It’s a new day not very far in the future. You wake up; your wristwatch has recorded how long you’ve slept, and monitored your heartbeat and breathing. You drive to work; car sensors track your speed and braking. You pick up some breakfast on your way, paying electronically; the transaction and the calorie content of your meal are recorded.
For insurers to effectively utilize wearable technology, it is important to understand the metrics captured by devices. Insurers must also be mindful of regulations, set reasonable expectations, and balance the risk and rewards of new developments.This white paper summarizes the considerations.
A company using what seems like a fun smartphone game to get you to walk more might be a slippery slope. With access to all that data, what will a big corporation ultimately do with it? This is still new, so the implications are murky.
John Hancock, one of the oldest and largest North American life insurers, will stop underwriting traditional life insurance and instead sell only interactive policies that track fitness and health data through wearable devices and smartphones, the company said on Wednesday.
Insurers are today capable of and are, in fact, gathering ever-more-detailed information about us, using publicly available and purchasable information like shopping records, household details, and social-media profiles to inform decisions.
Wearable technology has the potential to transform the life insurance industry by empowering insurers and insureds alike with valuable health knowledge.
Matthew Edwards, head of mortality and longevity in Willis Towers Watson’s life insurance practice, (pictured below) explains why wearable technology presents a fascinating opportunity for insurers, and related sectors such as the private health sector.
Personal health wearable devices used to monitor heart rates, sleep patterns, calories, and even stress levels raise new privacy and security risks, according to a report released today by researchers at American University and the Center for Digital Democracy.
In 2016, RGA conducted an anonymous study among its employees and their friends and family to explore wearable fitness trackers’ potential application for insurance product development. The study included around 1,000 participants from 23 countries and was conducted over 12 weeks using five tracking devices.
A year after launching John Hancock Vitality, the life insurance giant has begun expanding the reach of its connected-health product to further engage with customers.