NTUC Income offers bonus coverage for ‘younger’ consumers
The newest product calculates biological age to give bonus insurance coverage.
NTUC Income has launched its newest product that gives customers bonus insurance coverage the ‘younger’ they are based on their biological age.
Called SNACKFIT, it is a first-of-its-kind fitness and lifestyle proposition that can give customers bonus insurance coverage based on S$500 coverage for every S$0.30 premiums paid on a Life policy if they are actually younger than their actual age based on the Biological Age Model BAM™, a proprietary dynamic underwriting algorithm derived from global reinsurance company SCOR.
The algorithm analyses five key metrics – Steps, Active Calories, Resting Heart Rate, Sleep Hours and BMI – to calculate a person’s biological age. A consumer’ biological age can be calculated with the Biological Age Model BAM™ based on their previous day’s activity data received from their fitness trackers.
“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% of Singapore’s population engaged in leisure-time physical activity outside of work or commuting in 2020, up from 29.4% in 2017. SNACKFIT, is thus, an innovative and one-of-a-kind proposition that acknowledges and rewards users for adopting healthier lifestyles,” NTUC Income chief digital officer Peter Tay said.
SNACKFIT is available on the SNACK by Income mobile app.