We outline the market outlook for wearables in life insurance — from investment trends, to leading companies, to recommendations for players in the space.
What are wearables?
Wearables are smart devices that collect biometric data from the individual wearing them. Although smartwatches and fitness bands are the most popular forms of wearables today, startups are also experimenting with a broad range of new wearable devices, such as headbands, patches, and rings, to collect data about individual lifestyles and health.
Life insurers can tap into this data to underwrite and price policies. Players in this market include wearable hardware manufacturers with software platforms and pure-play wearable software platforms.