Reinsurance News

SCOR to provide AI-powered life insurance products with Bayer, One Drop

19th January 2021 - Author: Charlie Wood

SCOR is partnering with life science company Bayer and One Drop, a provider of digital solutions for people living with diabetes and other chronic conditions, to create an AI-powered digital health platform to life insurance carriers and policyholders across the US

SCORThis joint effort between SCOR, Bayer and One Drop aims to encourage people to proactively manage their health through products and to reduce the risk of life-threatening complications from medical conditions.

One Drop’s predictive risk assessment underwriting engine VELOGICA leverages automation that mimics the thought processes of human underwriters, allowing the end consumer to get an instant insurance offer.

By incorporating One Drop into a chronic condition-based insurance solution, the reinsurer intends to improve its underwriting insights while promoting healthier lifestyles.

“We are excited to bring the latest state-of-the art digital diabetes management functionality to our life insurance clients and their policyholders, empowering policyholders to manage their chronic conditions efficiently,” said Brona Magee, Deputy CEO of SCOR Global Life.

“Research suggests that 29.1 million people in the United States have diabetes and around 1.4 million new cases are diagnosed every year. We believe that empowering patients to manage their chronic conditions can both improve lives and help make life insurance more accessible, thereby providing peace of mind.”

The partnership will also develop a customised life insurance solution that uses One Drop’s evidence-based holistic health programs – delivered entirely through a mobile app.

“Aligning the power of proactive prevention with those that have incentives to drive long-term health is crucial to advancing preventative care versus expensive reactive care. Working together with SCOR and Bayer represents an exciting opportunity to bring our expertise to even more people and advance our mission of transforming health, changing lives, and creating new opportunities for everyone,” said Jeff Dachis, One Drop CEO and founder.

“Bringing together our know-how with that of SCOR and One Drop is an important milestone in Bayer’s strategic pursuit to build new and innovative digital business models,” said Jeanne Kehren, Head of Digital and Commercial Innovation and Member of the Executive Committee of Bayer Pharma.

“Data-based approaches that focus on the person, not the disease, empower them to effectively influence their healthcare to an unprecedented extent.”

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