Abstract
Abstract The aim of this research was to look at the emergence of wearable technology and the internet of things (IoT) and their current and potential use in the health and care area. There is a wide and ever-expanding range of wearables, devices, apps, data aggregators and platforms allowing the measurement, tracking and aggregation of a multitude of health and lifestyle measures, information and behaviours. The use and application of such technology and the corresponding richness of data that it can provide bring the health and care insurance market both potential opportunities and challenges. Insurers across a range of fields are already engaging with this type of technology in their proposition designs in areas such as customer engagement, marketing and underwriting. However, it seems like we are just at the start of the journey, on a learning curve to find the optimal practical applications of such technology with many aspects as yet untried, tested or indeed backed up with quantifiable evidence. It is clear though that technology is only part of the solution, on its own it will not engage or change behaviours and insurers will need to consider this in terms of implementation and goals. In the first weeks of forming this working party, it became evident that the potential scope of this technology, the information already out there and the pace of development of it, is almost overwhelming. With many yet-unanswered questions the paper focuses on pulling together in one place relevant information for the consideration of the health and care actuary, and also to open the reader’s eyes to potential future innovations by drawing on use of the technology in other markets and spheres, and the “science fiction–like” new technology that is just around the corner. The paper explores: an overview of wearables and IoT and available measures, examples of how this technology is currently being used, data considerations, risks and challenges, future technology developments and what this may mean for the future of insurance. Insurers who engage now are likely to be on an evolving business case model and product development journey, over which they can build up their understanding and interpretation of the data that this technology can provide. An exciting area full of potential – when and how will you get involved?
Highlights
Technology Integrated Health Management: Individuals living with dementia and their carers are being provided with sensors, wearables, monitors and other devices, which will combine into an “Internet of Things” (IoT)” to monitor their health at home
Examples of Use in Life and Health Insurance Wearable technology and IoT is currently being used in life and health insurance to gather nontraditional data, engage with customers, provide rewards to incentivise customers to live a healthier lifestyle, help educate users to improve their health and assist with underwriting
While insurers will already have teams and procedures in place to ensure their existing processes comply with all relevant legislation, there may need to be more investment to ensure that new dynamic datasets gathered from wearables are not misused
Summary
The Wearables and Internet of Things Working Party was set up in 2016 by the Health and Care Research Sub-committee to explore the potential role and application of wearables and the broader “Internet of Things” (IoT) to the world of insurance. Those involved come from a range of backgrounds and experience but are united by a passion for, and interest in, the evolving world of digital health. Whilst wrist-borne devices will be worn for long periods of time to pick up trends, the clinical devices will tend to be used for shorter duration spells This distinction is narrowing over time as health is marketed to users outside of the clinic setting. Altra IQ (running) Under Armour SpeedForm Gemini 3 IoFIT ATO-Gear Arion Digitsole Run Profiler Unforgettable GPS SmartSole OMBra Myant Skiin WELT smart belt Levi’s Commuter Trucker Jacket with Jacquard Ralph Lauren PoloTech Smart Shirt Lumo Run smart running shorts Athos shirts and shorts
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