PWC, the impact of the wearable device (even) on insurance

A report on the “connected living” analyzes the factors that are driving the untamable device industry. As well as the effects that will have in their daily lives and businesses. Among the industries that have the greatest opportunity there is the insurance sector

Published on 12 Jul 2016

The main driver for the adoption of wearable is certainly the health, that is related to the identification of the insurance industry as one of the industries that will most benefit from the use of such devices, and for this being appreciated by customers.

This is one of the findings that emerge from PWC report, “The Wearable Life 2.0 – Connected Living in a wearable world”, recently published. The document, which is the result of a survey conducted mainly in US interviewing 1,000 consumers, compares the evolution of the sector over the last two years (in 2014 PWC had already carried out a similar survey) focusing in particular on adoption, impact and perception of final consumers.

There is a positive response from the people to the use of wearable devices: more and more people are convinced that these devices can be of great help in the care of health and personal well-being, improving the quality of the services they purchase and the working efficiency. As the report states, in fact, the job will be one of the rooms in which there will be a strong push to the use of the devices, as more and more companies will require in future that its employees, through a wearable, keep monitored their health and stress.

However, few people consider intrusive wearable technologies with respect to their privacy, and also with regard to the workplace, the same employees probably require that the employer provides them with a next-generation wearable. Ultimately, the use of a wearable device will be associated with the insurance coverage.

Among the new markets, yet little emerged, which will push the industry of wearable there are also the needs of young families with children: parents are more sensitive to the issue, as to be considered as early adopters of the industry, curious to experience every solution that can help them stay healthy and stress-free, but also to monitor and take care of the children or make their life safer. (In this regard, read the solution proposed by the Italian startup Child Explorer).

The report then provides a positive image of how the sector of wearable is gaining ground: the only real obstacle identified among consumers is not privacy, but the cost.

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