BALTIMORE, MD / ACCESSWIRE / September 2, 2022 / Order it is a months-old startup that helps underwriters customize life insurance policies based on customers’ unique demographics. Combining AI with the emerging science of healthy aging, Invive provides a platform that enables accurate risk assessment and reflects customer prescriptions.
Diego Tanton, a Johns Hopkins alum and former researcher at the National Institute on Aging, says he started Invive with the goal of using the science of aging to solve a major problem in the life insurance industry, which became particularly evident during the COVID-19 pandemic. the “want to be different” of life insurance, or the number of people who do not have adequate death benefit, has grown to 40% of the total market and is mentioned mainly among young people entering the market for the first time.
At the same time, Tanton noted that there has been a lot of interest among consumers, supported by Big Data, to search and calculate their health. Examples range from genomics tools to events and sleep cutting tools. Calculating a customer’s “age of birth”—or their actual age as reflected by biology, rather than by calendar—serves as the latest example of this, an activity that Tanton thought could help expand life insurance policies and address this important gap. The Invive team developed an algorithm and platform that underwriters can use to calculate customer age, improve risk assessment and improve customer engagement.
The Science of Aging
Driven by an aging population and a growing interest in personal health, the science of healthy aging has gained prominence in popular culture and the media in recent years. As a research program, the science of aging sets the following goals: (1) to understand the mechanisms that cause natural aging and (2) to develop strategies to treat diseases such as cancer, dementia, or atherosclerosis in the context of aging. directly.
Pioneering work in the field of epigenetics it promoted the idea of a “natural clock” that goes off when a person ages, and from this came the concept of a person’s natural age. The most important point here is that a person’s birthday can be different from the calendar year, when this difference comes from several factors that affect the person’s health. Tanton gives an example:
Let’s say Sallie is a 65-year-old who runs a marathon and hikes every weekend. Sallie is probably going [to] being smaller than her twin, Mae, who lives a sedentary life. Using the information collected from the twins, we can estimate Sallie’s age to be 55, while Mae’s age could be 70. . . If it turns out that we have to treat Sallie as 55 for technical reasons and Mae as 70, this is something insurers will want. [to] to know about.
Consumer interest in the science of healthy aging is part of a rapidly growing market that emphasizes individualization and quantity. In driving this trend, a number of emerging companies are said to be evaluating the age of their customers and various health measures. What sets Invive apart is that it is among the first to put death protection into such a service, allowing customers to reap the rewards of a healthy lifestyle at a lower cost.
How It Works
During the life insurance underwriting process, health records are collected from electronic health records or from scheduled examinations, which help the insurer assess the applicant’s financial performance. When a librarian reviews an applicant’s lab results, they often look for signs of disease.
“This traditional practice leaves a lot of value on the table,” says Tanton.
Using the collected health information, Invive uses its own algorithm to evaluate the age of the applicant. Algorithms capture the multiple ways in which these molecular signatures change throughout their lifetime, allowing the startup to provide insurers with a comprehensive picture of the applicant’s health that may include historical records.
Tanton insists that Invive’s age profile is based on literature and is designed to reflect the lifestyles that underwriters use.
At 55 years of age, according to the company’s policy, a person should have a 55-year-old mortality rate and population.
Invive’s age assessment takes into account factors such as heart and liver health, blood electrolyte levels, and glucose metabolism. Most importantly, clients can improve aspects of their health over time, and improve their longevity, by changing their diet and lifestyle.
Invive’s algorithm for age assessment was trained and tested using the National Health and Nutrition Examination Survey (NHANES), a nationwide survey of large, representative samples of children and adults in the US. data (approximately 1.1 million total data points) on the relationship between molecular biomarkers and age-related mortality.
Not only does this transparency help to reduce the risk of life insurers and control their loss rate, but it also creates a greater connection with consumers.
Tanton says: “Feeling better when you go to the hospital is like taking an exam you can’t study for.”
Thinking about life insurance can also be stressful and many people put it down for this reason, which helps make the important difference we mentioned above. By challenging customers to save money based on their health, Invive is looking to showcase life insurance, increase interest among existing customers and attract new ones by making the product more marketable to agents and direct writers.
“We want to dispel the notion that life insurance is something to be sold and not bought,” says Tanton.
The founders are looking to provide a fun and modern way for consumers, especially for young people who may choose to buy life insurance on the go.
In order to establish this point of contact with customers, Invive’s algorithm is placed on a platform that can be used by underwriters and planners to easily access birth years and health reports for consumers.
“We have a working MVP,” says Tanton, adding that the company is now looking to partner with carriers to conduct test drives.
“Our main goal is to create a seamless connection between the safety of death and the health of cells and health, to attract a large market and get customers the necessary support that they need.”
Sponsor Name: Diego Tanton
Business / Company Name: Invive
Phone number: 443-442-4025
Email: [email protected]
source: Order it