Recognition Signifies the Influence that a Wearable Device and Internet of Things-Driven Initiative has on the Life Insurance Market in Australia
March 7, 2016 -- On the heels of announcing the successful rollout of the Australian-based MLC On Track wellness program, Big Cloud Analytics Inc. (BCA), a leading provider ofpredictive analytics technology to the insurance industry, today announces that it is the joint recipient of the IDC Financial Insights Innovation (FII) Award. BCA shares the award with MLC, the wealth management division of the National Australia Bank Group. They are being recognized for their work in developing the MLC On Track Program, a wellness initiative powered by BCA's COVALENCE™ Health Analytics Platform.
The IDC FII Awards recognize financial institutions in Asia/Pacific that display technological innovations to achieve business objectives. MLC On Track, which is introducing the program to thousands of customers in 2016, won for the Big Data & Analytics category. The FIIA provides a clear indication of how the Asia/Pacificfinancial services industry leverages technology as a driver of innovation and competitive differentiation.
"The immediate success of MLC On Track and subsequent recognition from IDC further proves that applying real-time predictive analytics to data from wearable devices is changing the way that insurers underwrite and engage customers," says J. Patrick Bewley, CEO, Big Cloud Analytics. "With IDC projecting IoT spending to reach $1.7 trillion in 2020, the revolutionary MLC On Track Program and similar disruptive use cases are poised for dramatic growth."
The MLC On Track wellness initiative leverages COVALENCE's analytics platform to capture, organize and score Internet of Things (IoT) data generated by the Intel® Basis Peak™ fitness and sleep trackers and other data sources. This powerful data is presented to participants via personalized dashboards with actionable trends and scores, triggered messaging, content and programs. As a result, MLC is able to encourage and reinforce improved health behaviors for program participants.
"In a very short time with BCA's COVALENCE platform, we've been able to analyse over 102 million heart beats from Australians. We're learning more and more about our customers every day," says Fiona Guscott, chief underwriter at MLC.
In the MLC On Track program, customers will be provided with wellness scores, calculated by COVALENCE, based on several factors including step count, hours of activity, sleep duration and average resting heart rate. All of this data is captured by Intel® Basis Peak™ fitness and sleep trackers.
When customers meet their wellness target within 160 days, the customer will receive a five percent discount on premiums. Customers have two opportunities to do this, and so can receive up to 10 percent off premiums for the life of their policy.
COVALENCE Health Analytics Platform: The Engine that Drives MLC On Track
COVALENCE, BCA's proprietary health analytics platform, drives the analytics piece of MLC On Track by ingesting millions of data points from users in real-time and then arranging it in user-friendly dashboards designed for both MLC and individual program participants. The unique analytics presented in the dashboards are based on the large amount of contextual data generated by wearable device users. Ultimately, this reveals a deeper understanding of the population. For the user, it can also signal early warning signs of wellness challenges, detect biometric changes and predict bio-age, gender and Body Mass Index (BMI).
BCA's COVALENCE Health Analytics Platform is based on science from BCA co-founder Dr. V. Kumar PhD, the most published engagement data scientist in the world, based on his more than 25 years of customer engagement math and science. He also received medial guidance from population health expert Dr. Gaurov Dayal. For more information on the platform, click here.