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.”
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