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Carriers see huge potential in wearables

Fitness bands and other gadgets are changing the way Americans exercise and track their goals. Soon, they also may change the way insurance companies calculate premiums.

By Alan Goforth | Updated on May 12, 2015
Fitness trackers, from left, Basis Peak, Adidas Fit Smart, Fitbit Charge, Sony SmartBand, and Jawbone Move, are posed for a photo next to an iPhone, Dec. 15, 2014. (AP Photo/Bebeto Matthews)

Fitness bands and other gadgets are changing the way Americans exercise and track their goals. Soon, they also may change the way insurance companies calculate premiums.

“While insurers have traditionally based their underwriting and pricing processes on a limited view of certain customer variables, emerging technologies such as wearables and other connected devices can help insurers break from their traditional business models and provide outcome-based services for their customers,” said John Cusano, senior managing director of Accenture’s global insurance practice. “For instance, one leading insurer recently announced that it will provide new policyholders with a free fitness band to track their health progress – and then reward their healthy living with a reduction in life insurance premiums.”

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