how wearables are affecting life and health insurance
TRANSCRIPT
Where will self-tracking wearables take Life and Health insurers?
Self-tracking technology has been around for years, but with
improvements it’s gained more appeal.
It’s easy for people to measure and track
their physical activity and
certain vital signs.
this is a technological movement that helps people improve their own health by measuring and logging their daily data and performance.
Known as the
“quantified self,”
Wearables:Devices that facilitate self-tracking and belong to the fast-expanding group of Internet-connected tools known collectively as Usage Based Devices (USB).
The wearable is synced with a software application that often runs on a mobile device.
More people are using USBs to generate personal health information.
Source: International Data Corporation.
In 2020,
140M+ wearables are projected to be sold.
In 2014,
70M+ wearables were sold.
In the future, a real-time record of day-to-day wellness could supplement data from episodic health checks and emergency clinic visits.
Personal electronic health records will be augmented using data
from USBs.
Wearables are only one aspect of digital health.
Other changes are also making healthcare more personalised and precise.
Smart handheld or implantable devices can be integrated into a network that allows them
to communicate with each other.
Patient Monitoring Drug Delivery
Diagnostics
Sensors make it possible to track patients remotely and over extended periods of time.
Devices allow monitoring of physiological cues associated
with conditions like depression, frailty, heart failure, diabetes, epilepsy,
Parkinson’s disease, and can help manage pain and other symptoms.
Image: Gentag
Two distinct sources of medical information are developing alongside each other:
And insurers are trying not to be left behind.
Traditional health records stored by
medical professionals
New, quantified self-data created by consumers
with wearables
Some life and health insurers already sell products that work well with tracking technology.
However, we don’t know yet if the technology will be disruptive to protection business, even revolutionize underwriting and claims or allow new distribution models.
Apart from the fact that not every consumer would be keen to self-track, how people actually use devices could mean the data generated is unreliable.
The outputs would need to be correlated with the traditional evidence
used in risk assessments.
Just as “black-box” telematics devices have influenced Auto/Motor cover, it is possible lifestyle data from USBs could help life and health insurers to control mortality and care costs.
Life and health insurers must think how digital health data could
integrate with traditional methods used in underwriting and claims.
Wearables and apps may offer insurers the potential to reach new customers.
Products could be marketed via apps to health-conscious individuals or people using technology to manage medical conditions, such as diabetes.
© 2016 General Re Corporation | This presentation is intended to provide background information for our clients and professional staff. It is time sensitive and may need to be revised and updated periodically.
If you are using wearable technology to influence your business, or if you want to explore the subject of Digital Health more, I’d like to hear from you.
+44 20 7426 1803
Ross CampbellLife/Health Chief Underwriter, International Research & Development, London