In a rapidly evolving environment of data-driven technologies, we start to wonder how life insurance needs to change to keep up in terms of digital technology for this sector. Already, the best insurance companies are using technology to harvest useful, high-quality data, essential for research and development.
Data collection and machine learning go a long way to helping the insurance industry gain meaningful insights into customer habits, especially in terms of health and lifestyle. The best insurance companies can then go onto develop customised products and services and improve overall customer satisfaction from policy inception to claim stage.
Certainly, biometrics, artificial intelligence and algorithms go into new products, including those products which track lifestyles and health data and provide recommendations to reduce risks to certain illnesses and diseases, which is essential for the life insurance industry.
Emerging insurance tech start-ups put forward some promising scientific research and ideas to future improve clients’ health and wellbeing and, ultimately, maintain affordable premiums. This momentum for future generation technology is speeding. Soon there will be options to personalise life and health products using digital solutions, in turn providing improved products and value for money.
Innovative products developed from algorithms that harness the power of big data and enables a new era of efficiency with the handling of risk assessment and claims processing. This type of technology improves the diagnosing of illness, in turn, reducing the requirement for invasive medical examinations and provides accurate premium values, speedy processes and fraud prevention.
Let us look at some of these exciting products that will revolutionise the insurance market and provide better access for people who might otherwise be refused or expected to pay higher premiums.
Will our Fitness Gadgets Pave the Way to Cheap Life Insurance Premiums?
Head to toe, preventative and wearable tech is sweeping the world with its innovative products. A complete outfit, from smart hats, fitness-tracking underwear, stylish smartwatches and Fitbits, smart anklets and calorie counting trainers. While these items lean more towards an arranged marriage between fitness and fashion, tech companies across the globe are producing innovative features specifically for the health market.
An exciting Paris based health Tech Company, Chronolife is leading the way in disruptive technology specifically for healthcare patients and practitioners. Their most recent and groundbreaking invention is a smart, washable t-shirt cutely named Nexkin. The t-shirt comprises ten biometric scanners to continuously monitor and record heart rate and rhythm, breathing, body temperature and level of physical activity. The t-shirt works alongside the user’s smartphone, and the data transmitted via Bluetooth enables accurate health alerts and insights.
Simply breathtaking in terms of medical advancement. This type of innovation combined with future technologies, for example, the rolling out of 5G, will mean an awful lot in terms of remote health care, surgical operations and emergency treatments.
Without doubt, wearable tech is a welcome addition to the insurance industry, whether it is to improve general health and fitness or detect early signs of high blood pressure, heart attacks or strokes. Big data is driving innovation, but it remains a contentious privacy issue, with many people against the collection of data to sell products. The future of improved life insurance products depends on people readily opting into the sharing of their data to enable faster application processing, claim handling and cheaper premiums.
Emerging technologies may sound a little too science fiction rather than useful tools for life insurance. One example is a biometric age assessment tool, currently in development, using facial analytical software to determine when a person might die! We are not sure exactly how life insurance companies will adopt this type of artificial intelligence and biometric health screening because the adage “ignorance is bliss” applies equally to customers and product providers!
Original Content by Tracy Jennifer on behalf of City Guide Gibraltar