Apple Watch (Photo: AP)
Now that insurers are really starting to tie financial incentives to tracking data from wearable devices, the share of consumers who say they like the idea appears to be falling — but is still large.
Analysts at LendEDU look at consumer views on insurer use of wearable device tracking data in a new report on a survey of 1,000 U.S. residents ages 18 and older. The survey was conducted in August.
About 82% of the participants said they object to the idea of an insurance company installing biometric trackers in their bodies in exchange for giving them a chance to qualify for lower life or health insurance premiums.
But 7% of the participants said they were not sure about the idea an insurance company installing biometric trackers in their bodies in exchange for access to life and health discounts.
About 11% of the participants said they were OK with the idea of an insurance company installing biometric trackers in their bodies.
Similarly:
- 18% of the participants said they were OK with the idea of giving an insurer access to their DNA, and 11% said they were not sure. Just 71% said they opposed the idea of insurer DNA access outright.
- 8% said they would be open to letting insurers install cameras in their homes, to monitor their daily activities, and 5% said they were not sure. About 87% said they opposed the idea of in-home insurer cameras outright.
More information about the survey is available here.
What Have Insurers Been Saying About Wearable Devices?
John Hancock recently announced that it will now give all of its life insurance policyholders incentives to report on their wellness efforts, and that it will also encourage policyholders to use wearable devices to track wellness metrics, such as how many steps they take each day.
