Consumer attitudes regarding sharing wearable data with life insurers are becoming more and more significant in the ever-changing world of health and wellness. In exchange for financial rewards, 47% of consumers are willing to share their wearable data with a life insurer according to GlobalData’s 2022 UK Insurance Consumer Survey. In contrast, only 29.1% of consumers say they would be reluctant to share their data, which shows they are generally open to the idea. This is especially important in light of the growing use of biometric data in life insurance, with organisations such as employee benefits provider YuLife actively utilising this insight.
This consumer behaviour demonstrates a strong interest in personal wellness and is also consistent with the data-sharing ethos. GlobalData’s 2022 UK Insurance Consumer Survey found that 46.6% of people would be open to using wearable technology to help them achieve wellness objectives and lead healthier lives. As such, businesses can make an important impact in improving the health of their employees, which may directly affect attendance and productivity.
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Identifying and averting possible health problems is a valuable benefit for staff members. However, it is important to acknowledge that obstacles still exist. 45.7% of consumers who expressed reluctance to share smart device data stated they did not want to wear a device. Additionally, 29.6% of such respondents expressed privacy concerns. Insurers seeking to capitalise on the potential of wearable and biometric data must come up with creative ways to overcome these obstacles.
YuLife has positioned itself to serve companies that want to improve their workers’ health and well-being with its new proposition, YuScore. YuScore provides a full suite of tools for determining a company’s health and well-being profile, driven by wearables and artificial intelligence. Employers can use this dynamic risk assessment model to proactively mitigate health and business risks by gaining valuable insights into employee health trends and implementing data-driven strategies. Businesses can use YuScore to inform changes to their wellness initiatives and ensure workers’ well-being is adequately supported. The rating system, which runs from zero (high risk) to 100 (low risk), satisfies the modern need for data-driven wellness programmes and enables businesses to assess their performance in comparison to others with similar profiles. The launch of YuScore is an encouraging development in the field of business wellness and health. It can help reduce potential health risks and illnesses, in addition to meeting the needs of companies looking to establish more productive, healthy work environments. Insurance companies need to adapt to wearable technology and data sharing. It will be crucial for insurers to break down the barriers associated with wearable devices, deal with concerns regarding privacy, and capitalise on dynamic risk assessment models like YuScore if they want to stay competitive in this changing market.
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