Rewards and
Recognition
SEAL
DISCOVERY CONSULTING SERVICES
BUSINESS CONSULTANT
The recognition programme rewards you for displaying the following qualities:
Service excellence. Education.
Astuteness in business. Leadership in the industry.
There are four simple steps to becoming a Discovery SEAL:
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G
ro
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b
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01
|Kno
w your busine
ss
Understand the
Discovery products, related
legislation and the financial
services industry
Increase your Recognition
Points and build
your SEAL status
03|Achieve a status
Market the
Discovery
Integrated
product offering
and value
proposition
to grow your
business
Build up your
SEAL status
and enjoy
greater rewards
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ds
DISCOVERY SEAL
Discovery Business Consultant Charter
The Business Consultant charter binds you to the highest standards of professionalism and integrity. As a Discovery Business Consultant, Discovery holds you to the same values that would apply to all our people. We do this because you are a member of our team, an ambassador of our brand and because we entrust you with the important role of providing advisers with relevant, appropriate and valuable support and information.
This should be the very foundation of your performance: 1. Honesty and ethics come first.
2. You always represent Discovery, its values and reputation.
3. You have high standards of knowledge about the industry and Discovery’s products. 4. You live the Discovery values.
02
GROW YOUR BUSINESS
EARN HIGH PERFORMANCE BONUS
Quarterly HPB = Production growth + Life support bonus + Invest support bonus + Integration bonus
Minimum requirement
You must achieve at least 60% of target on all four product lines to qualify for High Performance Bonus pay-outs.
Rewarding production growth per product line
Quarterly targets per product line are set by using the preceding 12 months production of your panel as the base, with an expected increase, which varies, depending on your specific base threshold in the matrices.
Large case sliding scales apply.
You will receive your individual product line High Performance Bonus target at the beginning of each quarter.
Complete your compulsory online assessments
You will have to complete all compulsory online assessments available on the Discovery Institute of Training Portal from 15 April – 31 May 2016.
These assessments will test your current knowledge and ability to source information about the Discovery product range. You can use various supporting documentation when completing these assessments.
You need to meet the competency level set and communicated by the Discovery Institute of Training to qualify for all rewards and recognition.
Maintain high-quality consultation with your Financial Advisers
We conduct a survey among a minimum of five Financial Advisers who have been linked to you for three or more months, to assess the quality of your consultation with them.
These surveys take place before 30 April 2016.
Achieve an average score of 80% or more to qualify for rewards and recognition.
01
KNOW YOUR BUSINESS
MEET THE MINIMUM RECOGNITION REQUIREMENTS
Annual threshold (categorizing historic production)
Category increase% Health Risk Invest Insure
1 25% <R6 600 m If historic production + 25% not equal to R6 600 m, a minimum target of R6 600 m will be given <R1 980 m If historic production + 25% not equal to R1 980 m, a minimum target of R1 980 m will be given <R1 860 m If historic production + 25% not equal to R1 860 m, a minimum target of R1 860 m will be given <R1 680 m If historic production + 25% not equal to R1 680 m, a minimum target of R1 680 m will be given 2 20% R6 600 001 – R10 999 999 R1 980 001 – R3 960 000 R1 860 001 – R3 720 000 R1 680 001 – R3 360 000 3 15% R11 000 000 – R16 500 000 R3 960 001 – R5 945 000 R3 720 001 – R5 575 000 R3 360 001 – R5 040 000 4 10% R16 500 001 – R21 999 999 R5 945 001 – R6 990 000 R5 575 001 – R6 560 000 R5 040 001 – R5 945 000 5 5% R22 000 000 to a max of R27 300 000 R6 990 001 to a max of R9 300 000 R6 560 001 to a max of R8 880 000 R5 945 001 to a max of R8 075 000
02
GROW YOUR BUSINESS
EARN HIGH PERFORMANCE BONUS
Product line metric
40% Health type 1, 100% Risk commission, 100% Invest commission, 20% Insure annual premium income (API).
Minimum qualifying requirement
Meet 100% or more in at least one product line.
Receive a pay-out
The production growth pay-out is split between cash and shares.
Payment is calculated as a percentage of production in each product line, dependent on the number of product lines achieved:
Where less than 100% of target is achieved in a particular product line (60-99% of target), a bonus will still be paid at 50% of these rates for that product line/s.
Product lines – 100% of target
Number of product lines Cash % Shares % Total %
1 0.5% 1.0% 1.5%
2 1.0% 2.0% 3.0%
3 2.0% 4.0% 6.0%
4 2.5% 5.0% 7.5%
Metric
Life
Invest
Support metric R30 000 Life commission for the related quarter. R9 000 Life commission for the related quarter. Growth metric > 100% of prior year for the related quarter. > 100% of prior year for the related quarter.
Minimum requirements
Achieve Life line on production growth metric. A minimum of eight Financial Advisers meeting the
qualifying metric.
A maximum of 20 (25 if 50% linked GICs) linked Financial Advisers.
Achieve Invest line on production growth metric.
A minimum of eight Financial Advisers meeting the qualifying metric.
A maximum of 20 (25 if 50% linked GICs) linked Financial Advisers.
Receive a pay-out Pay-out is split between cash and shares.
Payment is a rand value per qualifying Financial Adviser, depending on the number of total qualifiers.
Business rules
Only the Financial Advisers linked to you at the end of the quarter will be taken into account.
If a Financial Adviser joined your panel part way though the quarter, you will carry the full quarters growth target for the adviser.
Life support and growth Number of Financial
Advisers Cash Shares Total
8 - 10 1 000 2 000 3 000
11 + 1 500 3 000 4 500
Invest support and growth Number of Financial
Advisers Cash Shares Total
8 - 10 1 000 2 000 3 000
11 + 1 500 3 000 4 500
Life and Invest support bonus
Quarterly measurement of the number of supporting Financial Advisers in your panel who have grown their production year on year in the following product lines:
REWARDING QUARTERLY PRODUCTIVITY
02
GROW YOUR BUSINESS
EARN HIGH PERFORMANCE BONUS
Integration bonus
Quarterly integration measurement of the number of supporting Financial Advisers in your panel producing across all product lines.
Meet minimum requirements
Life, Invest and Insure production growth of more than 60% of target. A minimum of five Financial Advisers meeting the qualifying metric. A maximum of 20 (25 if 50% linked GICs) linked Financial Advisers.
Receive a pay-out
Pay-out is split between cash and shares.
Payment is a rand value per qualifying Financial Adviser, dependent on the total number of qualifiers.
Integration metric
Life Commission R30 000
Invest Commission R9 000
Insure API R30 000
Life, Invest and Insure Integration
Number of qualifying Financial Advisers Cash Shares Total
5+ 1 500 3 000 4 500
REWARDING FINANCIAL ADVISER INTEGRATION
ANNUAL PRODUCTIVITY
Annual HPB = Production growth
Minimum requirement
Earn an Annual High Performance Bonus by exceeding your annual HPB target on at least three product lines and achieving a minimum 80% in the remaining product line.
Rewarding annual production growth per product line
The expected percentage increase per product line is set at the beginning of the year, which varies depending on the preceding months production base of your panel.
The annual targets are updated monthly in alignment to linkage movements. The annual percentage increase is subject to change.
Receive a pay-out
Pay-out in shares only
Payment is 1% of qualifying lines production.
Vesting period Tranche %
End of 2nd financial year 25%
End of 3rd financial year 25%
End of 4th financial year 25%
End of 5th financial year 25%
You must be employed by a Discovery Consulting Services (DCS) franchise as a Business Consultant when the shares vest. If you transfer to another sales distribution channel within Discovery, it is at Discovery’s discretion to transfer the shares
or not.
If there is a break in service, all shares accumulated will fall away.
02
GROW YOUR BUSINESS
QUARTERLY
High Performance Bonus Points
Every full R1 000 earned in High Performance Bonus (cash + shares) 1
SEAL= High Performance Bonus Points + Consistency Booster points + Vitality Booster Points
Business rules
Only production on linked Financial Advisers will be taken into account.
Linked Financial Advisers must be queried within five days of receipt of targets; no adjustments will be made outside the five-day query period.
API on Health employer groups has a cap of R3 million a month, for each group.
Business Consultants employed in the second or third month of a High Performance Bonus (HPB) quarter are only eligible for a HPB in the next quarter of employment.
A sliding scale is applied to large single and recurring premium Invest cases.
The cash earnings are calculated quarterly and paid out to the franchise during the next billing month. Phantom shares are calculated quarterly and are accumulated at the end of the financial year.
EARN RECOGNITION POINTS
Consistency booster points
Encouraging and incentivising business growth consistently through the year.
ANNUALLY
High Performance Bonus Points
Every full R2 000 earned in High Performance Bonus (shares only) 1
Annual High Performance Bonus Points
Vitality Status Points
Gold or Diamond 10
Vitality booster points
You can earn booster points by engaging in Vitality and improving your personal Vitality status.
Number of Quarterly High Performance Bonuses earned Points
1 x High Performance Bonus 0
2 x High Performance Bonus 10
3 x High Performance Bonus 25
03
ACHIEVE A STATUS
Business rules
You must meet all minimum requirements. SEAL statuses are finalised by 25 June 2016.
Blue SEAL
Start at Blue status
Gold SEAL
160 - 239 Recognition Points
Platinum SEAL
240 or more Recognition Points
Premier Platinum SEAL
Top 10 Platinum SEALs
Silver SEAL
120 - 159 Recognition Points
04 REAP THE REWARDS
Business rule
Business Consultant tenure of more than two years.
Reward
Double your HPB cash portion in the quarter that your personal best is achieved. No Recognition Points are earned on this portion.
Personal Best booster
Beat your personal best production quarter
Product out-performance SEAL booster
The Product out-performance SEAL Booster will enable SEALs to earn up to 33% more in cash and shares from the HPB in a specific product line, as follows:
SEAL Booster
The SEAL Booster is a percentage boost to the cash portion of HPB earned per quarter.
Your 2014 - 2015 SEAL status will boost the total cash percentage of your High Performance Bonus pay-out in each quarter of the 2015 - 2016 financial year.
Similarly, achievement of SEAL status within the 2015 - 2016 financial year will result in a boost to the total cash percentage of your High Performance Bonus pay-out in the next quarter.
You will not earn Recognition Points for this cash boost.
Your SEAL status determines the qualifying percentage boost applicable.
QUARTERLY
SEAL status Cash % boost
Premier Platinum 100%
Platinum 75%
Gold 50%
Silver 25%
Life Invest Insure
Production metric Production commission Production commission API at 20% Minimum quarterly requirement R195 000 R97 500 R75 000
% of target achieved % boost
125% - 149% 25%
> 150% 33%
The percentage boost is applied to the initial cash and shares earned on the productivity High Performance Bonus of the related product.
Ongoing rewards
Silver, Gold, Platinum and Premier Platinum SEALs earn a range of Ongoing Rewards.
04 REAP THE REWARDS
Discovery Sales Conference and Gala Dinner
Meet all your minimum requirements and the annual average production criteria on all four product lines to qualify for an invitation to attend the Discovery Sales Conference and Gala Dinner.
The monthly minimum production criteria are as follows:
You will get to enjoy:
An inspirational and motivational one-day conference.
An elegant awards dinner that recognises and celebrates the year’s top performers in style.
ANNUALLY
Product Minimum Description
Health R95 000 Type I, Type II, KeyCare and Vitality API
Risk R70 000 Production commission
Invest R35 000 Production commission
Insure R27 000 100% net API
Reward Silver SEAL Gold SEAL Platinum SEAL Premier Platinum SEAL
Discovery Executive
Wellness Prime Wellnessexperience
Prime Wellness experience Prime Wellness experience Prestige Wellness experience Bloomberg Businessweek subscription
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Tickets to the Invest
Leadership Summit
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Dedicated product call
centre service teams
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* Detailed information on how to use the Discovery Executive Wellness experience will be
Vitality Game Changer
Qualify for a High Performance Club and earn tickets into a lucky draw for an all-expenses paid trip for two to the UK to watch an English Premier League football match.
Your quarterly Recognition Points will equal the number of tickets earned into the draw.
Business rules:
All High Performance Club qualifiers will compete together in one lucky draw. You need to attend the dinner to be entered into the draw.
BE THE GAME CHANGER.
High Performance Club
Earn a High Performance Bonus in the quarter and you will be inducted as a member of the High Performance Club where you will be rewarded with:
An exclusive and informative seminar in Johannesburg. An awards event in Johannesburg.
The opportunity to network with peers and Discovery Executives.
There are three High Performance Club events in the year. Trophies or plaques will be couriered to all fourth quarter qualifiers.
CLUB
04 REAP THE REWARDS
CEO Awards
1. This award is given to the Business Consultant who brings in the highest API nationally for a specific product in a financial year. The product lines are:
Health CEO Award (API type I). Life CEO Award (API).
Invest CEO Award (APE). Insure CEO Award (100% API).
Vitality CEO Award (100% API; if written by Discovery Connect, 10% API).
2. The Discovery CEO Award goes to the Business Consultant who embraces the value of Integration by achieving the highest overall production across all the product lines. The total production is calculated as follows:
Health Type 1 API + Life API + 100% Insure API + Invest APE
Drive for Discovery
Meet the Drive for Discovery competition criteria, which will be announced during the financial year, to earn tickets into the lucky draw.
In this exciting competition, we will give away a luxurious motor vehicle to the lucky draw winner at the annual Sales Conference and Gala Dinner in 2016.
Business Rules
Meet minimum production of R3 million API in Health (Type 1) and Life, R3 million APE in Invest, and R780 000 100% API in Insure.
Health for each scheme has an annual cap of R15 million.
ANNUALLY
Awards for each product line Reward value
First position R25 000
Second position R15 000
Third position R10 000
Discovery CEO Award Reward value
First position R25 000
2016 Tanzania
International trip
The Premier Platinum SEALs and their partners will qualify for an all-expenses paid international incentive trip.
SEAL Conference
All Silver, Gold, Platinum and Premier Platinum SEALs will qualify for the four day breakaway to a glamorous destination for the SEAL Conference.
Discovery reserves the right to make changes to all reward programmes.
All dates and scheduling in this document are subject to change.
Business Consultants must meet all compliance requirements.
The SEAL programme and qualifying criteria need to be met every year within the pre-determined time.
To qualify for all recognition events and rewards, you must meet all minimum requirements within the pre-determined time.
Only Business Consultants can qualify for the CEO Awards. Competition awards (for example, overseas trips, vouchers)
are not transferable and cannot be exchanged for cash or transferred into anyone else’s name.
If you cannot attend the Discovery Sales Conference and Gala Dinner or any competition draws, you will not receive the prize or award.
Monetary values are gross of tax. The recipient is responsible for any tax unless explicitly specified by Discovery.
Partners attending the annual overseas trip must be 21 years or older.
If you transfer from one distribution channel to another, all your minimum requirements will transfer with you. However, your Recognition Production points will fall away. If you qualify as a winner for any competition, you must be employed as a Business Consultant or a Specialist within the channel you qualified in, at the time of receiving the prize or award.
To take part in the recognition programme, you must be employed as a business consultant or a specialist for a minimum of three months.
If you are employed for two months or less (in other words, from May 2016 or later), you cannot attend the annual Discovery Sales Conference and Gala Dinner.
Queries
Please contact the recognition team at [email protected] with any queries.
