Personalized programs for life insurance carriers and their customers in the United States in focus
NEW YORK, NY, January 18, 2021 — One Drop, a leader in digital solutions for people living with diabetes and other chronic conditions, today announced that global partner, Bayer, and SCOR, the fourth-largest global reinsurer, will work to bring One Drop's AI-powered digital health platform to life insurance carriers and policyholders across the United States.
The joint effort among One Drop, SCOR, and Bayer is a shared objective of empowering people to proactively manage their health and reduce the risk of life-threatening complications through innovative products. This objective brings SCOR's in-depth knowledge of the insurance sector and predictive risk assessment underwriting engine, VELOGICA®, together with One Drop's completely personalized continuous and adaptive support experience and predictive capabilities, and Bayer's expertise in the worldwide development and commercialization of health solutions. By incorporating One Drop into a chronic condition-based insurance solution, SCOR intends to improve its underwriting insights and promote a healthier lifestyle.
The partners will develop a customized life insurance solution that pairs SCOR's VELOGICA® with One Drop's evidence-based holistic health programs - delivered entirely through the award-winning mobile app. For people living with diabetes and other chronic conditions, One Drop provides a preventative self-care solution by combining asynchronous coaching, health data tracking, and AI-powered health predictions that provide the right interventions at the right times.
"Aligning the power of proactive prevention with those having incentives to drive long term health is crucial to advancing preventative care versus expensive reactive care. Working together with SCOR and Bayer represents an exciting opportunity to bring our expertise to even more people and advance our mission of transforming health, changing lives, and creating new opportunities for everyone," said Jeff Dachis, One Drop CEO and founder.
"Bringing together our know-how with that of SCOR and One Drop is an important milestone in Bayer's strategic pursuit to build new and innovative digital business models," said Jeanne Kehren, Head of Digital and Commercial Innovation and Member of the Executive Committee of Bayer Pharma. "Data-based approaches that focus on the person, not the disease, empower them to effectively influence their healthcare to an unprecedented extent."
"We are excited to bring the latest state-of-the art digital diabetes management functionality to our life insurance clients and their policyholders, empowering policyholders to manage their chronic conditions efficiently," said Brona Magee, Deputy CEO of SCOR Global Life. "Research suggests that 29.1 million people in the United States have diabetes and around 1.4 million new cases are diagnosed every year. We believe that empowering patients to manage their chronic conditions can both improve lives and help make life insurance more accessible, thereby providing peace of mind."
Currently, One Drop supports people in the management of diabetes, pre-diabetes, high blood pressure, high cholesterol, or any combination of these conditions. Last year, Bayer and One Drop announced an agreement to jointly develop digital health products for multiple therapeutic areas in August of 2020. The aim of their partnership is to provide integrated services empowering patients to manage chronic conditions. Additionally, Bayer was lead investor in the company's Series C financing. The partners will explore digital solutions in women's health, oncology, cardiorenal, and other therapeutic areas to provide integrated services that empower people to manage multiple chronic conditions.
In 2020, One Drop surpassed 17 billion longitudinal health data points across 75 biomarkers from millions of users in 195 countries. This immense data wealth powers One Drop's proprietary machine learning, generating physiological predictions (blood sugar levels, blood pressure, etc.) paired with relevant behavioral recommendations. The result is a continuous real-time feedback loop that drives behavior change and improves health outcomes. One Drop's digital health platform has been available to consumers, employers, insurers, and healthcare providers since 2016.
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2019, the Group employed around 104,000 people and had sales of 43.5 billion euros. Capital expenditures amounted to 2.9 billion euros, R&D expenses to 5.3 billion euros. For more information, go to www.bayer.com.
SCOR, the world's fourth largest reinsurer, offers its clients a diversified and innovative range of solutions and services to control and manage risk. Applying the "The Art & Science of Risk", SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.
SCOR offers its clients an optimal level of security with its AA- rating from S&P and Fitch. The Group generated premiums of more than EUR 16 billion in 2019 and serves clients in more than 160 countries from its 38 offices worldwide.
For more information, visit: www.scor.com