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Premium perks: Wearables, apps are set to transform health insurance

IRDAI has so far received 173 proposals, most of which incentivise wellness in the health insurance space through the use of apps and wearable devices

Premium

Health insurance companies are using apps to encourage people to adopt a healthy lifestyle and earn reward points which can be redeemed annually

4 min read Last Updated : Mar 05 2020 | 12:09 AM IST

The health insurance sector could be in for a major transformation as technology-backed wellness regimes become the order of the day. Moving away from actuarial data, much of the health insurance benefits in future might be linked to real-time data from health apps and wearable devices.

Last year, the Insurance Regulatory Development Authority of India (IRDAI) invited proposals for products under the sandbox regulatory regime. Regulatory sandbox usually refers to live-testing of new products in a controlled environment. It is similar to a pilot project. The insurer is free to withdraw from the project in case it fails to succeed, and provided it doesn’t impact the customers who have already purchased a product.

IRDAI has so far received 173 proposals, most of which incentivise wellness in the health insurance space through the use of apps and wearable devices. Many health insurance companies are already experimenting on these lines. For examp