INSURANCE
50
“ Health ecosystems are essential for the future success of those operating in the life sector ,” affirms a recent report by KPMG . “ Wearables are increasingly contributing to this market , and without access to these datasets , insurers will not be able to manage risks or engage with their customers .”
In the US , insurers have begun offering their customers premium discounts in exchange for data from their wearable health monitors . Insurer John Hancock ’ s policies have gone one stage further , according to KPMG , by requiring fitness tracking data to be submitted . This lends credibility to wearables data as a valid new source for risk assessment , rather than simply a distribution loyalty gimmick .
MākuSafe , an Iowan startup , offers a full solution to insurers and companies to increase data collection and compliance . The company uses a device similar to a Fitbit to capture and measure workplace environmental data and hazards to improve workplace safety , and helps insurers and carriers better process workers ’
“ Things like lighting and temperature can vary greatly in the space a few feet . All of those things can impact the health , wellbeing , happiness and safety of a worker ”
— Gabriel Glynn , CEO and co-founder , MakuSafe
compensation claims . MākuSafe ’ s platform then collates the data in the cloud , presenting it to insurers in a dashboard .
“ We set out with the purpose of trying to solve two problems . We wanted to gather data constantly and in realtime , so we can identify before someone ever gets close to a dangerous exposure . Secondly , we wanted the device to be wearable . The environment in manufacturing facilities is always changing , which is another reason why constant real-time data monitoring is so important . Things
MARCH 2020