Smartwatches become a life insurance essential
There is no denying that smartwatches have become increasingly popular, as the world’s largest brands look to capitalise on the market’s demand. It is estimated that the worldwide value of this growing industry could be around $32.9 Billion by 2020.
In a move that could change the way insurance is managed in the US, life insurance provider John Hancock will no longer offer policies that do not include digital fitness tracking. These policies, known as “interactive cover” will be the only products available, following their introduction back in 2015.
The inspiration for these new plans has been linked to the brand’s international partner, Vitality, who have popularised the use of smart tech to allow customers to earn discounts and benefits through tracking their daily activity.
Activity-tracking devices like the Apple Watch help users to keep track of their activity levels and dietary choices to build a healthier lifestyle. They can set targets and goals for the user and will often chime in to notify when targets and exercises levels are slipping.
These new policies have faced criticism from experts in the industry, with some claiming brands could invalidate cover if customers fail to meet targets. Premiums too could increase if users make unhealthy dietary choices, creating a kind of health based American dystopian surveillance state.
For now, John Hancock claims that customers won’t be required to deliver activity logs to qualify for cover, but with partner Vitality reporting that users with cover who stick to the devices guidelines live between 13 and 21 years longer, getting cover could become a mountain too high for some.
