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Tictrac is launching its AI-powered health platform worldwide following Munich Re partnership

London-based healthtech business Tictrac has unveiled a new partnership with global reinsurer Munich Re that will utilise customer analytics to help insurer improve their products and underwriting.

The pair’s Wellgage initiative, which Munich Re will begin offering to its partners around the world, will take data from customer’s apps and wearables to develop insights about customer behaviours and provide lifestyle advice to alleviate and combat health problems such as stress or diabetes.

According to Tictrac, the health engagement platform utilises artificial intelligence (AI) alongside customer data to fuel health its health insights, providing users with targeted and relevant goals and health insights which the firm claims can help to improve health and wellbeing.

The platform itself has already been launched in Sri Lanka in partnership with SoftLogic Life, with further launches planned imminently in Asia, the Middle East and Europe over the coming months.

Tictrac’s Founder and Chief Executive Officer, Martin Blinder, said the platform will help to boost insurer engagement with their customers and that the platform will help people live ‘healthier lives’.

He said: “Through having a fuller understanding of their policyholders’ behaviour, insurers can use that data to enhance the detection and prevention of health risk factors and achieve their business objectives while improving the wellbeing of their customers. We’re extremely proud of our partnership with Munich Re and excited to be rolling Wellgage out across the world.”

The platform itself is compatible with the vast array of smart wearable devices on the market, including Fitbit, the Apple Watch and Garmin devices, and will allow insurers to provide health services which in turn will provide them with valuable data to inform their products and pricing.

Munich Re’s Head of Products & Innovation Health, Sabine Fischer, commented: “The creation of Wellgage was driven by the significant change of environment insurers are doing business in. With the rapid rise in consumer adoption of technology, the industry is facing difficulties in shifting to accommodate customer expectations on service delivery and interaction.

“Through our partnership with Tictrac, we will change the way insurers engage with their customers by offering the Wellgage solution - and utilising our extensive data analytics capabilities in line with data protection requirements and for the benefit of the insured.”