Within insurance, there are various areas of potential use for wearable devices including
- risk management,
- new product development,
- workers’ compensation and
- personal auto injury claims management.
Wearable manage or reduce risks. It’s helping to restore people’s health in a faster way by being able to remotely, in a real time basis, monitor them and get them back to work…and then also to be able to manage the overall risk of the individual.
Insurers may need to rethink their business/revenue model so that they are selling services instead of products.
PwC report, 82 % of consumers buying the devices say they are concerned with the potential invasion of privacy and 86% are concerned with potential security breaches.
Authorizing the use and access of that, they’re going to expect something in return such a discount on payments.