Whether it’s measuring fitness, activity, sleep or even stress levels there is a growing market for fitness wearables and sports trackers that has got our industry thinking about whether the data from these devices can be used to underwrite people; effectively rewarding the fittest, healthiest lives by reducing their premiums.
We hear a lot about wearables these days … smart watches, glasses, fitness trackers, helmets, and a myriad of other smart devices. These wearables incorporate sensors and chips for data collection, real-time analytics, gamification, and other features. But as the use of wearables increases, so do the concerns about security.
Business intelligence and analytics are top priorities for insurers, and their capabilities, which have grown in importance to industry in recent years. But the carriers have fewer “grand plans” for big data than they did in 2013, the last time Novarica polled CIOs on this topic.
Ever considered wearing clothing that monitors your heart rate and helps reduce stress? It’s not so far-fetched - something similar is already patented. Along with telematics, “wearables” like this belong to the fast-expanding group of Internet-connected tools known collectively as Usage Based Devices (USB).
Electronic health records (EHRs) are having a huge impact on the life insurance industry. RGA has dedicated resources monitoring this space and developing tools to leverage EHRs in the sale of insurance. In our second webcast covering EHRs, RGA will discuss our vision for EHRs with respect to life insurance, current initiatives related to these records and strategies for utilization of structured and unstructured data from electronic medical data sources. This webcast will also include an update on EHR adoption, meaningful use and interoperability in the United States.