SCOR Global Life has partnered with wearable technology provider Garmin Health in the Asia Pacific region to enhance its underwriting insights and promote better lifestyle choices for consumers.
The collaboration will allow biological age model (BAM) of SCOR Global Life to integrate more biometric data into its algorithm and deliver underwriting insights.
The French insurer said the foundation of BAM is in the correlation between the number of steps taken per day and mortality and critical illness risks and explained that if a person takes an average of 10,000 steps daily, it can reduce his or her chances of getting cardiovascular disease by 10 to 20%, compared to an inactive peer, depending on the age.
The collaboration between Garmin Health and SCOR Global Life could enhance BAM by analyzing health metrics. Insurers will be able to get an accurate assessment of an individual’s biological age, minimizing their risk and purchase cycles while offering a competitive pricing.
The partnership is expected to boost BAM’s adaptability for diverse markets and help SCOR Global Life pave the way for the future of continuous underwriting.
SCOR’s BAM offers policyholders whose biological age is lower than their chronological age incentives including premium discounts, health and wellness coaching and rewards, and can encourage them to develop healthier habits.
SCOR Global Life Asia-Pacific Deputy CEO Vincent Lepez said: “We are excited about the Garmin collaboration as it underscores the real value of BAM by a leader in the wearables industry. We are starting the year strong with two project launches, one in China (JD China) and one in Malaysia (Hong Leong Assurance), and we will be continuing this momentum in the coming months by bringing more BAM and Garmin products into several markets across the region. Our unwavering commitment to enhancing BAM mirrors our passion to help people lead healthier lives.”
Garmin Health global business development director Joern Watzke said: “Garmin Health is excited to work with a globally recognized reinsurance company like SCOR Global Life that shares the commitment to improve customers’ health and bring innovative digital health solutions to the market.
“Combining the health data from Garmin wearables with the analytical capabilities of BAM creates a powerful solution for both insurance companies and their customers.”
Recently, the French insurance company completed the sale of its employee wellness solutions subsidiary Rehalto to Workplace Options.