Performance Lab Technologies and Vivametrica Form EngageRate
Industry-first offering delivers turnkey combination of activity-based underwriting, behavior change and customer engagement
San Francisco (September 28, 2018)– Performance Lab Technologies, the leader in patented and proven activity behavior change technology, and Vivametrica, the gold standard in activity-based health scoring, insurance underwriting and rating, announce the formation of EngageRate. Based in San Francisco, EngageRate leverages Performance Lab’s patented activity analytics and personalized participant experience along with Vivametrica’s reinsurance-validated use of activity data to more quickly, accurately and cost-effectively underwrite life and health insurance. The company will bring to market a turnkey solution for life and health insurers looking to better underwrite their risks while improving client engagement, satisfaction and wellbeing through an interactive mobile experience.
“For over 25 years, we’ve helped world class athletes and professional teams achieve their full physiological potential,” says Performance Lab’s CEO Waynne Dartnall. “Our ARDA™ platform delivers patented activity behavior change technology that provides guidance for those working to improve their health, weight and fitness; guidance that is as personalized as one receives from a personal coach or clinician but with the continuous feedback one can receive from an activity tracker. Moving into the health and insurance market was a natural extension for us and we were looking to do so with the right partner. We found that ideal partner in Vivametrica.”
“Vivametrica VScore delivers activity-based underwriting that is faster, more accurate and more cost effective than traditional underwriting approaches,” says Christy Lane, Ph.D., Co-CEO of Vivametrica. “We’ve conducted many studies – including those with Munich Re and SCOR– to prove that our mortality and morbidity risk scoring tools are truly game-changing for the insurance industry. Our research has shown that other than age, physical activity is the strongest predictor of mortality and up to 10X more impact on mortality risk than smoking. In fact, we can say with scientific confidence that when it comes to measuring and managing mortality risk, sitting really is the new smoking.”
“Performance Lab and Vivametrica recognized their synergies early on,” says Mark Agnew, EngageRate’s CEO. “Vivametrica can assess mortality and health risk in real time using just the data from an individual’s smart phone. Likewise, Performance Lab can leverage a person’s smart phone and wearable to establish an individual’s physiological fingerprint and then deliver personalized activity plans and coaching. Each company could have simply cross-licensed the other’s technology; but instead chose to establish EngageRate as a world class, standalone company whose sole focus will be to bring to market the integrated IP of both companies.”
“Activity is the new currency in the insurance industry,” says Agnew. “Fitness is the goal, but increased activity of all types is the means to that end. If done right, lasting activity behavior change can produce life-changing results.” Performance Lab conducted a 1,500-participant study in a corporate setting that resulted in impressive average results: 5 percent reductions in BMI and total cholesterol, an 11 percent reduction in resting heart rate and a 22 percent increase in aerobic fitness. Program adherence was also impressive. 9 out of 10 participants using Performance Lab’s methodology met their fitness goal every year for five years while only 1 in 10 in a control group were able to do so when left on their own to pursue similar activity goals.
“These results and their patented technology spoke volumes to us,” says Vivametrica’s Lane. “Given our proprietary expertise around the relationship between activity and health, one of our goals has always been to provide carriers with tools that will help them better engage with their customers, increase activity, and improve overall population health and wellbeing. Performance Lab brings the complementary, consumer-facing “how” of activity behavior engagement to our joint venture.”
“It’s well-established that increased activity is essential to health and longevity,” says Performance Lab’s Dartnall. “Yet helping people take that first step is the key. For some, it might be a financial incentive, a health concern or an emotional trigger. Performance Lab knows how to get people moving and then keep them moving when the inevitable interruptions of life intervene. We also bring blockchain-enabled security, privacy and incentives to the offering.”
Concludes EngageRate’s Agnew, “Combining Performance Lab’s Ironman-proven activity behavior change with Vivametrica’s reinsurance-validated underwriting and risk assessment creates a powerful combined offering for the insurance industry. It will enable them to play an increasing, continual and positive role in the lives of their clientele.”
About Performance Lab Technologies
Performance Lab Technologies is an activity analytics company. The company makes sense of the terabytes of personal activity data collected from smart phones and wearable sensors to help our clients meet their activity goals; whether those goals are to get off the couch, get to the starting line, or improve their health and wellbeing. Using patented IP, a state-of-the-art mobile experience and industry partnerships, Performance Lab is setting the standard in terms of activity analytics and dynamic coaching to help our clients live their best life.
Vivametrica is a health analytics company that provides measurement of mortality and chronic disease risk using digital biomarkers developed from personal sensor data. Vivametrica was started in 2013 by physicians and researchers with expertise in big data, physical activity, wearable devices, and evidence-based health measurement. Members of the team are also founders of the Wearable Health Lab at Stanford University. Vivametrica’s patent-pending algorithms are based on the world’s largest known dataset including physical activity. Analyses are used by life and health insurers to streamline underwriting, personalize insurance products, and provide engagement tools to customers. Vivametrica’s device-agnostic platform also supports health and wellness organizations.
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Vivametrica Signs With Global Reinsurer SCOR to Change the Insurance Game
CALGARY, Alberta, February 14, 2018 (Newswire.com) – Insurance is in many ways a conservative industry that is generally slow to adopt change. However, the pace of adaptation has accelerated recently with innovations in technology and the introduction of insuretechs into the space. Some insurers are leveraging these advances to change the way they do business. Through innovation and willingness to adapt, global reinsurer SCOR, which operates in 160 countries and is the 4th largest in the world, is at the forefront of this paradigm shift in insurance.
“Our partnership with SCOR Global Life proves that new synergies and collaborations are the way of the future for insurance. We are proud to be on this journey with SCOR,” said Dr. Rick Hu, CEO of Vivametrica.
As announced by SCOR last week, Vivametrica has signed an agreement to co-develop a novel underwriting and risk assessment model that uses physical activity data to determine the “biological age” of individuals. This technology draws on Vivametrica expertise, clinical research studies, and insurer validated investigations linking physical activity to mortality, and disease risk. Leveraging the power of smartphones and wearable sensors to continuously collect user information, this new model has the potential to change the client-insurer relationship, as well as provide new approaches to underwriting.
This Biological Age Model combines SCOR’s extensive knowledge and experience in insurance with the powerful analytics developed by Vivametrica using their one-of-a-kind population database. This has the potential to expedite the application process, allow access to new markets of scale, and engage clients in personal wellness.
“This partnership between Vivametrica and SCOR represents a fundamental shift in the way insurers will leverage technology, wearables, and predictive analytics. By combining Vivametrica’s deep knowledge in health, physical activity, and analytics with SCOR’s industry leadership and innovative drive, we bring the Biological Age Model that has the potential to change underwriting forever. The industry only benefits from such great partnerships between incumbents and Insuretech start-ups,” said Dr. Christy Lane, Co-CEO of Vivametrica.
For more information, visit www.vivametrica.com.
Vivametrica is a health analytics company that provides measurement of mortality and chronic disease risk using digital biomarkers developed from personal sensor data. Vivametrica was started in 2013 by physicians and researchers with expertise in big data, physical activity, wearable devices, and evidence-based health measurement. Members of the team are also founders of the Wearable Health Lab at Stanford University. Vivametrica’s patent-pending algorithms are based on the world’s largest known population-based dataset including physical activity. Analyses are used by life and health insurers to streamline underwriting, personalize insurance products, and provide engagement tools to customers. Vivametrica’s device-agnostic platform also supports health and wellness organizations.
SCOR, the fourth 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.).
Media Contact for Vivametrica:
Phone: (587) 700-0311