June 9, 2016
Wearable Technology: Benefits for Insurers
by Jeff Root
As this infographic shows, half of millennials in the U.S. are expected to own fitness bands by 2017.
Over 50 years ago, Edward Thorp, considered the “father of the wearable computer,” discovered a tiny computerized timing device that could effortlessly beat opponents in a game of roulette. Since then, the popularity of wearable technology has always been on the rise. Today, we have smart devices like Apple smartwatches, Fitbit fitness bands, Google Glass and Nike Fuelbands that could do some pretty cool things to help improve the quality of our life.
Wearable technology refers to tiny electronic gadgets that are worn on the body or clothing. They are capable of monitoring our physical and mental activities and generating stats to help us understand our health and fitness condition better. Whether it’s keeping track of your eating, exercising, or sleeping habits, there is always a smart device to provide you the right data.
Insurance companies are taking wearable device reports seriously. You can get up to a 15% discount on your insurance plan by presenting your wearable report to your insurance agent.
See also: The Case for Connected Wearables
According to The Wearable Future, 20 percent of Americans are using wearables to monitor their day-to-day activities, and the number is expected to grow over the next couple of years. The study suggested that millennials are the biggest users of wearables. It’s estimated that 50 percent of millennials in America will own fitness bands by 2017.
Why is the insurance industry paying attention to wearable technology? Here’s an Infographic that presents some interesting stats and information on how wearable technology is influencing the insurance industry.