How Health Insurance Can Use Data

Your Money: How health insurance can use data from wearables

This has also led to increase in demand How Health Insurance Can Use Data of wearables and health apps.

As per research firm IDC, the wearables market in India post a 144.3% year-on-year growth in 2020.

How Health Insurance Can Use Data

Covid-19 pandemic has made people more aware about their health & lifestyle habits.

They have started adopting best lifestyles and are paying more attention towards their health.

This has also led to increase in demand of wearables and health apps.

As per research firm IDC, the wearables market in India post a 144.3% year-on-year growth in 2020.

The October-December 2020 period was the biggest quarter for the wearables category in the country, maintaining triple-digit growth.

Wearables are smart devices that can be were as external accessories

Embedded in clothing & garments, implant in the body, or even adhere to or tattooed on the skin.

Health apps are application programmes that offer health-related services for smartphones.

Through these devices and apps, data can be collect and send while on the move.

The information can be transfer through the internet that helps in taking right decisions.

Apple Watch is a smart device with an impressive piece of technology.

Heart rate, workout monitoring, and the level of activeness per day can be measure through it.

Some wearables like Fitbit trackers, MI band are in the form of a watch-style strap, which is easy to wear, and are equip with a heart rate monitor.

Apps like Google Fit, Nike Running, Healthify Me are very user friendly and economical as well.

GPS Other sensors as well as inputs from the phone are use in Google Fit app to track the activities.

How Health Insurance Can Use Data

Use of wearables in medical insurance

Insurance companies are using wearables.

Health apps that give benefits like blood sugar tracker, BMI, pedometer, behavioral counselling, video/teleconsultation with doctors.

External motivators like reward, monetary discounts and digital badges are being use by some insurers to incentivize customers to lead a healthier lifestyle.

Insurers are giving discounts on the renewal premiums if the insured person shows healthy behaviors like number of steps per week, calorie count, healthy heart rate etc.

Insurance companies are also involving customers in wellness programmes.

These Wellness Reward Programmes (WRP) aim to encourage the insured person to perform certain activities to stay active and remain medically fit.

How Health Insurance Can Use Data

Road ahead

When insurance companies have the real data about their customers.

They can classify them in appropriate risk bands and accordingly the pricing can be done.

With the correct prediction of risk, insurance companies can also predict the claims more accurately.

If customers’ health data reveal some unhealthy behavior, companies can also send red alerts to the customers and advise them to go for specific health check ups.

This way, insurance companies may avoid bigger claims in the future.

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