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Wearable Devices in Health and Life Insurance

Wearable Devices in Health and Life Insurance. By Dorina Paritsky, ASA, MAAA Vice President of Pricing, Self-Funded Products, United Healthcare May 14, 2019. We’ll talk about. What exactly are “wearable devices”? Wearable devices in our lives Uses of wearable technology in insurance

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Wearable Devices in Health and Life Insurance

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  1. Wearable Devices in Health and Life Insurance By Dorina Paritsky, ASA, MAAA Vice President of Pricing, Self-Funded Products, United Healthcare May 14, 2019

  2. We’ll talk about • What exactly are “wearable devices”? • Wearable devices in our lives • Uses of wearable technology in insurance • Product design and pricing considerations • The future is here

  3. Activity • Fitbit owners • Apple Watch owners • Samsung Watch owners • Smart Phone owners • Wrist Watch owners

  4. “Wearable Device” definitions • “Electronics, mechanical technologies, and functional materials that are attached to the body, unsupported by the hands” – Encyclopedia Britannica • “Modern wearable technology is defined as incorporating a microprocessor and an internet connection” - Investopedia

  5. Wearable Device Examples • Smart Phone • Smart Watch • Activity Trackers • Bluetooth Headsets • Wrist Watch • Spy/Security Equipment • Smart Clothes/Hats • Medical Alert Monitors • Hearing Aids

  6. History

  7. 1980 and Later

  8. Most Common Wearable Technology – Fitness Activity Trackers

  9. Wellness Program Features

  10. Employer Wellness Programs

  11. Wellness Program Impact Benefits Challenges Costs No BMI improvement? Limited benefit without consistency Privacy/Security Concerns • Marketing tool • “Know your numbers” • Culture Shift • Lower claims/reduced trend?

  12. Product Design Considerations

  13. Pricing Considerations

  14. Wearables in Life Insurance Not yet widely used Potential applications • Underwriting • Risk Selection • In-force management • Consumer engagement • Mortality improvement • Chronic disease identification and management • Potential to combat obesity

  15. The Future of Wearables Isn’t Fitness • Smart Tattoos/Pills/Patches • Drug injection pumps • Patient monitoring devices • Attention focusing /mood sensing devices • Air quality monitors • GPS-enabled child monitors • Personal/ body cameras

  16. Wearable Devices in Health and Life Insurance • Thank you for listening It’s question time!

  17. Credits • WIRED publication • Wearable Technologies publication • NAIC.org • News publications (BBC, CNN) • AETNA, Anthem, CIGNA, Humana, United, John Hancock publications • Staysourced.com • Wikipedia • Investopedia • Encyclopedia Britannica

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