The Fusion of Health Tech and Insure Tech

Abstract

Digital technology has increasingly grown smaller – from the age of large computers, we now have digitalized devices that can be worn on the human body. Such digital devices that aid in healthcare have been seeing a rapid adoption. Today, it is difficult to have a walk in a park without witnessing several people wearing fitness bands on their wrists. While such technology is making it easier for users to track their health, the aggregated data when collected over the internet can be a treasure trove of information, which insurance companies are trying to mine. From $5.18 billion in 2014, the global market of IoT Healthcare Technology is poised to be over $14.6 billion by the end of 2022 as per Zion Market Research. Other types of health technology such as smartphone apps, connected health devices, smart home hubs, and so on also act as sources of data. Insurance has always been a very data-driven industry. As such, insurance product managers have always been on the look-out of newer data sources in order to obtain different types of insights for shaping their product development strategy. Therefore, the insurance sector is eagerly exploring the possibilities of using data collected from wearable devices and other health technologies as such data was previously impossible to obtain. Not only does this aid in preventive healthcare, as people at high risk of certain ailments could be alerted in advance, but it also can help insurers to devise plans that can serve their intended beneficiaries better.