Combining Insurance and technology is all about connecting the insurance sector with customers and their risks. Wearable devices are now-a-days extensively used for personal fitness in order to incorporate healthy life style.
Insurance companies are also combining Insurance and technology to understand the health risks of their customers which they are exposed to, for the better customer experience.
Use of wearable’s clubbed with wellness programs offered by Insurance companies provides opportunity to add Value added benefits to the customers & engagement on a more frequent basis.
Innovation and inculcating the technology in the insurance space is the major phenomena which will revolutionize the insurance industry in near future.
To provide holistic healthcare solutions, Insurance companies have started creating a collaborative ecosystem around wellness and preventive care and long-term relationship with their customers by providing comprehensive health maintenance facilities and wellness platforms where insured customers can store, monitor and track their health records through self-service wearable applications.
FitBit, Apple, Microsoft band etc. are few of popular market brands who have introduced wide range of wearable devices. It aids customers in monitoring body bio-metric information to keep their health track.
Wristbands & smart watches had already become popular wearable devices for tracking exercise to monitor health. Insured customers of various age groups are also using the wearable connected devices based on technology which continuously tracks physical activities, calories burnt, sleep pattern, heart rate, blood pressure etc. which helps insured customers to manage chronic metabolic conditions.
The data captured through these devices will help the insurance companies to know the risk of the customers better. Data generated through these wearable devices are combined with data analytical tools helping Insurance Companies to improve business intelligence & informed business decisions.
Fitness conscious individuals maintaining a healthy diet and exercise regime may be incentivized for the choice that they make in comparison to those who are lax in these aspects.
Such insured customers will get benefited in terms of premium by enjoying discounts at renewals or in form of other rewards.Presently there are about 1,300 InsureTech startups innovating in the insurance space, and nearly all of them are connected to the Internet which will draw attention of the nation’s fastest growing health insurance sector though wearable technology is still too new promising revolution in the Insurance sector.