Wearable Tech in Insurance Market to Witness Huge Growth by 2025 | Saga, Swinton, Staysure
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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 detailed 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.
- 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 wearables to personalize premiums and policies will take some time to materialize, given insurers' reservations surrounding the accuracy of the data.
Reasons to buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how regulation will impact the use of wearable tech in insurance over the next few years.
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