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Advanced Health Intelligence Ltd (ASX: AHI) (NASDAQ:AHI) ("AHI" or "the Company") is pleased to inform shareholders that the Company has entered a Letter of Intent (LOI) with UK-based Unisure Group to design, develop and deploy the AHI Biometric Health Assessment (BHA).
The LOI is a result of exploratory discussions between AHI, SCOR and Unisure over several months, resulting in SCOR partnering with Unisure to develop and deploy the digital application with AHI.
Unisure and AHI have executed a Letter of Intent to develop and deploy a world-first digital underwriting solution utilising AHI's revolutionary smartphone-based biometric health risk assessment. The intent of the relationship is to create a series of innovative insurance offerings by leveraging AHI's technology with SCOR's wealth of Reinsurance knowledge to service the global retail insurance market. Partnering with Unisure and SCOR presents a unique opportunity that will utilise the proprietary AHI digital blood biomarkers and phenotypical data combined with insurers' rich actuarial and underwriting data to develop and design new digital underwriting solutions.
The collaboration will result in SCOR and Unisure deploying AHI's technology to digitally assess the health risk across a minimum of 5,000 individuals as part of a health screening for insurance requirements.
The intention is that this will be the first in a series of AHI's insurance market product developments to digitise risk underwriting, which can be used to augment traditional blood pathology underwriting over time. The breadth of AHI's 61 health outputs, resulting in 41 biometric captures across five major health and disease risk categories - cardio-respiratory, body composition, estimated blood biomarkers, metabolic health and mental health offers comprehensive insights for morbidity and mortality risk highly relevant to health and life policy pricing. AHI is in a distinctive position to work alongside insurers to cost-effectively unlock the large, unpenetrated, and un-serviced middle market where traditional medical underwriting is now deemed too slow and expensive.
Dylan Garnett, Chief Innovation Officer at AHI, said:
"With more than two decades of experience in the insurance industry, I've witnessed its evolution, particularly the growing need for digital transformation in insurance underwriting. This transition is to deliver a more cost-effective and precise approach to assessing the appropriate coverage for individuals. Unisure is an ideal collaborator for the initial implementation of the BHA underwriting solution. We will launch the program involving a minimum of 5,000 participants, which will be crucial learnings in providing us with feedback and helping us shape the perfect product offering for the market. We value these participants immensely, as they represent a manageable segment for our solution's iterative development and refining.
AHI and SCOR, as partners, align perfectly with our philosophy and demonstrate a robust commitment to their clients. SCOR is a particularly suitable partner for AHI due to their client-centric approach. They customise their reinsurance solutions to meet their client's individual needs and risk profiles. SCOR's experienced underwriters and risk analysts work in close collaboration with clients to create comprehensive yet cost-effective risk strategies. This shared philosophy will be instrumental in our success as we move forward."
Vlado Bosanac, AHI Founder and Head of Strategy, said:
"This Letter of Intent (LOI) brings a significant partnership to AHI with SCOR and Unisure Group. The collaboration signifies a major milestone in our journey to demonstrate to the insurance industry the powerful data AHI delivers to assist the industry in better understanding their policyholders, their health and the appropriate coverage they need. By leveraging AHI's innovative technology with the industry knowledge brought by SCOR and Unisure's expertise, we are poised to create a world-first on-device biometric digital underwriting solution. This partnership enhances our industry understanding of digital insurance tools and positions AHI at the forefront of the digital insurance revolution, unlocking cost-effective solutions for the unpenetrated middle market."
AHI anticipates that revenue generation through this agreement will commence upon the initial deployment of the solution. The Company will continuously update our shareholders regarding the progress leading up to and including the commercial launch.
This announcement has been approved by the Chairman and CEO of Advanced Health Intelligence Ltd
Posted In: AHI
