Shifts in the Insurance Landscape
While insurance has been around for ages, dating back to early human societies, the industry has remained the same for many years. With the advent of technology and shifts in the market landscape, insurance however is ripe for change. Not just change, but rather disruption.
Although buying policies may not be at the top of mind for many people, opportunities arise to increase consumer base through expansion of vendors beyond the traditional in-person agent/broker. Also, the market is seeing a general shift away from product-focus to client-focus. Companies in the midst of these trends must work to re-invent their business or potentially lose market-share and influence to otherwise more agile competition.
Insurance and Technology
Technology is a game-changer in many industries, and insurance is no different. With new and innovative ways to interact with clients, companies have the ability to increase touch-points, customizing products and services for individuals and groups. At the centre of disruptive technologies in this sector, we find wearables. As more and more companies begin to realize the value of the data generated by these devices, wearables will increasingly become commonplace as a part of the policy and process. Wearables serve to engage clients in their own personal health and wellness, while providing a data-profile that is useful to plan providers.
The Missing Piece
Although wearables are an enabling technology, there is a lack of interpretation of the data. Vivametrica fills this gap by providing the needed translation of generic step-counts into personalized health metrics which are valuable to both insurance companies and individuals a-like. With our research-based algorithms, policy owners are able to track their health and make simple life-style changes to increase activity and reduce disease risk. Rewards (financial or otherwise) are a potential strategy to keep customers engaged in their health.