What:
NTUC Income launches SNACKFIT, a fitness and lifestyle proposition that offers bonus insurance coverage based on biological age.
Why:
More health risks may come with age and this association is a key consideration for insurers when adjusting insurance premiums generally. However, more people are engaging in fitness activities to maintain their overall well-being, and SNACKFIT acknowledges and rewards users for adopting healthier lifestyles.
How:
- SNACKFIT, available on the SNACK by Income mobile app, calculates one’s biological age based on the fitness and activity data retrieved from linked fitness trackers, such as Garmin and Fitbit, and offers bonus insurance coverage when one’s biological age is younger than the actual age.
- To calculate a person’s biological age, SNACKFIT is powered by ReMark’s Biological Age Model, a proprietary dynamic underwriting algorithm that analyses five key metrics – Steps, Active Calories, Resting Heart Rate, Sleep Hours and BMI.
- SNACKFIT gives users bonus insurance coverage when their biological age is lower than their actual age. A consumer’ biological age can be calculated with the Biological Age Model based on their previous day’s activity data received from their fitness trackers. Following which, the consumer will receive the bonus insurance coverage on their micro policies issued the next day. The amount of bonus insurance coverage issued will be dependent on how much younger a consumer’s biological age is, as compared to their actual age.