Abstract
The use of data has been revolutionizing every aspect of human life – both personal and professional. Every individual today is a source of digital data generation, and every business can benefit from access to such data if it is able to shape its strategies on the basis of insights derived from such data. Insurance has been a sector that has relied very heavily on mathematical modelling to devise policy plans that are appealing and beneficial to the target user groups as well as viable for the insurance provider. While such mathematical modelling relied on humongous data volumes, the growth of wearable devices has thrown up even more exciting possibilities ahead. Wearable technology data as a managed service is expected to have a size of $462 million globally in 2027. Wearable devices promise accessibility to live data of various body parameters of a huge population of users, which can help insurance companies build models to develop plans that have a greater utility and are more affordable. With a total of 533.6 million units shipped in 2021, representing a 20% growth over the previous year, we can be certain that as IoT and 5G technology improve, we will see far greater adoption of wearable devices. Along with aiding the development of more market-friendly insurance products, such devices can also help to a large extent in offering proactive healthcare.
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