A spin-off enterprise from the National University of Singapore (NUS), FitSense’s leverages health and fitness data from mobile apps to support customised insurance products.
The size of the deal was not disclosed. FitSense is relocating from Singapore to their new base in Sydney, post deal.
The data analytics firm co-founder and CEO Jan-Philipp Kruip, said the technology has broad application across all forms of insurance including travel, health, life and income protection.
According to Cover-More Group CEO Mike Emmett, FitSense would operate as a standalone entity within Cover-More and would work with other insurers where it made commercial sense to do so.
FitSense claimed it conducted several pilot studies in 2016 with insurance companies in Europe, to demonstrate the willingness of customers to share data from health and fitness apps and validate the accuracy of the Activity Score, compared to a written questionnaire.
Cover-More was acquired last April by Zurich Insurance Group and now operates in 13 other countries including the UK, New Zealand, China, India and the USA, where the group owns Travelex Insurance Services.
The group has diversified distribution across retail travel, aviation, financial institutions and direct.