In today’s insurance marketplace, many business leaders are looking for features that set them apart. Consumers are expecting more personalized products coupled with a high level of customer service. By combining advanced analytics with wearable technology, insurers can give customers opportunities to take charge of their own premium costs over the life of a given policy thanks to incentives to create better wellness scores. On the business side, insurers will see increased customer loyalty, improved revenue growth, and lower claims costs thanks to advanced data gathering and metrics abilities. Overall, wearable technology and analytics can lead to better public heath, which is a win-win for everyone.
For many insurers, establishing themselves as a reliable and trusted member of a customer’s life can be difficult, and good branding can build this association. Wearables can increase brand recognition, attracting more health-conscious customers. What’s more, embracing wearables positions an insurer as an innovative and health-focused service provider.
Insurers are on the lookout for opportunities to reduce the amount of claims their customers make, while also improving health. With wearables increasing the productivity and overall health of customers, saving insurers money. By engaging customers who have unhealthy habits, wearables offer a new way forward for customer health and business success.
Demographic and technological changes are disrupting the insurance industry, offering up new challenges that affect the life cycle of many insurance plans. Providers are always searching for more cost-effective methods to better serve customers. With data gathered from wearables and an advanced analytics platform based on Hadoop, NoSQL, or other technologies, processing and understanding customer behavior is easier than ever before.
According to a major survey, 68 percent of insurance consumers would use wearables that stream anonymous data in exchange for breaks on premiums. To access those sorts of benefits, providers must fulfill their promise to keep customer data safe, especially as they expand to provide more services. State-of-the-art data encryption and anonymization can help providers effectively govern their data and reap the benefits of more personalized service.