How many risk policies lapsed in South Africa in 2024?

8.2 million risk policies lapsed in South Africa in 2024, driven by affordability pressure and low engagement between premium payments.

Can rewards actually reduce insurance lapse rates?

Yes. Discovery Vitality data shows that highly engaged members have approximately 15% lower lapse rates compared to disengaged policyholders.

What does this assessment measure?

The assessment scores your insurance rewards programme across 6 dimensions: Identity, Retention, Agent Engagement, Measurement, Delivery, and Partnerships.

Insurance Rewards Readiness Assessment

Free 3-minute diagnostic for African insurance leaders. Score your rewards programme across 6 dimensions and get a personalised roadmap.

8.2 M

Risk policies lapsed in SA (2024)

~15%

Lapse reduction (Discovery benchmark)

Dimensions scored

What You Will Get

Overall readiness score with personalised band
Scores across 6 dimensions: Identity, Retention, Agent Engagement, Measurement, Delivery, Partnerships
Industry insight cards with real benchmarks
Per-dimension recommendations tailored to your answers
Cost of Doing Nothing section
Opportunity cards showing where rewards create the most value
Personalised narrative using your name and company

Budget

One last question before your results.

This helps us tailor the recommendations. You can skip it if you prefer.

What is your approximate annual rewards or retention budget?

Almost there.

Enter your details to see your full results, dimension scores, insight cards, and personalised roadmap.

First name Surname Company Role Primary market

Insurance Rewards Readiness Assessment

What You Will Get

What percentage of your premium-paying policyholders can you identify by name, contact details, and policy type?

Do you have a single customer view that links policy data, claims history, payment behaviour, and engagement activity?

Do you currently offer any tangible reward, benefit, or incentive to policyholders for staying on book beyond claims?

What is your current annual policy lapse rate for individual life or risk products?

How do you currently incentivise brokers, agents, or field teams beyond commission?

What is the average time between an agent completing a desired action and receiving a reward or acknowledgement?

Can you measure the financial impact of your current engagement or loyalty initiatives on lapse rates, cross-sell, or lifetime value?

How frequently do you review data about policyholder engagement, reward redemption, and programme performance?

Through which channels can policyholders access and redeem rewards today?

How quickly does a policyholder receive a reward after completing the qualifying behaviour?

Do any third parties (retailers, telcos, fuel brands, banks) co-fund or subsidise your policyholder or agent rewards?

If you were to launch a rewards programme tomorrow, how confident are you that you could source relevant, guaranteed lifestyle rewards in your operating markets?

One last question before your results.

Almost there.

Insurance Rewards Readiness Assessment

What You Will Get

What percentage of your premium-paying policyholders can you identify by name, contact details, and policy type?

Do you have a single customer view that links policy data, claims history, payment behaviour, and engagement activity?

Do you currently offer any tangible reward, benefit, or incentive to policyholders for staying on book beyond claims?

What is your current annual policy lapse rate for individual life or risk products?

How do you currently incentivise brokers, agents, or field teams beyond commission?

What is the average time between an agent completing a desired action and receiving a reward or acknowledgement?

Can you measure the financial impact of your current engagement or loyalty initiatives on lapse rates, cross-sell, or lifetime value?

How frequently do you review data about policyholder engagement, reward redemption, and programme performance?

Through which channels can policyholders access and redeem rewards today?

How quickly does a policyholder receive a reward after completing the qualifying behaviour?

Do any third parties (retailers, telcos, fuel brands, banks) co-fund or subsidise your policyholder or agent rewards?

If you were to launch a rewards programme tomorrow, how confident are you that you could source relevant, guaranteed lifestyle rewards in your operating markets?

One last question before your results.

Almost there.

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