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With a wide range of options available for companies to explore, the Internet of Things [IoT] is gaining popularity and momentum across all industries, including insurance. IoT has an immense opportunity to improve business and related decisions. Today, pretty much everyone and every device are connected and constantly communicating, creating a vast network.
Initially, people who wanted to keep track of their fitness used wearable devices. Now, it has become a part of everyone’s lives. People use wearables to manage their day-to-day activities and schedules related to health. With innovation, wearables now can analyze and send out messages about a person’s health conditions. Today, brands have come up with wearables that do everything our phones and computers can do, sometimes even better.
On their own, these devices might seem to have limited usage, but when connected with other devices and systems, their potential is multi-fold. The IoT, when combined with data analytics, enhances the decision-making power.
Connecting Wearables and Insurance Industry
These devices include everything from the smartwatch, wristband, Google glass, gaming headsets, and more. They collect data across aspects, such as eating, driving, sleeping, working out, and are communicating with smartphones or computers, sharing the data with third parties like insurance companies.
When talking about the life insurance industry and wearables, the applications are primarily around:
The primary advantage of using IoT and wearables with insurance is the utilization of the data captured. Gathered data impacts the metrics, research, and premium pricing. The devices help monitor daily physical activity, lifestyle habits, current health conditions, sleep patterns, and heart functions.
A study based in the US reported that nearly 46% of customers are willing to use a wearable device, be it a Fitbit, Apple Watch, or Jawbone, if it can improve their health and reduce the insurance premium.
Increase in Use of Wearables
Over time, there has been an increase in usage of these wearables, especially trackers in the corporate space showing how companies are getting involved in their employee’s health. Numerous wellness programs help employees stay in better shape since it all ties back to corporate insurance policies.
These sensory devices with complete access to networks are the ideal example of IoT’s capability. Insurance enterprises are slowly but surely adopting this technology into their solutions to manage and retain customers. Insurance enterprises have begun to rethink their business/revenue model as the focus has shifted from data to customers. While there are still a few challenges and concerns regarding these advanced technology solutions, time will prove how effective they can be.
At Neutrinos, our low-code development platform has various technology capabilities such as Machine Learning (ML), IoT, and Artificial Intelligence (AI). We ensure app development is easily accessible and affordable for all keen on transforming their insurance business. Read the blog “Digital Transformation Using Low Code” for more information.
Do you want to know how to adopt wearables into your business?