Ready for a New Consumer Channel?
Blog by Nimish Sankalia published in Insurance Thought Leadership
How long is it until my smart bowl tells my Apple Watch how many grams of Fruity Oat Puffs I consumed this morning? The watch could then contact my life or health insurer, which may notify me or my healthcare provider, sending a text to my smartphone reminding me that I’m on target to reach my life and wellness goals…if I can avoid eating a second bowl. The circuit will then be complete. Digitized automated processes flowing real-time through a channel into the insurance and healthcare value chain, beginning with behaviors and ending in better life and health outcomes. I’m all in!
This is reality today! Just look at John Hancock’s recent introduction of a health activities rewards program utilizing mobile apps and wearables to improve mortality and lower life insurance premiums for participants.
We are rapidly moving into a new age of digital delivery for every area of insurance, not just healthcare. The digital windows are opening faster than we can gather the information that is flooding in. The proliferation of sensors and the Internet of Things will forever change our business models and our system architectures. The Apple Watch, like my smartphone, is another window into my habits and preferences, and it will be a valued source of feedback for any insurer that becomes digitally ready to capitalize on it. The key to digital readiness, however, is to tackle preparations in the proper order.
Tara Dilzer Alexander
Director, Marketing Communications and Creative Services