Munich Re has teamed up with London-based health-tech company, Tictrac, to launch a health engagement platform called Wellgage.
The reinsurer is offering Wellgage to its insurance partners across the globe so they can engage customers and use the analytics to further support their core business in the areas of product development, pricing and underwriting – and thereby ultimately reducing the cost of care provision.
Wellgage combines a user’s lifestyle signals, from their apps and wearables, with contextual information about their surroundings – guiding them to achieve their health objectives, such as preventing diabetes or reducing stress levels.
Tictrac’s engagement services team specialise in working to fully maximise levels of end-user adoption by offering a variety of tools, messaging and campaign ideas. This customised engagement service ensures uptake of the technology is maximised and insurers’ business needs are met.
Wellgage is already in the market with the primary insurer, Softlogic Life having launched the platform in Sri Lanka, and with a number of additional insurers from Asia, Middle East and Europe planning for launch in the coming period.
Munich Re’s head of products & innovation health, Sabine Fischer, said the creation of Wellgage was driven by the significant change of environment insurers are doing business in.
Fischer said: “With the rapid rise in consumer adoption of technology, the industry is facing difficulties in shifting to accommodate customer expectations on service delivery and interaction.
“Through our partnership with Tictrac, we will change the way insurers engage with their customers by offering the Wellgage solution – and utilising our extensive data analytics capabilities in line with data protection requirements and for the benefit of the insured.”
Tictrac founder and CEO, Martin Blinder, believes technology like Wellgage goes a long way to solving some of the major challenges faced by insurers today.
He explained that through having a fuller understanding of their policyholders’ behaviour, insurers can use that data to enhance the detection and prevention of health risk factors and achieve their business objectives while improving the wellbeing of their customers.
He said: “We’re at a point in time where creative solutions are being developed across an industry crying out for innovation, and Tictrac is at the forefront of this. Wellgage has been designed to empower people to live healthier lives, and in return, insurers will build stronger levels of engagement with their customers.”
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