The Fusion of Health Tech and Insure Tech
Dr. Gaurav Sahni
Project Lead, KG Information Systems Private Limited, Coimbatore, Tamil Nadu
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http://doi.org/10.37648/ijtbm.v13i01.001
Abstract
Digital technology has increasingly grown smaller – from the age of large computers, we now have digitalized
devices that can be worn on the human body. Such digital devices that aid in healthcare have been seeing a rapid
adoption. Today, it is difficult to have a walk in a park without witnessing several people wearing fitness bands
on their wrists. While such technology is making it easier for users to track their health, the aggregated data when
collected over the internet can be a treasure trove of information, which insurance companies are trying to mine.
From $5.18 billion in 2014, the global market of IoT Healthcare Technology is poised to be over $14.6 billion by
the end of 2022 as per Zion Market Research. Other types of health technology such as smartphone apps,
connected health devices, smart home hubs, and so on also act as sources of data. Insurance has always been a
very data-driven industry. As such, insurance product managers have always been on the look-out of newer data
sources in order to obtain different types of insights for shaping their product development strategy. Therefore,
the insurance sector is eagerly exploring the possibilities of using data collected from wearable devices and other
health technologies as such data was previously impossible to obtain. Not only does this aid in preventive
healthcare, as people at high risk of certain ailments could be alerted in advance, but it also can help insurers to
devise plans that can serve their intended beneficiaries better.
Keywords: Health Tech; Insure Tech; Health care industry
References
- https://www.zionmarketresearch.com/report/iothealthcare-market
- https://www.thelancet.com/journals/landig/artic le/PIIS2589-7500(19)30222-5/fulltext
- https://www.un.org/en/un75/impact-digitaltechnologies
- https://www.irdai.gov.in
- https://timesofindia.indiatimes.com/business/in dia-business/in-a-first-max-bupa-launcheshealth-atms/articleshow/61176946.cms