YouSurance Is Deploying Epigenetics to Personalize Its Life Insurance Policies
YouSurance is a digital insurance company with a difference. Whereas other brokers base their assessments on checklist questionnaires and medical reports, YouSurance likes to dig a little deeper.
Though this unique broker does indeed employ traditional techniques, it uses them alongside the exciting science of epigenetics to create a more complete picture of its clients, and therefore a more personalized and appropriate life insurance policy.
Epigenetics
Epigenetics is the study of heritable phenotype (the physical expression of genes) changes which don't alter DNA. These changes can be caused by external and/or environmental factors, but can equally be brought about by normal developmental progress. The important factor is that, in order to be defined as epigenetics, these changes must be heritable.
"Things like air pollution, stress levels, the amount of sleep you are getting, diet and exercise also greatly affect your health and well-being," says YouSurance on its website. "This is something we hear often; however, it has been difficult to quantify their effects or know how it translates into our biological well-being. [Epigenetics is] the study of gene expression modified by biological and environmental conditions. Unlike genetics, which remain fixed throughout your lifetime, the epigenome can change based on a person's environmental and lifestyle factors such as air pollution, sun exposure, sleep, diet, exercise and tobacco use."
So, with epigenetics taking both genetics and environmental and lifestyle factors into account, YouSurance can create a far more detailed and complete picture of its clients and personalize insurance quotes to a greater degree than its competitors.
YouSurance
The epigenetic biomarker technology used by YouSurance is provided on license from the University of California, and the company is the first insurance broker of its kind to deploy it to predict the expected lifespan of applicants.
"We are excited to be telling our story about the role that the step-change epigenetic technology can play in life insurance and health assessment to a Silicon Valley audience," said YouSurance CEO, Jon Sabes. "In partnership with our sister company, Life Epigenetics, we are gaining access to epigenetic signatures that can revolutionize how consumers plan for their financial future."
Like using a price comparison site, consumers can use YouSurance to purchase life insurance products from several different providers. However, ahead of choosing a product, they are invited to provide a saliva sample. This sample is then processed and analyzed to produce a longevity report complete with an assessment of the client's epigenetic age, which can often differ greatly from their actual age. For example, if they're a smoker, their epigenetic age is likely to be a lot higher than their chronological one.
While this is likely to be bad news for a smoker (to continue with our example) as it will probably result in them being denied insurance - or at least paying a premium for their habit - it will be a different story for those at the other end of the scale. If you're a person who keeps in shape, avoids alcohol, tobacco, and drugs, and eats healthily, your epigenetic age is likely to be equal to, or even lower, than your chronological age. This added longevity will then be reflected in the life insurance products made available to you.
"Your Genetics + your lifestyle and environment = Epigenetics," says YouSurance. "Your lifestyle and environment create bio-markers called methyl groups that attach to your DNA. You can't change your genetics, but the good news is that epigenetic bio-markers can change, which allows you to track your health and well-being, take action and monitor your improvement over time."
Final Thoughts
It seems lots of life insurance companies these days are putting an emphasis on the simplicity of their application process, with many promoting that they don't require applicants to have a medical exam or answer any awkward questions. However, while these kinds of products may be suitable for some, they are unlikely to result in the most competitive quotes available.
The epigenetic biomarker solution being rolled out by YouSurance is changing this. With a focus on detail, applicants can be sure they're getting the most personalized and bespoke quote available, and one which truly reflects the good care (or otherwise) they take of their bodies.
Biomarker technology and personalized insurance are set to be hot topics at Digital Insurance Summit 2019, taking place in July at the Westin Chicago River North.
Download the agenda today for more information and insights.