The wearable technology has all along been about fitness tracker to monitoring devices. However, a recent recovery illustrates that there much more than what we are hearing or reading. Apart from largely being used in the health arena, employers have also adopted in their workplace health schemes. They could be working collaboratively with insurance companies to gather and generate wellness information.
However, for the dire need of privacy, not everyone will be willing to share out their personal information intimately. Thus any employer who chooses to use the technology must be well-advised.
The use wearables calls for partnerships
As the market gets a boom of the wearable devices, a handful of industries are set to reap big. However, it triggers the need for partnerships so as to gain from its full value. That said, Fitbit, which is a market leader in fitness trackers, has settled on several partnerships with US health insurers alongside corporate wellness businesses. All this courtship has given birth to FitBit Group Health.
Other insurers have developed programs that will help in meeting customer’s specified walking goals, which are measured by a custom-designed wearable. On the side, Chicago-based Vitality Group is tapping into the expertise of some great health and insurance industry partners. Another scheme is rewarding consumers who are using Apple Watch that provides data to the insurer.
Ohio-based Beam Dental is another start-up that is coming up very fast. It has developed a dental health insurance plan, which will allow its clients to use a Bluetooth-connected toothbrush. The company’s CEO, Alex Frommeyer says that they are learning to alleviate risks while improving dental health for its customers, through the use of data from the toothbrushes.
But fair treatment for wearable users is essential
Privacy partner at London law firm Covington & Burling, Daniel Cooper, affirms that the use of wearable devices is a good way, especially for insurers. However, the wearers’ privacy must be taken care of as well as their legitimate treatment concerns.
Nonetheless, insurance companies also ought to look into the benefits and risk reductions that will evolve from the access of customer’s health data through such devices.