MyLifeKit, a company that launched in the ‘AI for Life’ space, has outlined plans for consumers who use LifeScore to receive discounts and savings from insurance companies and banks.
LifeScore will merge health-related, environment and world data and credit-related data to offer users a numerical expression of a person’s life based on their physiological needs, health, and financial wellbeing. The service is expected to launch in June 2022.
LifeScore will provide banks and health insurance companies with better insight into the lifestyle and health of applicants, with the chance to significantly reduce premiums or offer reduced rates based on a positive, or improved, LifeScore. What LifeScore will not be used for, is a chance for banks and insurance firms to increase rates, or offer worse deals, based on a bad LifeScore.
Health care professionals will also be able to use LifeScore to gain a holistic view on why a patient’s score might have changed, ultimately to determine where they can help users improve their health and reduce periods of illness that require medical assistance.
The company recently announced that they had confirmed a £2million Series A funding round, led by Egalify, and they have already partnered with TransUnion, who will be their official credit score provider.
Romano Toscano, CEO and Founder of MyLifeKit commented, “Insurance and financial decisions are primarily based on one numerical value with little to no other context, a credit score. This limited view on a person’s insurability is unfair, and often based on only partial information of an individual’s life.
“This is exactly why LifeScore will revolutionise the decision-making process for insurance firms. It will provide them with enriched data consisting of health, credit, surrounding factors, environmental aspects, and global trends, allowing them to make more informed decisions about a person’s lifestyle. This will only translate into positive features for consumers who use MyLifeKit, such as better rewards and improved discounts.”