Speaking at LIMRA’s distribution conference, Bailey said there is huge potential to use the data registered on wearable devices within the insurance industry.
Bailey gave the example of a wearable device that has been developed to be worn inside a normal bra and can detect breast cancer through heat patterns. He claimed that the data collected on health gadgets could be utilised at the point of sale, during underwriting and even when a claim is made. He added that these devices would change the way insurers operate.
“I think this holds tremendous potential for our industry,” he said. Bailey told conference delegates that such technology could, “change the foundational structure of how we build products, how we price products, and even how we go to market.”
He added: “Truly, I believe it will be revolutionary for the industry.”
Wearable tech is not the only new technology that Bailey sees as providing insurers with new opportunities, however. He also claimed that social technology and big data are areas worthy of serious consideration. Bailey said big data was offering a way insurance firms to alter the customer experience.