2017 Perspective: The Insurance Industry’s Growing World of Data
Data. Those of us in the insurance industry have always collected data, had access to it, and analyzed it to the best of our abilities. But the amount we are collecting, where it’s coming from, and the way that we collect and manage it, has catapulted us into a whole new stratosphere over recent years. In this new world of harvesting data from an ever-growing number of categories of data and the types of devices generating it, we must focus on the trends that are transforming our industry, and come up with a formula to analyze and make the data actionable for our business.
New Report Finds Health Wearable Devices Pose New Consumer and Privacy Risks
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.
Wearable Wellness: Five Quick Takeaways from RGA’s Fitness Tracker Study
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.
Preparing for the Digitally Immersed Customer (LOMA Resource)
Rapid advancements in technologies such as IoT, wearables and AI is changing consumer behavior and expectations. How can you prepare for the customer of the future?
Three in Ten Americans Would Likely Share Data from Activity Trackers with a Life Insurance Company
According to the 2016 Insurance Barometer, 30 percent of consumers are very or extremely likely to consider sharing the data from an activity tracker (Fitbit, Jawbone, etc.) with a life insurance company if they received financial incentives in return for healthy behaviors. Among those who already use a device, willingness to share more than doubles to 65 percent.
The Real Digital Health
So far in our articles we have been pretty positive about all aspects of e-health, digital health, e-medicine, wearable devices, etc, and what these will bring. And of course Gary is a pretty enthusiastic Fitbit wearer. But there are a few potential ‘trip hazards’ with underwriting significance.
The Coming Internet of Things Revolution: A 6-Point Plan for Life Insurers
In the not-distant future, many of the regular things you use every day — your car, interior lighting, the clothes you wear — will link seamlessly to the Internet. This near-omniscient data connectivity has huge implications, and not just for how consumers live their lives.
2016 Sensor Data Survey: Disrupt or be Disrupted
Insurers who move quickly to leverage new data sources, such as wearable tech and sensors, gain enormous potential to disrupt their competition.
The Growing Impact of Wearables on Digital Health and Insurance [Presentation]
Wearable devices allow us to track levels of physical exercise. Being able to share fitness goals and achievements across social networks has fueled a boom in the market for gadgets such as smart watches and wristbands.
Insurers Turn to Behavioral Economics to Attract Fitter Customers
People will alter their behavior if they see that it will bring them direct positive benefits. This contention reflects the essential principle of behavioral economics, which holds that consumers are open to influence and incentive, not just economic thoughts, when making buying choices.