Wearable devices: product development and continuous underwriting

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We have written about wearable devices several times now and have concentrated mainly on the user’s perspective. Now we write about how insurers are incorporating wearables and the data they collect into products.   One such insurer is MLC in Australia which launched its ‘Life Insurance on Track’ product in November 2015. The key component of the programme is a Garmin Vivosmart HR fitness tracker which needs to be paired with a compatible smartphone. Policyholders have a target wellness score of 900 points to be eligible for premium discounts which can be achieved by activities such as: Walking 10,000 steps…

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Wearable technology – two different perspectives

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We have written before about wearables from a number of different angles, including Gary’s perspective as an owner in August 2015. Time for an update. It’s now almost eighteen months since I bought the Fitbit HR. Let’s start with some of my numbers: Steps taken: ranged from a daily low of 5,500 to a highest of 35,000 in a day (which included a gym visit and a full-on day of sightseeing in New York). 36 holes of golf in a day results in around 28,000. Average daily steps around 15,000. Miles walked: lowest day 5.3 miles, highest day 24.5 miles;…

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Jigglypuff or out of puff?

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Do you know a Jigglypuff from a Squirtle? If not then you may have missed one of the biggest things of 2016. Pokémon GO was one of the most popular apps of 2016 with over 500 million downloads. It is a free, location-based, augmented reality game developed by Niantic in collaboration with Nintendo through the Pokémon company. Players use the GPS capability of their mobile device to find, capture and battle virtual creatures called Pokémon. These appear on the screen as though they were in the same location as the player who appears as an avatar on the real world…

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How do you sleep?

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In our articles on wearables and insurance products we highlight that some insurers, in addition to the step count measured by a wearable device, also use sleep duration as one of their criteria for policyholders to gain premium discounts. Sleep plays a vital role in mental and physical well-being, quality of life and safety. Sleep helps the brain to function correctly and during sleep the brain prepares for the following day. A good night’s sleep aids the ability to learn and concentrate, while not enough sleep can affect later brain activity leading to reduced creativity and decision-making. Sleep deficiency can…

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