Leveraging cutting-edge technology, every sector has gone through diverse filters of changes, but the deployment of wearable devices has turned into a significant factor to facilitate the shifting process of the healthcare sector. As per the prediction of BBC Research Report, the global market of connected wearable devices will enjoy an exponential leap, and by 2021, the estimation of the market will be $8.3 billion. These wearable devices have earned tremendous traction in the field of health insurance, as these devices provide insurers with a better opportunity to have proper data related to the health of the policyholder.
The market for wearable healthcare devices has grown rapidly in India, but the number of people having proper health insurance is still below the limit. The Insurance Regulatory and Development Authority of India has started to rethink the prospects of wearable healthcare devices to bring further penetration in the Indian scenario. To the insurance sector, 'risk factor' has always played a pivotal role, as, without the proper analysis of upcoming risks, it is impossible for the insurance companies to move freely. The wearable healthcare devices have a lot to do in this field to offer the chance to select proper premium for its customers based upon their healthy habits and regular behaviors like lifestyle and physical activities. Interestingly, leveraging these advanced devices insurance providers will be able to set proper incentives for policyholders for maintaining healthy habits.
The strong Indian market allures a plethora of investors from different sectors, and the healthcare sector is not a different one. Previously, wearable healthcare devices have witnessed tremendous interest of Indian people, and Research and Markets rightly predicts, the market will have an exponential hike between 2018-2023. Keeping with this massive growth, there will be fierce competition among several important brands like Fitbit, Samsung, and Apple.
The health insurance sector has to accept these rapid changes and should address them in a meditated way in order to escalate both customer engagement and revenue. Along with this, the whole planning will mostly rely on government policies.
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