Reinsurance News

SCOR Global Life and Transamerica Ventures invest in iBeat health tech

8th June 2018 - Author: Matt Sheehan

SCOR Global Life and Transamerica Ventures, the venture capital arm of the Aegon Group and Transamerica, have invested in wearable health technology company iBeat in support of its wellness and safety platform.

iBeat LogoThe investments include enterprise partnerships and booked revenue for iBeat’s cardiac monitoring smartwatch, which will eventually be rolled out to the companies’ agents and policyholders.

The new funding will allow iBeat to advance product marketing and expansion for its Heart Watch product, which will be offered to eligible policyholders as iBeat continues to work with life re/insurance carriers.

Brona Magee, Head of Client Solutions at SCOR Global Life, said: “This partnership reflects SCOR Global Life’s active role in the life (re)insurance industry to work with our life insurance clients in offering policyholder benefits that promote healthy lifestyle choices and help manage medical conditions. As a reinsurer, we are continually looking for ways to measure and improve mortality experience.”

Ryan Howard, Founder and Chief Executive Officer (CEO) of iBeat, added: “It’s invigorating to see life insurers recognize the value in investing in technology that advocates for longevity. The Heart Watch is the first of its kind to offer continuous heart monitoring and life-saving aid in the most critical moments.”

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iBeat’s Heart Watch technology improves health outcomes for policyholders by monitoring real-time changes in heart rate and circulation, and by identifying unsafe or potentially life-threatening behaviour.

The product is targeted primarily at the Baby Boomer generation, who are expected to place new demands on health care and technology as they look to stay active further into retirement and old age.

“iBeat recognizes these demands, as do life insurers and reinsurers like SCOR and Transamerica,” said Howard. “We can and will be the technology arm that enables insurers to take action toward having a measurable impact on longevity.”

He continued: “Together, we will provide users with unparalleled safety. We will give them confidence to continue pursuing all the activities they love in their later years, and we will save lives.”

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