Wearables, biometric data tracking revolutionizes insurance

Mobile technology has been a game-changer for the health and fitness industries. Today, people pair their smartphones with biometric trackers to count their steps, plan their workouts, and track their overall health goals. These devices collect data that can be used by individuals and can help companies with their market research, for example.

Technology is also a game-changer for the insurance industry, helping claims representatives and insurers plan around more precise models, and allowing policyholders to control their insurance costs by adopting policies. healthier habits. We’re only beginning to scratch the surface of health tracking apps and their usefulness.

These apps use various inputs like a smartwatch to collect biometric data including heart rate, steps taken, body temperature, etc. Additional features like sleep conditions, fertility, blood oxygen and blood sugar are coming. In the future, we may see these devices monitor kidney and liver function, respiratory health, and quickly detect a number of diseases, including cancer and Alzheimer’s disease.

The more this technology advances, the more users will have a precise vision of the efficiency of their overall health, and the more in-depth and diverse the data collected will be.

It’s no surprise that insurers are turning to health tracking technology to create new possibilities for accurate pricing and better living incentives. Insurance companies are already using information technology to assess rates and premiums, especially in the vertical auto insurance industry, where drivers can install sensors in their cars and be rewarded with lower rates. for safer driving. Likewise, health and life insurance companies can use biometric tracking to incentivize healthier lifestyles, lowering rates for users who show stronger signs of life or who regularly exercise. ‘exercise. People who invest in their well-being can reap the rewards of cheaper health and life insurance, while insurers can collect data on health trends.

Health and engagement apps also offer insurers benefits beyond their ability to offer tax incentives. Using the principles of gamification and social engagement, these programs can empower users to invest more in their health and well-being, thereby improving the health of the insured group as a whole to reduce the risk of overpayments. .

The best and most popular apps, for example, often have reward partnerships with popular companies like Hello Fresh, Amazon, and Starbucks, allowing users who meet or maintain certain fitness milestones to claim discounts and cards. -gifts as a reward. These programs also provide social connectivity, such as engagement with other users and common community goals. Regular users enjoy the benefits of lower insurance payments, as well as the ability to meet and chat with like-minded people and get tangible rewards like free coffee.

As users stay fit, save money on premiums, make new friends, and earn free meal kits, insurers are reaping the tremendous benefits of flooding data. Easily the most valuable product of our information age, with proper and ethical user reporting, businesses can collect and analyze information at every stage of their customer’s wellness journey.

By encouraging the use of fitness tracking apps, providers can determine overall health statistics of entire demographic groups, predict trends in wellness, and spot increases or decreases in fitness health. population, not to mention social engagement and the effectiveness of rewards. No innovation has ever offered insurers such a broad and in-depth view of the overall health of their clients, allowing much more precise actuarial models.

More and more financial, insurance and wellness companies are looking to enter the biometric tracking industry. Smart technology enables consumers and organizations alike to learn a great deal about health, both for individuals and for groups. Insurers who find the right biometrics partner will not only create a healthier user base, but will gain access to data that will build powerful models of health and wellness for entire populations, reducing costs and managing costs. risks more effectively.


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