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Discovery is ranked as one of the world's strongest insurance brands

The latest insurance report by marketing firm Brand Finance ranked South Africa's Discovery Financial Services Group as the world's second-largest insurer.

According to Brand Finance, Discovery debuted in second place, marking an impressive BSI of 85.97 out of 100.

"Discovery is the largest health care provider in South Africa and has achieved great success through its Vitality Award scheme, which gives points for completing various online health assessments and routine medical checkups," he said.

The strength of the mark is the effectiveness of the brand's performance with regard to non-material measures against its competitors.

In order to determine brand strength, Brand Finance considers marketing investments, share capital and the impact of these on business results.

Each brand is assigned a BSI rating of 100 that is included in the value calculation of the mark. Based on the rating, each brand is assigned a rating to AAA + in a format similar to a credit rating.

Discovery was rated AAA.

Speaking to CNBC Africa for Discovery's debut, CEO of Brand Finance for Africa, Jeremy Sampson said the company is surprisingly large and prevalent in the market and has an excellent digital strategy that makes it a market leader.

"Many people do not realize that Discovery has over 20 million policyholders and is in nearly 20 countries. In fact, it is a power plant all over the world, "he said.

He said the company started in 1992 and has since risen and has become more and more powerful. The group has moved the story of buying insurance away from being purchased by evil, and something else you take to make your life easier and more useful through awards.

This will be the group's bank philosophy, which is an "extra layer" to wrap the company, said Sampson.

In terms of brand value, Discovery ranks 94th in the top 100.

Read: This will make Discovery Bank different: Chief Executive Officer

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