04 Jun Is protection and wearable tech a match made in heaven?
One of the hottest topics being discussed in the protection industry is the possible move towards embracing wearable technology. One provider is already offering reduced gym memberships, as well as encouraging policy engagement through health and activity tracking. But could it change the industry and the relationship between providers and consumers?
The start of something special
These first moves towards integration may start more providers down the road of offering discounts and encouraging customers to engage with their policies. Providers are already discussing whether wearable technology has created the perfect opportunity to develop policies that are not only tailored, but create a continual engagement with the consumer.
The information obtained from these devices also gives providers the opportunity to better assess risk and therefore improve the underwriting and claims processes. This could enhance the policyholder’s experience further and cut down on fraudulent claims.
A changing landscape
Research by PwC revealed that nearly half of those surveyed now owned some sort of wearable technology. More people now own an activity tracker or smart device, which helps them engage with and monitor their health.
Hard to ignore, the protection industry has begun discussing the integration of this trend, its ramifications and possible impact on consumer engagement. But providers are treading carefully during the sector’s infancy due to consumer concerns. This is understandable, considering how the relationship between wearable technology and protection has the potential to transform the industry.
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