Advice Kiwi: Christchurch, New Zealand

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July 17, 2019

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Insurance and Wearable Devices

October 13, 2019

Do you spend your lunch break walking around the block to reach your step count? You could be using this information to reduce how much you’re paying on health and life insurance…

 

There’s an increasing trend around the world for insurance companies to offer discounted premiums in return for the data from your wearable device.

 

Fitbits, apps, smart watches… with technological innovations only set to improve accuracy, step count, sleep patterns, heart rate, and physical activities are all able to be measured. You can record your weight through wifi scales, or add this and a wealth of other health indicators manually, including calorie and water intake, and general nutrition.

 

Using this information, data analysts can personalise the algorithms used to calculate your risk to the insurer of making a claim. If your individual risk assessment shows you’re less likely to be a cost to the health system, they can reduce your premium to retain you as a sought-after low-risk customer.

 

People who have a wearable device as part of their policy are also incentivised to improve health and fitness to meet targets for lower premiums, again improving their chance of living longer, healthier lives and reducing costs to the insurer.

 

Here in New Zealand, AIA’s Vitality program was launched in 2019 focusing on improving kiwi’s health and well-being through tracking key metrics on nutrition and activity.

 

Interested in learning more about offsetting your premiums through your wearable device health data?

 

Contact Joel at Advice Kiwi for a friendly chat to discuss your options.

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