Technology and the Internet of Things (IoT) are having a big impact on health care and health insurance, with research by Bain predicting that the revenue obtained from IoT and analytics alone will reach 22 billion by 2025.
In the health insurance sector, technologies such as artificial intelligence are enabling companies to sift through millions of pieces of data to find ways to reduce premiums, match products with their ideal target market, and generate new business leads. How can technology empower health insurance brands to deliver better service and build a larger client base?
Current leaders in the health insurance industry often ask beneficiaries to use wearable devices that track activity and calorie intake. Doing so enables them to collect vital information that can be used to offer reward programs. Various insurance providers are offering discounted rates on health insurance, and life insurance for diabetics. Discounts may seem small at first, but over the lifetime of a policy, consumers can save thousands of dollars.
It also encourages wearers to take vital steps to prevent obesity, Type 2 diabetes, stress, and other diseases and conditions linked to an inactive lifestyle or to a poor diet comprising high percentages of sugar and refined ingredients.