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IS FITNESS TECHNOLOGY GOOD FOR LIFE INSURANCE?

IS FITNESS TECHNOLOGY GOOD FOR LIFE INSURANCE?

This week, Investing News has the article on insurtech is starting to follow where fintech went with banking. However, will it be the same for life insurance?

...Millennials are the key new market for insurance....

...Many people expect to be able to apply for and process their insurance instantly, at the last minute....

...Technology needs to supply efficient processes for insurance companies trying to meet these demands....

You can read the article here: Insurtech: The Modern Age of Insurance

Then when we look at what other people are saying about life insurance and fitness technology, here is an article from the Sun stating that wearing fitness technology like Fitbit could increase your life insurance.

...American manufacturers could be feeding information it collects from gadgets that monitor your heart rate, sleep pattern, calorie consumption and stress levels to private healthcare and insurance companies, it stated.... .

..This information can make these companies mega-bucks in targeted advertising....

...“These data can, in turn, be combined with personal information from other sources—including health-care providers and drug companies—raising such potential harms as discriminatory profiling, manipulative marketing, and security breaches.”...

You can read the article here: Fitness tracker Christmas prezzies could bump up insurance premiums and leak personal data on the dark web

While we are starting to see life insurance companies such as Vitality, offering discounts to their members

....You earn Vitality points by getting active and meeting the points requirements. You can also earn points by going to the gym regularly, taking part in parkrun events, having a Vitality Healthcheck and more. Remember, the more points you earn, the bigger rewards you can get....

You can read more here on their activity tracking: Vitality

And only recently I saw this piece on LinkedIn from Gianluca Carrera, a leading expert on big data, where he talks about big data and its effect on insurance.

...If you leave a perfect life, your premium is minimum....

...If you live a reckless life, chances are the premium will be so high, you won’t be able to afford it....

...So insurance won’t be for everybody....

You can read the blog here: Big data and Insurance: the important question

So what are we, Exaxe, doing about it? We are working with our clients to make sure that they are ready for what is coming next regardless if it blockchain, robo advice or just connecting your Fitbit. Exaxe and our customers have one thing in common we want to deliver value, For us, it means racing ahead to see what is around the corner and preparing for it, so our clients do not have to.

What is your view on connecting fitness technology & insurance?

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