Scor seals wearable tech partnership with Garmin

Published in: Risk, Risk management, Risk Models, Longevity - mortality, Corporate strategy, Reinsurance, Rest of Europe, Software - IT

Companies: Scor Global Life, Garmin

Scor Global Life plans to integrate biometric data generated from Garmin wearable devices into a digital underwriting model developed by the French reinsurer to better assess mortality risks.

The digital underwriting process uses a biological age model (BAM), based on over 20 years of clinical data, and was developed and launched last year by Scor Global Life.

Scor Global Life said a new partnership with technology company Garmin Health will enhance BAM by analysing health metrics generated by Garmin wearables. The initiative is only for Asia-Pacific markets.

Scor said the collaboration will boost BAM’s adaptability for diverse markets and help Scor Global Life undertake continuous risk assessment of policyholders.

It will also help Scor Global Life to encourage its customers to develop healthier habits and make better informed lifestyle choices.

Vincent Lepez, Asia-Pacific deputy chief executive at Scor Global Life, said: “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.”

Joern Watzke, director of global business development at Garmin Health, commented: “Combining the health data from Garmin wearables with the analytical capabilities of BAM creates a powerful solution for both insurance companies and their customers."

Wearable data may prove to be a powerful tool for life insurers when managing mortality risk, a survey by Munich Re has previously revealed.

The research, which was conducted in association with the health analytics company Vivametrica, revealed that the step count of wearable devices could estimate the individual's life expectancy and act as an indicator to mortality risk.

In partnership technology giant Apple, health insurer Vitality also encourages policyholders use Apple smartwatches to track their steps walked and offer rewards to health-conscious customers.

Ronan McCaughey