The Company's Personal Brain Health Tracking Technology to be Trialed by Japan-based MS&AD Insurance Group Holdings Companies Before Potential Roll-Out to its Global Client Base
VANCOUVER, BC, July 21, 2022 /CNW/ - Cognetivity Neurosciences Ltd. (the "Company" or "Cognetivity") (CSE: CGN) (OTCQB: CGNSF) (FWB: 1UB), a technology company that has created a unique brain health screening platform for use in medical, commercial and consumer environments, is pleased to announce that its Integrated Cognitive Assessment ("ICA") technology, in the form of its mobile device application branded as "OptiMind", is being deployed under a paid, pilot-based arrangement (the "Pilot Project") by the Mitsui Sumitomo Primary Life ("MSP Life") and Mitsui Sumitomo Aioi Life ("MSA Life") companies of the Japanese insurance giant, MS&AD Insurance Group Holdings ("MS&AD"). Starting on July 20, 2022, the Pilot Project allows MS&AD and Cognetivity to demonstrate the potential of the ICA cognitive function measurement tool for personal use, with a view to deploying it at scale to MS&AD's extensive client base upon successful completion.
With over 13,000 employees, MS&AD Insurance Group Holdings, Inc. is a leading global insurance organization that engages in the management of its group companies, which are Mitsui Sumitomo Insurance Co., Ltd., Aioi Nissay Dowa Insurance Co., Ltd. and others. MS&AD Insurance Group is listed on the Tokyo Stock Exchange, under the stock symbol TYO:8725, and provides insurance and financial service services to customers in 50 countries and jurisdictions.
As a progressive platform for risk solutions, MS&AD has a goal of utilizing advanced digital technology to enhance healthcare services that lead to better health as well as preventing and detecting diseases in their early stages in order to prevent serious illness. Using ICA technology allows MS&AD to offer measurement of brain performance, which can highlight issues at an early stage when they can be more easily addressed as part of their proactive approach to customer health. The pilot deployment has been enabled by MS&AD Ventures, Inc., an affiliate entity based in Menlo Park, in the Silicon Valley of northern California, USA. MS&AD Ventures provides support to employees of MS&AD, helping to discover advanced technologies and novel services that can add value to MS&AD's business model.
MSP Life and MSA Life expect to make the necessary preparations to deploy the ICA technology to their customers as soon as its utility has been confirmed through the Pilot Project.
Dr. Sina Habibi, CEO of Cognetivity, said, "We are very excited to be working with a partner the size of MS&AD that has such a proactive approach to the health of its customers and in using the latest technology to provide enhanced healthcare support. This is a very compelling deployment for us as it demonstrates that, through the use of our technology delivered on smartphones, users are able to measure their own brain function as part of their normal routine and adapt their lifestyle to maximize the performance of what is their most important organ and largest indicator of their overall health." He added, "Having more paid deployments in Asia adds to our growing commercial pipeline and provides strong additional validation of the global appeal of our technology."
Toshihiko "Tiger" Imamura, Business Development Partner at MS&AD Ventures, commented, "We at MS&AD Venture are constantly evaluating novel technologies that can add value to MS&AD Group's businesses and keep them at the forefront of next-generation customer care, and we are very happy to be trialing Cognetivity's amazing technology in this deployment. We feel that the ability for our customers to easily measure and manage their own brain health is an exciting and important development in self care and we are looking forward to a successful outcome from this trial."
OptiMind is an ICA powered application that uses smartphones to quickly and sensitively measure cognitive function. Based on Cognetivity's patented ICA platform, the app uses a rapid visual classification test to measure brain performance, and can incorporate measurements of lifestyle habits such as sleep and amount of exercise to give lifestyle recommendations to optimize users' brain health. This system is useful not only for the elderly who are concerned about potential cognitive decline, but also for adults who would like to take control of their brain health and maximize their brain's performance in their day to day lives. The ICA was initially developed by Cognetivity as medical software, in the form of the FDA registered and CE marked CognICATM application, to help diagnose neurological issues such as dementia at an early stage. However, the practicality and usefulness of the test allows it to be used in a variety of situations where the ability to quickly and accurately measure brain function over time can improve lives and reduce risk.
About Cognetivity Neurosciences Ltd.
Cognetivity is a technology company that has created a cognitive testing platform for use in medical, commercial and consumer environments. Cognetivity's CognICATM uses Artificial Intelligence and machine learning techniques to help detect the earliest signs of cognitive impairment by testing the performance of large areas of the brain. CognICATM is currently available for clinical use in the USA, UK and Europe, with regulatory approval for other regions planned for 2022.
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
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