Insuranceciooutlook

Winning Strategies with Wearable Technologies for Life Insurers

Insurance CIO Outlook | Wednesday, July 24, 2019

Life InsurersThe ever-growing list of possibilities in the insurance industry to use wearable technology can sound more infomercial than the primary tool for entering the digital age of the life insurance sector.  

FERMONT, CA: Insurers are always fascinated by wearable technology's prospective applications for many years. In this light, insurers are continually looking for ways and opportunities to include wearable technology in life insurance goods and services. But device developments are promising to revolutionize the sector.

Intuitive features of wearable devices hold a lot of benefits for the development of the life insurance policy. Such developments may include the capacity to help customers handle stress and other apps for mental health. Developments in sweat sensing could help define circumstances such as diabetes and the use of smoking and alcohol. These capacities promise enhanced well-being to enhance the quality of life for customers. For instance, smoking detection capacities could go beyond offering underwriting proof and be used to encourage an advantage to participate in insurance clients from smoking cessation.

Wearables are adopted not only by customers but across sectors– including life and health insurance– because they provide unrivaled possibilities for collecting appropriate information in real-time and improving company choices. It is not surprising that wearable and other sensor-based systems are used by life and health insurers as instruments to support better hazards based on real-time client information. Wearable devices provide extra user connectivity potential. This link can lead to possibilities for insurers to engage beyond premium and claim payment touchpoints with policyholders.

Improved health is at the core of all wearable technology apps in life insurance. Wearable devices can inform customer health behavior so that severe health conditions such as diabetes and heart disease can be prevented and identified. This could enhance the insurance customer's quality of life and the life insurer's death experience.

Wearable devices are now a potential game-changer for customer engagement for both insurers and policyholders by providing both reduced insurance premiums and insurance company risk profiles. Wearables enable insurers to capture information in real-time and enhance digital agility, revealing where wearables and smartwatches are on the investment priorities of the millennial insurers.

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