flexible Property Fund has been reopened as the Discovery Life Property Escalator Fund, with an addition of a global property component, the new Discovery Global Real Estate Securities Feeder Fund.

Click here to download the latest Discovery Life Property Escalator Fund Fact Sheet.

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Amendments to Discovery Invest policy schedules

When clients purchase a recurring premium Retirement Annuity or Discovery Retirement Optimiser 3 plan from Discovery Invest, we provide them with policy schedules and Investment Fact Files, which together make up their contracts with Discovery Invest.

These documents summarise the features and charges applicable to their investments.

We are aware that some policy schedules were issued with particular information that was inconsistent with the terms to which your clients agreed in their investment quotations and the Investment Fact Files or Life Plan Guide.

To make sure their policy schedules are consistent with the quotation and Investment Fact File already received, we have amended certain sections of their policy schedules in accordance with the correct information. These corrections will be issued to all affected clients.

Please note that the correct features and charges have been applied to their policies since inception and it was only the information on their original policy schedule that was incorrect.

Clients who are affected have received personalised letters with specific details, sent on 31 July 2015.

We apologise for any confusion that these errors may have caused you or your clients.

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