Medical Internet of Things (IoT) in Insurance - Thematic Research
Description
Medical Internet of Things (IoT) in Insurance - Thematic Research
Summary
This report provides an in-depth analysis of medical IoT’s place within the insurance industry. It identifies key players and discusses what they have done well to set themselves apart. It analyzes the investment that has gone into the theme within insurance in recent years, as well as how it is perceived by industry experts. The report also looks ahead to the future, analyzing potential new technologies and how they can be utilized.
The key principle of the medical Internet of Things (IoT) theme is to improve the health and wellbeing of customers. This can be through many different routes, including gradually improving mental and physical wellbeing by tracking data (often on wearables) and early diagnosis. An easy-to-use app is essential - one that can either record fitness information or sync with other apps, but also arrange virtual GP appointments, provide information on nutrition and wellbeing, and potentially even offer fitness classes. The leading providers have all created an app that is a hub for consumers’ overall wellbeing, which can lead to a huge uptick in touchpoints between customer and insurer. This approach also helps lower the risk profile of insurers’ customers, both by incentivizing them to live healthier lifestyles and by increasing the chance of spotting a potential health issue early on. This will help reduce the number of large claims.
Scope
Summary
This report provides an in-depth analysis of medical IoT’s place within the insurance industry. It identifies key players and discusses what they have done well to set themselves apart. It analyzes the investment that has gone into the theme within insurance in recent years, as well as how it is perceived by industry experts. The report also looks ahead to the future, analyzing potential new technologies and how they can be utilized.
The key principle of the medical Internet of Things (IoT) theme is to improve the health and wellbeing of customers. This can be through many different routes, including gradually improving mental and physical wellbeing by tracking data (often on wearables) and early diagnosis. An easy-to-use app is essential - one that can either record fitness information or sync with other apps, but also arrange virtual GP appointments, provide information on nutrition and wellbeing, and potentially even offer fitness classes. The leading providers have all created an app that is a hub for consumers’ overall wellbeing, which can lead to a huge uptick in touchpoints between customer and insurer. This approach also helps lower the risk profile of insurers’ customers, both by incentivizing them to live healthier lifestyles and by increasing the chance of spotting a potential health issue early on. This will help reduce the number of large claims.
Scope
- Global personal accident and health GWP will reach $1.6 trillion by 2026.
- GlobalData forecasts that healthcare providers will spend $13.3 billion on Internet of Things platforms in 2025 - up from $10.3 billion in 2019.
- Vitality, Ping An, Bupa, and Dai-ichi Life are among the leading incumbent insurers in this space.
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the insurance market.
- Understand the key impacts the use of medical IoT is having on the insurance industry.
- See who the key players in this theme are, including insurers, startups, and technology providers.
Table of Contents
56 Pages
- Executive Summary
- Figure 1: Who are the leading players in the medical IoT theme, and where do they sit?
- What is Medical IoT?
- Key players in the IoT value chain
- Medical IoT devices
- Technology trends
- Macroeconomic trends
- Regulatory trends
- Insurance benefits of medical IoT
- Digital tools and wearables can reduce health risks
- Health insurance investment remains one of the leading sectors of insurance
- Financial savings will drive more consumers to share data with a life insurer
- The collection and protection of private data is one of the theme's greatest barriers
- Younger consumers are more willing to share personal data
- Insurers are looking to hire big data specialists-a key aspect of medical IoT
- Patents for medical IoT within insurance continue to grow
- Medical IoT's net sentiment score is positive on social media
- The most-discussed elements of IoT and Medical IoT
- Pet owners are monitoring pet's health and activity levels via tracking devices
- Vitality has been the standout player in this theme for many years
- End-to-end fitness and wellbeing programs lead the way
- Leading Insurtechs target high levels of engagement and prioritize mental wellbeing
- Ping An is a leader in medical IoT and has innovated in a range of ways
- Hitachi and Dai-ichi Life use medical data to predict the length of hospital stays
- Cedars-Sinai Hospital used VR to provide COVID-19-related training to staff
- Johnson & Johnson uses VR to improve surgical training
- Market size and growth forecasts
- Mergers and acquisitions
- Timeline
- Figure 28: The medical IoT in insurance value chain
- Product development
- Marketing and distribution
- Underwriting and risk profiling
- Claims management
- Customer service
- Public companies
- Private companies
- Insurance sector scorecard
- Glossary
- GlobalData reports
- Figure 33: Our five-step approach for generating a sector scorecard
- About GlobalData
- Contact Us
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