At Torafugu tech, our aim is to help individuals with pre-existing conditions reduce insurance costs by managing their disease.
With Wearables And Ai
Translate lifestyle data
into relevant actionable information.
We are developing software and algorithms and engaging in R&D on Artificial Intelligence (AI) for use in term life insurance. Our algorithms look to processes, aggregate and sort data in real-time providing on-demand processing of multiple streams of data.
Using members’ existing digital footprint, including data from their existing app usage, social media, banking transactions and family history we have been able to calculate new predictive disease risk scores with 99.2% accuracy. Taking lifestyle data alone we can monitor how well members manage their disease and dynamically adjust their cost of insurance on a monthly basis.
The Problem We’re Trying
To Solve And Why
We are building a personalised life insurance product to help individuals with pre-existing health conditions reduce premiums by managing their disease. Our initial focus is lifestyle related diseases, often people who suffer from those find it difficult to secure term life insurance.
One of our areas of focus is Type-2 Diabetes. Insurers today see diabetics all the same, one homogeneous high risk group. However, some diabetics, manage their condition much better than others. Currently, insurers do not acknowledge this.
The only time life insurers collect data about their customers is at the point of sale so they do not have insight into how someone’s health is changing over the course of the policy. Yet lifestyle intervention matters, type-2 diabetes can be reversed.
Even small changes to diabetes measures can result in significant increases in life expectancy.
Help Members Live Healthier And Longer Lives With Lower Insurance Costs.
Purchasing life insurance is time consuming, onerous and cumbersome. Prospective customers are left frustrated by a frequently long application process. Information is often inaccurate leaving insurers with the headache of identifying a reliable ‘source’ of truth and members suffering with pay-out anxiety.
Personalisation is also increasingly important in life insurance as customers look towards a better experience. Particularly digitally enabled customers who demand more from their financial services providers. Our app-based solution provides fast on boarding and the tools to translate lifestyle measures into actionable information to help members live healthier lives.
Our lifestyle coach app utilises behaviour nudges, rewards and gamification which can help with personalisation. And it works, not least of all because members are motivated.
There is good evidence that in low activity groups, as much as 45% increase in activity can be maintained for at least 3 months. A promising start and our tools can further enhance members health and reduce insurance risk in the long term.
Machine Learning Excellence.
Our algorithms look to processes, aggregate and sort data in real time providing on-demand processing of multiple streams of data. Ultimately, we envision our new engines will be used for a number of diseases including cardiovascular disease, type-2 diabetes, lung cancer, respiratory disease and more.
Our processes allow real-time tracking of complex data and introducing machine learning excellence for use in healthcare. We aim to process data in the best possible way to drive health outcomes.
The processing of relevant health information should build a comprehensive health risks profile that is customised to the individual. With the epigenetic and personalised medicine revolution currently ongoing in healthcare, vast amounts of data will be generated and our platform will allow it to be organised in a smart yet unique way.