Vishal Gondal: Digital platforms help insurers influence consumer health
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"Insurers, for the longest time have been focusing on data after the fact, which means once a claim is done, insurers have a ton of data. However, the real challenge is what happens in the day to day life of a consumer which leads them to become sick, unwell and that is a kind of data which forget insurers, the healthcare providers also don't have access to.
I believe that if insurers are able to harness wearables data and a whole lot of other engagement platforms together, they can not only have a real time view of how the consumers are performing, but they can also make tweaks into behaviors which eventually reduce the risk and of course make the insurance companies more profitable.
The future of wellness in the insurance industry is going to be all about empowering the consumer to take charge of their own life. It is about making healthy choices, helping them change their behavior and motivating them to make those changes so that they can actively remain healthy rather than become sick and then figure out how to manage a sickness.
Wearables enable you to suddenly unlock a whole set of data around your daily health and lifestyle. And this data is now going to help motivate you to make changes which will help you live a better lifestyle.
While everybody wants to remain healthy and make healthier choices, most people lack the motivation to do that. Unfortunately, since we are humans, we can't be accountable to bots or notifications. Accountability works when a real human is on the other end. Wearable combined with data, combined with a health coach and combined with various aspects of an ecosystem can make the behavior changes, which is why we believe the future of insurance will be a combination of man and machine where together will make the world healthier and a better place."