11 June 2020 – Stellenbosch, South Africa: LifeQ announced today the first commercial launch of VeoSens – a wearable-based, fully integrated insurance and health management solution developed in partnership with Samsung and Hannover Re.
1Life, a leading direct life insurer in South Africa, is launching a world-first life insurance ecosystem – 1Life Pulse, utilising VeoSens. The aim is to bring life insurance, technology and science together in a simple way, providing consumers with attainable, dynamic, long-term value for making better choices regarding their wellbeing.
All new qualifying 1Life policy holders that take out cover for R1 million or more can choose to receieve a Samsung Galaxy Watch Active 2, chipped against their 1Life policy number. As soon as customers take up cover they earn an immediate R50 000 towards their life cover. From there, each time the watch is strapped on, all data collected contributes towards additional cover that can grow by up to R200 000 over two years.
“Our offering is underpinned by the fact that, as your life and health changes, so too does your cover,” says 1Life CEO, Laurence Hillman. “This is a world-first and we are excited at the prospect of what this will mean for the consumer and their capacity to make better choices around their wellbeing."
LifeQ, Hannover Re and Samsung have worked together for over two years to create the VeoSens solution, providing insurers with a unique Consumer Engagement, Digital Data Collection and Innovation Platform. Working in close partnership with our insurance customers, the goal is for VeoSens to change the way the life and health insurance industries operate, leveraging new technology to create whole new models for insurance.
VeoSens utilises LifeQ’s solutions, which are based on computational systems biology; modelling the body’s physiological systems and how they interact with each other. LifeQ enabled solutions fill the gap between medical devices and basic consumer devices, providing business grade health information to enable real health and risk management.
“At Samsung, we are always looking for strategic partnerships that not only bolster the Galaxy ecosystem but, more importantly, deliver an unrivalled user experience coupled with exceptional consumer benefits. This partnership does exactly this – enabling us to demonstrate our vision of a connected lifestyle,” says Kagiso Khaole, Head of Content and Services at Samsung South Africa.
LifeQ contributes three key components to these solutions: Software to enable wearable devices to continuously and accurately track key biometrics and compile this into a format that can be stored for further analysis; Sophisticated cloud based models that generate a wide range of of health information and insights, and; A highly secure data platform to enable all partners to work seamlessly together while fully protecting and de-identifying consumer data, meeting all relevant global standards.
“VeoSens is a great example of how LifeQ combines life sciences and technology to bring novel life changing solutions to the market with clear economic benefits to both businesses and consumers,” says Laurie Olivier, LifeQ CEO. “ Without information that is more accurate than generated on the average wearable, and forward looking business leaders that are willing to embrace state of the art technologies, this would not have been possible – we want to thank Samsung, Hannover Re and 1Life for being great partners towards setting a new bar in the life insurance industry. ”
LifeQ is the leading independent provider of biometrics and health information derived from wearable devices, used in world-leading health management solutions. LifeQ’s information and solutions are already used by Fortune 500 customers and partners in a range of wearable devices, consumer-facing health & wellness platforms, and health-risk tracking applications for the global insurance and corporate wellness industries. Backed by a range of institutional and family office investors, with offices in South Africa, the USA and Holland, LifeQ is a company ideally placed to deliver solutions, leveraging the convergence of new technologies and consumer and business demand for new approaches to health management.