Wearable Tech in Insurance Market, Top key players are Saga,Hastings Direct,RAC,Staysure,CoverForYou,Aon,Swinton,Age UK, Bought By Many,Aviva,Legal & General,Zurich,Royal London,Allianz,Animal Friends
This report provides an in-depth analysis of the wearable tech insurance market. It looks at market size as well as claims, contextual and economic factors, regulations, and opportunities. It provides a thorough overview of the market alongside analysis of how the development of wearable technology will impact the insurance value chain.
By giving insurers access to detail biometric and activity data from policyholders, wearable tech has the potential to bring about considerable opportunities for providers. These include enhancing underwriting accuracy, preventing claims, and increasing customer engagement across a number of different products.
The rise in popularity of health and wellness trends has propelled wearable devices into the mainstream. This has provided the insurance industry with an opportunity to target individuals with products that are aligned with enhancing their health and wellbeing while also providing the same elements of cover as traditional policies. Despite wearable tech offering considerable opportunities for the insurance industry, there are also risks that must be considered when incorporating devices into insurance policies. Above all, policyholders’ fears around the sharing of personal data must be addressed in order for the impact of wearable tech to be sustained.
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Some of the key players operating in this market include:
Saga,Hastings Direct,RAC,Staysure,CoverForYou,Aon,Swinton,Age UK,
Bought By Many,Aviva,Legal & General,Zurich,Royal London,Allianz,Animal Friends,
Direct Line,Admiral,AIG,Chubb,AXA,Bupa,Vitality,More Than,PartnerRe,
Fitsense, PitPat, Phillips, Life.io, iRhythm, Senseonics, PetPace, Vivametrica, dacadoo,
- Wearable tech will impact the insurance industry across both general and life insurance markets.
- The initial use of wearable tech will be in the gamification of policies, rewarding policyholders for achieving pre-determined goals with the aim of reducing their risk.
- The use of data gathered through wearable’s to personalize premiums and policies will take some time to materialize, given insurers’ reservations surrounding the accuracy of the data.
Reasons for Buying this Report
This report provides pin-point analysis for changing competitive dynamics
It provides a forward looking perspective on different factors driving or restraining market growth
It provides a six-year forecast assessed on the basis of how the market is predicted to grow
It helps in understanding the key product segments and their future
It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
TABLE OF CONTENT:
Wearable tech in life insurance
Wearable tech in general insurance
Market size and growth forecasts
Challenges facing insurers incorporating wearables
Mergers and acquisitions
APPENDIX: OUR THEMATIC RESEARCH METHODOLOGY
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