Keynote presentation in London at Insurance IoT Europe Summit , Insights about Wearable Technology Market.
Innovation in InsurTech is a must for Health Insurers.
Why Wearable Tech in Healthcare ?
• 61 % Users feel more informed
• 82% Wearable tech users felt it enhanced their lives
• 88% of Physicians want patients to monitor health parameters at home
• 88% Potential cost savings using biometric devices to monitor patients
Source : Centric Digital LLC 2016
• How the data extracted from wearables can be used to
maximum benefit for the insurer ?
• How can the data be used better ?
• Can the accuracy of the data be guaranteed ?
• How can wearables been taken to the next level ?
• How to optimize processes to allow wearables to their full
potential ( predictability ….allowing prevention – new
business models ) ?
The Real Value….
125.5 million wearable devices will be shipped this year
DOUBLE by 2021 - will hit 240.1 million
$ 34 Billion by 2020
$ 51 Billion by 2022
Fitbit – first wrist band – 2009 then improved version 2011
Fitbit
Wearables the Perfect Vehicle
+ Innovation is not a nice thing to do – IT IS A MUST – IMPERATIVE !
+ PRESSURE / Competition / the marketplace - EXAMPLE : ZURICH LIFE / GARMIN IN IRELAND
- FITBIT EXAMPLE – 2009 – first fitness tracker ….Why don’t we create new business models then ?
+ Need to adjust / CREATE NEW INNOVATIVE BUSINESS MODELS / FAST to REACT
Data…
Add additional risk…
Insights to their customer and what they really want.
Use the data to Personalize offers and pricing
Create data intelligence with Claims….Specific conditions…