Why Insurers Are Cozying Up to FitBit

TL;DR

Wearable technology offers opportunities for health insurers to collect data and incentivize healthy behavior in their policyholders.

Transcript

Kristine Harjes: So, first thing we want to talk about for this episode, maybe the obvious overlap between healthcare and tech, it's something we've talked about on the healthcare edition before, but I thought it would be awesome to get some more of the tech insight into it. This topic is, of course, wearables. So, what do you need to know to under... Read More

Key Insights

• 🧡 Fitbit has the majority market share in wearables, offering a range of products suitable for different users' needs.
• 🧑‍⚕️ Wearables present an opportunity for insurers to collect more comprehensive and accurate health data for policyholders.
• 🈹 Insurers like John Hancock and Humana are already incorporating wearable technology into their programs to incentivize healthy behavior and offer discounts or rewards.

Questions & Answers

Q: How does Fitbit dominate the wearables market?

Fitbit is the market leader in wearables, with a diverse range of products that cater to different user needs, from basic fitness tracking to advanced health metrics, like heart rate and GPS tracking.

Q: How can wearables benefit health insurers?

Wearables provide insurers with valuable data on policyholders' health habits, allowing them to offer personalized plans and incentives for healthy behavior, ultimately leading to better profitability and customer satisfaction.

Q: What are some examples of insurers using wearables in their programs?

Insurers like John Hancock and Humana have incorporated wearable technology into their programs, offering discounts and rewards for policyholders who meet certain fitness goals or participate actively in the program.

Q: What are the potential drawbacks of using wearables in insurance?

Policyholders may have concerns about privacy and data security when using wearables to track their health information. Insurers must ensure that strict security measures are in place to protect policyholders' data.

Summary & Key Takeaways

• Fitbit is the leader in the wearables market, with a range of products offering basic fitness tracking to advanced health metrics.

• The healthcare industry sees potential in using wearable data to offer better insurance plans and rewards for healthy behavior.

• Insurers like John Hancock and Humana are already incorporating wearable technology into their programs to track policyholders' fitness activity and offer discounts or rewards.