International Journal of Transformations in Business Management

International Peer Reviewed (Refereed), Open Access Research Journal

E-ISSN : 2231-6868 | P-ISSN : 2454-468X

IMPACT FACTOR : 5.987 | SJIF 2020: 6.336 |SJIF 2021 : 6.109 | ICV 2020=66.47

+91 9555269393 | +91 9311631393   info@ijtbm.com


Abstract

Vol: 13, Issue: 1 2023

Page: 001-003

The Fusion of Health Tech and Insure Tech

Dr Gaurav Sahni

http://doi.org/10.37648/ijtbm.v13i01.001

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.

Back Download PDF

IJTBM
Typically replies within an hour

IJTBM
Hi there 👋

How can I help you?
×
Chat with Us