SCOR Global Life, a division of the France-headquartered reinsurer, has partnered with wearable technology provider Garmin Health in the Asia Pacific region to improve its underwriting insights and promote better lifestyle choices for consumers.
By analysing the health metrics generated by Garmin’s wearable devices, SCOR will be able to enhance its Biological Age Model (BAM), which the reinsurer launched last year to encourage users to develop healthier habits.
BAM offers policyholders whose biological age is lower than their chronological age incentives such as premium discounts, health and wellness coaching, and rewards.
SCOR explained that the partnership with Garmin would enable it to build a more accurate assessment of an individual’s biological age, minimising their risk and purchase cycles while delivery competitive pricing.
“We are excited about the Garmin collaboration as it underscores the real value of BAM by a leader in the wearables industry,” said Vincent Lepez, Deputy Chief Executive Officer (CEO) for Asia Pacific at SCOR Global Life.
“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,” he continued.
“Our unwavering commitment to enhancing BAM mirrors our passion to help people lead healthier lives.”
Joern Watzke, Director Global Business Development at Garmin Health, also commented: “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,” he added.