Garmin International, Inc., a unit of Garmin Ltd. (NASDAQ: GRMN), today announced a breakthrough initiative with SCOR Global Life to inspire consumers around the world to lead healthier lives. The collaboration supports an initial launch of SCOR’s enhanced Biological Age Model BAM™ solution with Taiwanese insurer Nanshan. The algorithm leverages Garmin wearables data to compute a person’s biological age, providing a clear, easy-to-understand health indicator useful for both consumers and insurers.
“Garmin is continuously expanding its smartwatch lineup and developing new technologies to promote active and healthy lifestyles,” said Joe Schrick, Garmin vice president fitness segment. “Garmin is eager to work with SCOR Global Life on an innovative underwriting solution that helps insurers leverage objective data from Garmin wearables and responds to the needs of health-conscious consumers.”
The two companies teamed up to develop an exclusive algorithm that implements SCOR Global Life’s world-class actuarial science with wellness data obtained by Garmin wearables. Nanshan customers who participate in the program will be granted full access to Garmin metrics, including steps, resting heart rate, active calories and sleeping hours.
When combined with the Good Life app – built by SCOR’s InsurTech solution provider, ReMark – the user-friendly ecosystem supports and encourages consumer lifestyle aspirations. White-labelled for quick, convenient and affordable deployment, Good Life is a lightweight, modular and versatile platform for continuous underwriting and sustainable consumer engagement – complementing the Biological Age Model BAM™ to offer insurers a one-stop, full-service wellness platform. Combined with Garmin’s long battery life, impressive array of biometric data, and water-resistant wearable product range, the unique insights generated by consumers deliver a pro-active approach to health management and risk models.
“Together with Garmin, SCOR Global Life is paving the way for the future of life insurance and helping to reposition insurers as health and well-being experts dedicated to their customers’ long-term health and happiness,” said Vincent Lepez, SCOR Global Life head of global markets – Asia, Continental Europe and Latin America. “Clinical evidence proves that activity level has a direct influence on mortality and critical illness risks, so this initiative potentially has far-reaching implications for global public health.”
The ever-expanding Garmin fitness segment develops technologies to enhance and promote healthy and active lifestyles. Garmin Health provides enterprise solutions that leverage Garmin wearables and the high-quality sensor data they produce for applications in the corporate wellness, population health, and patient monitoring markets.
1 See Garmin.com/ataccuracy
About Garmin International, Inc.
Garmin International, Inc., is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark and Body Battery is a trademark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
SCOR, the 4th largest reinsurer in the world, provides insurance companies with a diversified and innovative range of solutions and services to control and manage risk. Using its experience and expertise (“The Art & Science of Risk”), SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – in Life & Health insurance (longevity, mortality, LTC, etc.) as well as in P&C insurance (natural catastrophes, agriculture, industry, transport, engineering, etc.).
ReMark is an InsurTech solution provider. A SCOR Group company, we collaborate in an ecosystem of expertise to simplify complexity and deliver the best customer experience. We combine 35 years insurance know-how with enabling technology in marketing, underwriting, administration and customer engagement to create innovative solutions. We mix industry knowledge and real-time data analytics to help insurers and consumers succeed in tomorrow’s world in a purposeful and sustainable way.