SCOR Global Life launches wellness wearables underwriting solution
Reinsurer SCOR Global Life has collaborated with technology provider Garmin to leverage data from wellness wearables in underwriting. The collaboration supports an initial launch of SCOR’s enhanced Biological Age Model BAM solution with Taiwanese insurer Nanshan.
The algorithm leverages Garmin wearables data to compute a person’s biological age, providing a clear, easy-to-understand health indicator useful for both consumers and insurers.
“Garmin is continuously expanding its smartwatch lineup and developing new technologies to promote active and healthy lifestyles,” said Joe Schrick, Garmin vice president fitness segment. “Garmin is eager to work with SCOR Global Life on an innovative underwriting solution that helps insurers leverage objective data from Garmin wearables and responds to the needs of health-conscious consumers.”
The two companies teamed up to develop an exclusive algorithm that implements SCOR Global Life’s actuarial science with wellness data obtained by Garmin wearables. Nanshan customers who participate in the program will be granted full access to Garmin metrics, including steps, resting heart rate, active calories and sleeping hours.
When combined with the Good Life app – built by SCOR’s InsurTech solution provider, ReMark – the user-friendly ecosystem aims to support and encourage consumer lifestyle aspirations.
White-labelled for quick, convenient and affordable deployment, Good Life is a lightweight, modular and versatile platform for continuous underwriting and sustainable consumer engagement – complementing the Biological Age Model BAM to offer insurers a one-stop, full-service wellness platform.
The unique insights generated by consumers deliver a pro-active approach to health management and risk models.
“Together with Garmin, SCOR Global Life is paving the way for the future of life insurance and helping to reposition insurers as health and well-being experts dedicated to their customers’ long-term health and happiness,” said Vincent Lepez, SCOR Global Life head of global markets – Asia, Continental Europe and Latin America. “Clinical evidence proves that activity level has a direct influence on mortality and critical illness risks, so this initiative potentially has far-reaching implications for global public health.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Property-casualty premiums rise sharply at Munich Re
Zurich’s top line for the nine months shows good growth
Reshuffle at Lockton as new CEO named
AXA XL suffers high charges in reinsurance
Generali’s operating results rise
Lancashire Insurance appoints new CEO
Swiss Re confirms mulling investment in China Pacific Insurance
Sirius Group combined ratio rises to 123% on cat losses
ProAssurance sees growth in Q3 but combined ratio rises
ProSight reports strong Q3 growth
James River reports Q3 loss
Atlanta Group licenses Willis Towers Watson’s Radar Live
Feature: 10 ways insurers are using insurtech to drive new business
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze