A new Novarica Executive Brief charts the emergence and current popularity of wearable technologies. Author Tom Benton offers guidance on their potential use as a customer engagement channel and a vehicle for applications in areas such as claims, new business, underwriting and other insurance processes.
With wearable technology already revolutionizing the medical, fitness and wellness markets, it’s time for the workers’ compensation industry to step up and look more closely at one of tech’s fastest growing sectors.
Wearable technology can provide a wealth of insight into customers’ lifestyle and behavior, and claims information, substituting hard data for guesswork. It’s time to launch pilot projects, invest in new initiatives, and partner with innovators in this space.
Wearable technology, popularized by gadgets such as FitBit, Google Glass, and Nike Fuel Band, is continuing to explode in popularity, creating opportunities to improve the care of injured workers in the process.
In a study conducted with a U.S. population-based dataset from Vivametrica, Munich Re has found that steps per day can serve as an effective means of segmenting mortality risk.
Observers of John Hancock’s innovative program have focused on data collection, but Vitality shows how the Internet of Things supports the future of the life insurance customer relationship as a high-touch partnership of shared interest in the policyholder’s well-being.
The benefit is provided through the Silver&Fit Exercise and Healthy Aging program, a product of health service organization American Specialty Health Incorporated.
This year’s showcasing of wearables at CES was less about expanding the capabilities of the category as much either establishing companies in the category or making the technology invisible through tighter integration with clothing or the body.
The combined capabilities of the companies aims at the two major barriers to a scaled health information platform: lack of biometric information of adequate quality, and up-front technology and program costs.
The National Australia Bank’s wealth management division will use Big Cloud Analytics’ predictive capabilities to engage customers and offer lower insurance premiums.