The Next Big Thing in Insurance may not be in your hometown or in Colorado.
The Next Big Thing in Insurance may not be in your hometown or in Colorado. It may be in India, though. Insurance companies in India are considering adding wearable computer technology to their portfolio of services. If the idea doesn’t impress you, that’s because most insurance companies already use wearables in their businesses. Yet, they’re hoping that the added feature of telematics will entice more customers into purchasing coverage from them.
Companies like Avis, Hotels, and Travelocity already have telematics hardware in place. Now it’s just a matter of adding parables to those systems. Wearables like heart rate monitors, calorie counters, and time and speed monitors can help provide patients with accurate information about their workouts. They can also record those activities for use by doctors and other health professionals in the future.
This isn’t the first time that telematics applications have been used to improve company operations. Consider that during World War II, the military put G.I. Rations into storage containers in an effort to save the lives of men on patrol. These medications were supposed to make soldiers stronger, but the containers were eventually discovered to be leaking toxic gases. The government ordered a recall, but the company responsible for storing the medications denied liability. The Food and Drug Administration eventually fined the company millions of dollars for failing to comply with safety standards.
Health care providers have long known that tracking patient information helps reduce mistakes and keep doctors up to date on the latest medication treatments. But imagine how much better hospitals and doctors will be able to serve their communities when they know which medications are working and which aren’t. When patients have access to this information as well, they may be more apt to seek treatment and may even end up with a new doctor. If patients in rural areas can see a specialist without having to drive great distances, chances are they will choose a doctor who is within driving distance. Telematics may help this along by making it easier for doctors in smaller communities to serve their communities effectively.
The idea of the next big thing in insurance is also about convenience for the insured. When people can receive routine medical care right at their home, they don’t have to leave town to go to the emergency room of a hospital. This allows them to save money, which many seniors and disabled individuals do not have a lot of. The availability of telematics services means that family members can receive routine care without spending money they may currently have on travel expenses.
The idea of the next big thing in insurance is also about making life easier for the insurance provider. When a person can receive routine care from a doctor who is conveniently located, then it increases the chances that the person will make a claim on their policy. The use of telematics in the insurance industry is not limited to senior citizens. Many people have found that telematics help them secure better insurance rates when they are younger than required by their current policies.
Home health care is another way that telematics can benefit an individual or family. When someone can receive home health care services right at the comfort of their own home, they are more likely to remain at home longer. This makes it important for senior citizens and disabled persons to continue living independently in their homes, even as they age. Insurance companies realize this, and this has led to more seniors being able to afford home health care services. As the next big thing in insurance, home health care has made progress in the last few years.
Telematics is one of the most innovative ways to improve the quality of life for those who are insured. The advances made in telematics technology are only the beginning, as more improvements are expected in the future. In the mean time, however, it is a service that can make a huge difference to those who use it. If you are concerned about how you are valued by your insurance company, or you just want to be sure that you are keeping your coverage costs low, then consider telematics to find out what it can do for you.