NTUC Income launches SNACKFIT, a fitness and lifestyle proposition
It offers bonus insurance coverage based on one’s biological age.
NTUC Income (Income) has launched SNACKFIT, a first-of-its-kind fitness and lifestyle proposition that offers bonus insurance coverage based on one’s biological age. Available on the SNACK by Income mobile app, SNACKFIT calculates one’s biological age based on the fitness and activity data retrieved from linked fitness trackers, such as Garmin and Fitbit, and offers bonus insurance coverage when one’s biological age is younger than the actual age. SNACKFIT is open to seniors up to the age of 61, barring any health complications before signing up on the app.
SNACKFIT is Income’s latest proposition on its lifestyle-based platform, joining other lifestyle-based propositions such as SNACKUP and SNACK Investment on the SNACK mobile app to make financial products more accessible. SNACKFIT is powered by ReMark’s1 Biological Age Model BAMTM, a proprietary dynamic underwriting algorithm derived from global reinsurance company SCOR2’s ground-breaking study about the correlation between mortality and morbidity risk and five physical activities. The algorithm analyses five key metrics – steps, active calories, resting heart rate, sleep hours and BMI – to calculate a person’s biological age.
Peter Tay, chief digital officer of Income, said, “More health risks may come with age and this association is a key consideration for insurers when adjusting insurance premiums generally. However, more Singaporeans are engaging in fitness activities to maintain their overall well-being. The National Population Health Survey showed that 33.4 percent of Singapore’s population engaged in leisure-time physical activity outside of work or commuting in 2020, up from 29.4 percent in 2017.”
SNACKFIT gives users bonus insurance coverage when their biological age is lower than their actual age. A consumer’ biological age can be calculated with the Biological Age Model (BAM) based on their previous day’s activity data received from their fitness trackers. Following which, the consumer will receive the bonus insurance coverage on their micro policies issued the next day. The amount of bonus insurance coverage issued will be dependent on how much younger a consumer’s biological age is, as compared to their actual age.
The table below illustrates how a consumer can receive bonus insurance coverage based on S$500 coverage for every S$0.30 premiums paid on a life policy, if their biological age, based on his or her activity data, is younger than his or her actual age:
Calculations of bonus coverage derived from SNACKFIT’s methodology, with consumers getting a corresponding tier of bonus coverage based on how much younger their bio age is.
SNACK by Income will also be growing its ecosystem of fitness and health-related partners by teaming up with SNACKUP brands such as Garmin, Revolution, Innervate Fitness and more to cultivate a captive fitness community on SNACK. Users can also enjoy and accumulate more insurance coverage when they spend with these participating partners.
For more information, visit www.snackbyincome.sg/ or download the SNACK app from the App Store or Google Play Store.