Wearable technology

The application of emerging technologies has enabled insurtechs to be years ahead of traditional insurers.

Companies that deploy wearables to promote better employee ergonomics are getting ahead of the curve.

Digital Insurance spoke with Claire Burns, chief marketing and communications officer at The Hartford about digital customer experience and plans for the future.

We want insurers to transform from premium collectors to lifelong protectors. And technology is at the core of helping them achieve this.

Insurers that are able to make the best use of data are already winning market share, improving key ratios and generating superior risk intelligence, according to a report from the Capgemini Research Institute.

Allstate and John Hancock recently announced a partnership to reward John Hancock Vitality members with points if the policyholder is also a safe driver with the Allstate Drivewise program. The alliance is the first of its kind and could be an indicator of where the insurance industry may be going.

It is no surprise that insurers are looking to health tracking technology to create new possibilities for accurate pricing and incentivizing better living.

Ecosystems, sustainability and workforce transformation were the main topics of the EY 2022 Global Insurance Outlook, which comes out in January 2022. It’s important to understand how digital transformation is uniquely related to each of those topics.

Only 32% of 2,750 U.S. consumers surveyed by the company in fall 2021 had been offered telematics-based insurance, the company said. Of those that were offered, 49% took the offer, and 64% have stuck with it.

By facilitating access to rich, unstructured data in real-time, technology is paving the way for insurers to employ greater personalization and become customer-centric. It can drive tremendous growth opportunities as well as cost and operational efficiencies by promoting wellbeing and prevention services.

New research highlights the evolving role of the insurance industry from reimbursements to incentivizing to reduce risk and prevent losses altogether.

In other news: Liberty Mutual launches insurance agency; Neptune Flood releases carbon-neutral plan; New York Life announces CEO-elect.

Globally, 72% of respondents said they would share some personal data with their insurer but when broken down by gender, only 68% of women and 75% of men said they would share.

Amazon Halo John Hancock Vitality integration to launch

Commercial insurance companies and employers want to understand the current pandemic and how to mitigate the risk of future shocks.

A new program at Purdue University aims to improve health outcomes by applying real-time physiological data from wearable sensors.

Humana is entering a partnership with platform and health data solutions provider Validic that will boost connectivity between members’ tech devices and the health plan.

The opacity of data-analysis tools can make it difficult for workers to fully understand how much employers can see.

The most important customer isn’t necessarily the consumer. It’s the insurer or the government

NCCI research points to automation, robotics, and continued advances in safety as contributing factors to a decrease in claims frequency. However, severity is up -- and wearables could help.