MLC Deploys BCA’s COVALENCE for Australia’s First Wearables-driven Wellness Program

The National Australia Bank’s wealth management division will use Big Cloud Analytics’ predictive capabilities to engage customers and offer lower insurance premiums.

(Intel’s Basis Peak device is one of the data sources used within MLC On Track. Source: Intel.)

MLC, the wealth management division of the National Australia Bank Group (Melbourne) has launched the MLC On Track Program powered by Big Cloud Analytics Inc.’s (BCA, Atlanta) COVALENCE Health Analytics Platform. MLC will introduce the program—which is Australia’s first wearable device wellness program—during 2016 to thousands of customers.

David Hackett, EGM, Insurance, MLC.

David Hackett, EGM, Insurance, MLC.

The MLC On Track wellness initiative uses Big Cloud Analytics’ COVALENCE 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. The 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.

Potential Game Changer

“It’s a potential game changer for the industry,” comments David Hackett, executive general manager, Insurance, MLC. “For too long, companies have relied on old ways to do business. We want to create more value for an insurance customer beyond just the policy itself.”

In the MLC On Track program, customers will be provided with target wellness scores, calculated by COVALENCE, based on several factors including step count, hours of activity, sleep duration and average resting heart rate. Much of that data are captured by Intel Basis Peak fitness and sleep trackers.

“The key is the provision of objective data.  Wearable IoT devices, coupled with analytics scores, negate the use of subjective and self-reported data,” says Kate Burleigh, Managing Director at Intel Australia/New Zealand.

Premium Discounts for Meeting Wellness Targets

J. Patrick Bewley, CEO, Big Cloud Analytics.

J. Patrick Bewley, CEO, Big Cloud Analytics.

When customers meet the wellness targets during a 90 to 160-day period, the customer will receive a five percent discount on premiums. Additionally, customers are given two opportunities to capture the discount for a total of 10 percent off premiums for the life of their policy.  

“This program provides a unique alignment of interests,” comments J. Patrick Bewley, CEO, Big Cloud Analytics. “Customers can monitor their health habits in real-time to see how their activity and sleep levels can affect their health scores while reducing their premium costs. Additionally, insurance providers become more engaged with their customers. Accessing massive amounts of longitudinal data and scores can significantly change how actuarial information has been derived for the past century.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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