Wearable Technologies and Internet of Things in Life and Health Insurance

Advances in technology and user acceptance have led to the production and launch of wearable devices by startup companies over the years, as well as the spread of the Internet of Things, which can create amazing opportunities, especially for insurers. The purpose of this article, while introducing the Internet of Things and wearable technologies and explaining the reasons for their importance in life and health insurance, is to introduce and review the insurance companies that use these technologies in presenting their products in order to provide a clear picture of their application and capabilities. This research, using a qualitative method of descriptive-exploratory type, examines the applications, capabilities and challenges of using wearable technologies in life and health insurance. The research results show that there are different technologies for assessing the insured risk and the insurer’s awareness of the insured health status, each of which considers different indicators. The results indicate that the use of health wearables from various dimensions such as risk assessment, insurance processes, damage control and cost and time reduction is effective in designing life insurance and treatment products. Therefore, life and health insurers, in addition to considering these technologies in the design and delivery of products, must be prepared to face challenges such as data management, building the necessary infrastructure, privacy and data security. In this regard, it is necessary in the early stages of planning these technologies, strategies such as increasing awareness and encouraging customers to use these technologies, partnerships with companies in the field of health, data security, product innovation, damage control and insurance processes.