As both companies have existing operations in all the major continents, the partnership will establish a game-changer for real-time pricing of life insurance worldwide. With current customers such as AON, Santander, Prudential, Zurich, Allianz, Chubb, SOMPO, Manulife and T&D -to name a few-, the tech pioneers now offer their innovative solution for real-time Health Risk Quantification and dynamic pricing.
Life and health insurers should have a keen interest in the upcoming solution as it offers the perfect answer to many insurance pain points. The Health Risk Quantification product allows for accelerated underwriting, dynamic and personalized pricing, lessens the need for face-to-face assessments, and provides an easily scalable solution to streamline underwriting and increase opportunities to boost customer acquisition.
Global Insurtech DIG offers fully customized, mobile-first insurance experiences to its clients. Based on its low-code and open API platform, the SaaS-like solution integrates seamlessly into existing clients’ IT infrastructure and external services.
Ingo Weber, CEO & Co-Founder of DIG affirms: “Our mission is to give more people access to insurance and make sure they get the protection they need for themselves and their families. We work a lot with innovative insurers and enable them to build disruptive distribution and engagement models including ecosystems. With the solution we’re now building with dacadoo we can even increase the level of personalization and customer experience. It is a great example of how ecosystems enrich the offering of an insurer and provide tangible benefits to its customers.”
dacadoo, with headquarters in Zurich, Switzerland, is a global Insurtech company that specializes in supporting the digital transformation of insurers through Health Risk Quantification and Digital Health Engagement Platforms. Their solutions, which already have been implemented by over 35 of the top 100 Life or Health insurers around the globe, provide a unique offering for the insurer to minimize risk in underwriting while also being able to connect and engage with their members in a more personalized manner.
The newly conceived DIG/dacadoo solution uses dacadoo’s technology that is built on over 300 million person-years of scientific data. With as few as four data points – height, weight, age, sex – dacadoo’s Health Risk Quantification technology produces full estimation sets on mortality and morbidity in real-time, with 60+ values for each person, using imputed values for missing data. It is built in a modular format that allows for flawless integration into existing infrastructures on the client’s end and it has an 89.4% ROC AUC in under a second. Combining this with DIG’s quote & buy solutions makes the dacadoo technology pragmatic and tangible. In the end, data adds the biggest value when it is part of a customer experience that leads to better access to insurance for consumers.
At the core of dacadoo’s technology, is the award-winning Health Score, which quantifies holistic health in a single number from 0 (poor) to 1,000 (excellent). The Health Score changes in real time with provided lifestyle data, thus allowing for dynamic pricing or Pay-As-You-Live insurance quotes.
Peter Ohnemus, President and CEO of dacadoo, states: “What makes this such a special partnership is that both DIG and dacadoo have very similar altruistic values; the desire to make a real difference to consumers’ lives by accessing better insurance products that give them peace of mind, as well as rewards for leading a healthier lifestyle. With our science-based Health Risk Quantification technology, DIG will be able to provide a unique solution for their clients that is both scalable, easy to work with and will prove extremely effective in helping insurers take their underwriting processes to the next level.”
DIG and dacadoo will start offering the dacadoo/DIG solution during 2021 to their clients across the world.
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