Company to provide its AI-powered cognitive assessment technology to policyholders in Japanese market to promote proactive approach to brain health
Vancouver, British Columbia--(Newsfile Corp. - April 25, 2023) - Cognetivity Neurosciences Ltd. (CSE: CGN) (OTCQB: CGNSF) (FSE: 1UB) ("the Company" or "Cognetivity") has entered into an agreement with Mitsui Sumitomo Aioi Life Insurance ("MSA") to work together to provide Cognetivity's artificial intelligence ("AI") powered technology (CognICATM) to MSA's policyholders through MSA's customer-facing web platform. The two companies will also begin negotiations to conclude a distributorship agreement by the end of June, 2023.
MSA is the core company of the Japanese domestic life insurance business of the global MS&AD Insurance Group. The company is headquartered in Tokyo and has approximately 2,500 employees. As of March 31, 2022, it had approximately 4 million policies in force with a value of $195.4 billion.
Under the planned deployment, MSA policyholders will have personal access to Cognetivity's Integrated Cognitive Assessment (CognICA) technology, an AI-powered brain health platform that can detect problems early, when they are more likely to be effectively addressed, as part of a proactive approach to customer health. By detecting early, interventions can be done in a variety of ways depending on the individual requirements of the policyholder. According to Japan's Ministry of Health, Labour and Welfare, the number of people over 65 with dementia is expected to reach approximately 6.02 million by 2020 and will grow to 6.75 million by 2025.
Cognetivity is achieving an important milestone by bringing its world-first technology to Japan, one of the world's largest and most important healthcare markets. The agreement also demonstrates how Cognetivity's AI platform will help address some of the biggest healthcare challenges of our time in screening and monitoring for brain health issues. Today, more than half of the world's people with clinical-level mental health risks do not receive help for their challenges. However, with Cognetivity's technology, MSA's subscribers will be able to measure their own brain health, leading to early detection and treatment of dementia and other neurological and mental health issues.
Dr. Sina Habibi, CEO of Cognetivity, said, "We are very pleased to have reached a preliminary agreement with MSA in Japan to offer our CognICA technology to their policyholders. This agreement demonstrates the growing demand for innovative tools that enable early detection and proactive management of brain health. We look forward to working with MSA to improve the health of their customers and to set new standards for brain health in the Japanese and APAC markets." "This agreement is just one of the first we have planned as we roll out our unique product globally," he added.
About Cognetivity Neuroscience, Inc.
Cognetivity is a technology company that has developed a cognitive testing platform for use in medical, commercial, and consumer environments. Cognetivity's CognICA uses artificial intelligence and machine learning technology to test the performance of large areas of the brain to help detect early signs of cognitive dysfunction ICA is currently available for clinical use in the United States, United Kingdom, Europe, and the Middle East, with regulatory approval in other regions expected in 2023. The product is expected to be approved by regulatory authorities in other regions in 2023.
On behalf of the Board of Directors
"Sina Habibi"
Sina Habibi
Chief Executive Officer and Director
Forward-Looking Statements:
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For more information, please visit: website: www.cognetivity.com or contact: info@cognetivity.com; media inquiries can be sent to pr@cognetivity.com.
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