Future health insurance - IOT adopted

Future health insurance - IOT adopted

It is estimated that there are likely to be 30 billion connected devices worldwide by 2020. Such astonishing figures are that little industry is surprised that many industries, including insurance, are looking at the Internet of So (IOT) for the next big technological evolution.

IOT and its possibilities will be a hot topic of discussion at the 12th Asia Healthcare and Asia Insurance Conference this week. I am looking forward to a panel discussion on this issue tomorrow and discussing the possibility that interconnected devices will change games in the industry.

But what is the actual opportunity? Also, how can the medical insurance industry make effective use of this in the future?

It is clear that the IOT presents infinite possibilities not only in terms of how the insurance company interacts with its customers, but also in the way the healthcare provider provides treatment and the patient manages his own medical care. IOT is transforming the healthcare industry to improve diagnosis using interconnected devices and to monitor patients in real time and prevent problems from becoming serious.

One of the major medical challenges of the 21st century is the need to control costs against aging and new advances in medical care. This is the most promising field of IOT. IOT broadens the possibilities of active and preventive interventions of physicians and telemedicine and virtual care services are strengthening patient care management and ultimately helping to lower costs.

New advances in personalized precision medicine also tailor the treatment to each individual by minimizing the amount of "test and learning" needed when the doctor is developing a treatment plan It is possible to do. This is good news for patients in terms of improving results, but it is also true for insurers who eventually enter the bill.

For health insurers, the increase in available data on existing and potential customers will allow us to further customize the product for each individual while improving risk modeling and loss rate. We have already begun to see this in the most basic form. Some insurance companies are tracking customer behavior by wearable devices and rewarding insurance companies that live healthier lives.
However, many of these smart watches and health apps are still obsolete. Futuristic wearables are further integrated into our everyday lives, from sensors of clothing we wear, to augmented reality implants that were only SF areas until now. These are undoubtedly presenting new opportunities to insurance companies in ways we can not imagine yet.

Advances in block chain technology will also open new doors that will enable insurers to better understand the vast amount of data that the IOT provides. Although this technology is still in its early stages, future supercomputers do not collect insurance premiums based on snapshots of obsolete information before the contract is concluded, but based on real-time insurance underwriting "smart insurance It is possible to build a contract "signed

However, these opportunities also involve danger. There is the possibility of treating data excessively as well as the range of data privacy surrounding insurance companies and other commercial organizations holding confidential information. At what point is the insured's disclosure obligation more important than data privacy right? From now on, the industry will need to cooperate to set clear parameters to maximize the use of this new technology while protecting individual rights.

One thing is clear. All insurers need to identify new partnerships and technology platforms to provide customers with a more comprehensive service. In the future, not only will the industry provide health insurance but also provide an integrated health solution that will support your overall health and well-being,
In cases where insurers can adopt IOT and other technologies to maintain people's health, we not only reduce costs and ensure health insurance at an affordable price but, most importantly, by customers We will be able to provide good service.