MyLifeKit is set to launch LifeScore, a new app which merges health-related, environment and world data and credit-related data to offer users a score of a person’s life based on their physiological needs, health, and financial wellbeing.
The service, which is expected to launch in June 2022, aims to provide banks and health insurance companies with better insight into the lifestyle and health of applicants, with the chance to significantly reduce premiums or offer reduced rates based on a positive, or improved, LifeScore.
Healthcare professionals using the platform will also be provided with an holistic view on why a patient’s score might have changed to determine where they can help users improve their health and reduce periods of illness that require medical assistance.
MyLifeKit recently confirmed a £2 million Series A funding round, led by Egalify, and they have already partnered with TransUnion, who will be their official credit score provider.
Commenting on the impending launch, Romano Toscano, CEO & founder of MyLifeKit, said: “Insurance and financial decisions are primarily based on one numerical value with little to no other context, a credit score. This limited view on a person’s insurability is unfair, and often based on only partial information of an individual’s life.
“This is exactly why LifeScore will revolutionise the decision making process for insurance firms. It will provide them with enriched data consisting of health, credit, surrounding factors, environmental aspects, and global trends, allowing them to make more informed decisions about a person’s lifestyle. This will only translate into positive features for consumers who use MyLifeKit, such as better rewards and improved discounts.”