NTUC launches SNACKFIT
ReMark partnered with Income to launch SNACKFIT, a fitness and lifestyle proposition that offers bonus insurance coverage for active users. Integrated within the SNACK by Income mobile app, SNACKFIT uses SCOR’s Biological Age Model BAMTM to offer premium rewards personalized based on people’s biological age.
SNACKFIT is Income’s latest proposition on its lifestyle-based platform, joining other lifestyle-based propositions such as SNACKUP and SNACK Investment on the SNACK mobile app to make financial products more accessible.
SNACKFIT gives two incentives to users when their biological age is lower than their actual age. It encourages people to adopt a healthier lifestyle and offers attractive bonus insurance coverage. The BAM algorithm calculates a daily biological age based on their previous day’s activity data received from the policyholder’s fitness trackers. Consumers with a lower biological age will receive an instant premium reward on their micro policies issued the next day.
The Biological Age Model BAM is a proprietary dynamic underwriting algorithm derived from SCOR’s ground-breaking study about the correlation between physical activity and mortality and morbidity risks. It uses five key metrics to calculate a person’s biological age: Steps, Active Calories, Resting Heart Rate, Sleep Hours and BMI.
“More health risks may come with age and this association is a key consideration for insurers when adjusting insurance premiums generally. However, more Singaporeans are engaging in fitness activities to maintain their overall well-being. The National Population Health Survey showed that 33.4 percent of Singapore’s population engaged in leisure-time physical activity outside of work or commuting in 2020, up from 29.4 percent in 2017. SNACKFIT, is thus, an innovative and one-of-a-kind proposition that acknowledges and rewards users for adopting healthier lifestyles. We are heartened to have found in ReMark a like-minded partner who enables us to tap on their data-driven proprietary algorithm, to not just make insurance lifestyle embedded and accessible, but also to incentivize a healthier lifestyle among our customers via SNACKFIT.” – Peter Tay, Chief Digital Officer, Income.
