Telematic devices in health insurance companies

Wearable technology gadgets have grown in popularity because they offer higher entertainment and a tracker that helps advance consumer goods and lifestyles. Health insurance providers have discovered methods to gain popularity as consumers do. Wearable technology could allow health insurance providers to provide policyholders with the same level of service since, like automobile mileage tracking devices, Telematic health devices can provide more precise information about a patient’s health status. Wearable technology “makes it simple for insurers to reward clients for making wise decisions, just as tracking devices in cars. If a fitness tracker records a particular quantity of exercise, several companies have already started paying users. After all, fitness trackers make it simple for insurers to receive statistics on the number of calories burned. Consumers can receive a bill credit or just money toward a gift card when they meet a predetermined goal. Wearable technology can help insurers and their clients in this way, according to a 2018 article titled “How Wearable Technology Benefits Health Insurance Companies.” Most estimates are based on guesswork and frequently do not account for or personalize facts. However, insurance companies could customize outcomes based on real-time data retrieved from reports with wearable technology gadgets, offering a personalized premium based on report data that indicates a patient’s lifestyle and health. There are always possible drawbacks to innovations. Because they worry that their information will be sold to a third party, many consumers are reluctant to share it. Consumers would need to be reassured and protected by insurance firms that private information would not be disclosed. Telematic gadgets are constantly developing, becoming more sophisticated, and interwoven into daily life. The potential in the main market is limitless as they develop.

References

Advances in Wearable Technology. (2016, September 28). Retrieved from https://mporium.com/blog/technological-innovation/advances-wearable-technology/

How Wearable Technology Benefits Health Insurance Companies. (2018, June 13). Retrieved from https://www.businessinsuranceusa.com/business-insurance-blog/wearable-technology-benefits- health-insurance-companies/

Telematics Will Transform Industry. (2019, January 24). Retrieved from https://gotransverse.com/blog/telematics-will-transform-industry

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Cite at least two (2) peer-reviewed reference

Respond to the following:

Telematic devices (e.g., safe driving devices) are used by insurance companies to collect billions of miles worth of driving data from policyholders. Consider the impact that similar devices can have in health care.

Should health insurance companies be able to collect health data on policyholders through wearable tech in order to inform the costs of insuring individuals? Consider the question from legal and ethical standpoints. Defend your answer by citing 2 to 3 reputable sources on the topic.

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