Can Apple watch re-define insurance industry?
As we are aware about the partnership Apple acquired with payment giants like American Express Co., Visa Inc. and Mastercard Inc. It clearly indicates that users will get a platform to quickly pay for their purchases, just with a touch of finger, on any finger-print reader device.
News is, insurers are also eyeing to take advantage of the Apple Watch. For instance, Dr. Benno Keller of Zurich Insurance Group seems excited about the new wearable and hopes to bring it to its users.
What to do? What not?
Dr. Keller further states that following Apple’s footsteps, its counterparts maybe rushing to bring in a dynamic payment system. Unless, their slow pace may cost them a loss of up to 6 to 12 months, at a stretch.
Since, users may not be ready to accept the coolest technology with a pinch of salt. Dr. Keller thinks that for insurers, payment-security is of utmost concern to companies. They are in the look-out for flawless methods of making transactions.
After the inevitable theft of celebrity photos, users are already in a state of shock. They surely don’t want something like this, especially where money is involved. There is no doubt that hackers will make every attempt to break in the Apple Watch, in an attempt to steal account information or to make unauthorized payments.
What to Expect?
“We believe this product will redefine what people expect from this category,“ “It’s the most personal device we’ve ever created.“ – Tim Cook, CEO, Apple.
Apple has given birth to actionable-tech. Apple Watch will not only make wearable-technology cooler and smarter but take it to its potential users.
With a strong focus on user-engagement, insurance companies hope to build a cohesive ecosystem via Apple Watch. It hopes to increase valuable brand interactions using strategic insights into user behavior.
Dr. Keller calls the Apple Watch a canary, in the gold mine of wearable-technology. Sooner or later, wrist-tech will penetrate the lifestyles of the world. It will spread like wild-fire to let brands communicate to customers in the most direct and open of ways.
The Road Ahead
Apple Watches are all set to open the window of opportunity for insurers, to explore. Gradually Apple may turn to other industries apart from health, to re-define the norms.
As of now, insurance companies can vouch for the kind of superb features, Apple Watch will offer. Like build health metrics of users, regularly monitor their health, track movements via pedometers and GPS and create better avenues for user-centric focused marketing.
It is clear that the Apple Watch sensors will collect motion and heart-rate going straight into fitness apps and syncs further into its Health dashboard app. Third-party apps will have access to this data. I guess, here, comes the trouble. Since, many insurance companies use personal health tracking to create wellness regimens.
Executive Director of World Privacy Forum, Pam Dixon notes that, “Apple Watch will give us an all-inclusive picture of our daily activities. But we don’t have details about the defaults and how we can control this information yet,”
Dixon further said. “I’m going to assume we’ll have control over what third parties see and what we can lock down, but we don’t know, yet.”
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