Use of Wearable and Health Applications in Insurance Industry Using Internet of Things and Big Data

Abstract

Introduction: There is a variety of wearables and health applications available in the market which allow the tracking of various health and lifestyle measures like blood sugar, calorie counter, number of steps, sleep patterns, etc. After the Covid-19 pandemic, people have become more aware of their health and use these wearables to maintain a healthy lifestyle. Insurance companies in India are also eyeing the potential usage of these wearables in life and health insurance.

Purpose: This research aims to look at the emergence of wearables and health apps and their usage in India’s life and health insurance industry. This study also focuses on how these devices might benefit insurers’ business models and some of the pitfalls to consider.

Methodology: The study used both primary and secondary data. A survey was conducted to understand the customer perception towards usage of wearables. The secondary research included the analysis of the integration of wearables by insurance companies.

Findings: The research would be helpful to the insurance companies as it would help them to understand the customer’s viewpoint for the usage of wearables in the insurance industry. This study would also allow insurers to understand new dimensions, such as where the wearables improve customer satisfaction and engagement. The study results would be helpful for the customers for the appropriate usage of wearables and the internet of things (IoT). Insurance companies can provide better pricing and make personalised insurance plans that ultimately help customers.

Citation

Seth, P. and Gulati, K. (2022), "Use of Wearable and Health Applications in Insurance Industry Using Internet of Things and Big Data", Sood, K., Dhanaraj, R.K., Balusamy, B., Grima, S. and Uma Maheshwari, R. (Ed.) Big Data: A Game Changer for Insurance Industry (Emerald Studies in Finance, Insurance, and Risk Management), Emerald Publishing Limited, Leeds, pp. 1-13. https://doi.org/10.1108/978-1-80262-605-620221001