The joint venture partner of technology company MyFiziq (ASX: MYQ) has launched a consumer-facing insurance software app in collaboration with China-based health insurtech company The CareVoice.
Body Composition Technologies (BCT) – which is in a 50:50 joint venture with MyFiziq – launched the app in Hong Kong for use with The CareVoice’s SportCare policy.
BCT is focused on developing a cost-effective, easy-to-access, smartphone-based body composition and anthropometric measurement tool for governments, insurers, medical organisations and medical research markets.
It is claimed to be a complete and innovative solution for body measurement, which is more convenient and accurate than the traditional approach of manually measuring height and weight.
Under the terms of the collaboration with The CareVoice, BCT will be paid a fee for all policy holders who buy the SportCare policy and activate the associated app.
SportCare is a health insurance plan designed for sports enthusiasts, where The CareVoice provides the digital platform for the entire customer experience.
SportsCare aims to attract people from non-traditional insurance channels, by utilising gyms and other sporting channels as a way to encourage earlier adoption of insurance.
The Hong Kong launch marks the start of BCT’s first revenues in the insurance sector.
MyFiziq said it does not expect any immediate material financial return for BCT; however, it expects the company will eventually start generating licence and other fees from the commercial arrangement.
Founded in 2014, The CareVoice started as an app allowing patients to leave reviews about medical providers before it changed its focus to software-as-a-solution products to make the process of buying healthcare and insurance more accessible to customers on mobile phones, with the goal of increasing sales and retention.
It is currently being used by 15 insurance providers in China and Hong Kong, and works with more than 100 other healthcare service organisations.
MyFiziq chief executive officer Vlado Bosanac said the BCT deal completes the integration of the company’s first consumer-facing release in the insurance sector and the beginning of revenue in a market estimated to reach $1 trillion in 2020.
“The CareVoice is a well-established and rapidly growing insurtech platform that is driving innovation in the region,” he said.
Mr Bosanac said the company’s solution will enable The CareVoice to rapidly assess metabolic risk factors and guide users toward improved outcomes through early screening.
“With diabetes on the rise in China, this capability is essential to reduce healthcare costs and improve population health,” he added.
Last week, MyFiziq announced it had entered into an agreement with Brazil’s Serfaty Clinic to commence testing and adapting its software app in readiness for entry into that market.
Serfaty is Brazil’s largest clinic for the treatment of obesity, diabetes and preventive health and was founded by endocrinology and internal medicine specialist Dr Alberto Serfaty.
MyFiziq will deliver its technology – including a newly-developed obesity calculator – in English and Portuguese to Dr Serfaty’s patients.
“Our technology has the ability to identify whether an individual is in a higher risk category as a result of being metabolically obese or overweight, while directly measuring key markers of chronic disease or comorbidities,” Mr Bosanac said.
“Once deployed, we will look to demonstrate our findings to other governments so we can be at the front of these issues and [help address] the at-risk populations earlier in the disease cycle,” he said.
Major health concern
The prevalence of obesity in Brazil’s population of 209 million is a major health concern.
Recent research has shown approximately 57.5% of the country’s males and 48.2% of females are overweight, with more than 74% of all deaths attributed to related conditions such as cardiovascular disease, chronic respiratory disease, and diabetes.