A personal insurance model in which the insured gets rewarded for a healthier lifestyle and the insurance organization gets benefits as its customers live longer and healthier is proving to be a win-win for both parties involved based on some market examples. There is an increase in the number of consumers who are willing to use wearables and share the results with an insurance organization in return for financial rewards for healthy behavior
Goals and Objectives
Leverage sensorbased technologies (wearables) to deliver simple, easy-to-use, great propositions involving risk prevention and tailored pricing, personalized wellness programs for customers based on their lifestyle, habits, and behavior. Invest in a partnership ecosystem of healthcare providers, social media, gymnasiums, retailers, and mobile service providers to maximize the benefits.
IoT, Big Data, Mobile technologies, 5G, Social, Cloud, Advanced analytics, Cognitive technologies, Next-gen security, Digital platforms
Use Case Summary
Offer a life or health insurance product that relies on real-world data on lifestyle, habits, and behavior rather than just actuarial studies of aggregated historical data to determine premium pricing for individual customers. Offer rewards, promotion offers, and premium savings for leading a healthy lifestyle – healthy activity, regular exercise, and regular checkups to establish regular connections with customers and build greater brand affinity.