Australia’s Cover-More acquires majority stake in data analytics firm FitSense

FitSense co-founders Jan-Philipp Kruip (left), and Alvero Gauterin.

Cover-More Group, a global specialist travel insurance and medical assistance provider in Australia, has acquired majority stake in data analytics company FitSense.

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.