Medical Internet of Things (IoT) in Insurance - Thematic Research

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $1,950	56 Pages	GlobalData	August, 2022	GBDT17412485

Best Price Guarantee
Price	from $1,950
Length	56 Pages
Publisher	GlobalData
Published Date	August, 2022
SKU	GBDT17412485

Medical Internet of Things (IoT) in Insurance - Thematic Research

Summary

This report provides an in-depth analysis of medical IoT’s place within the insurance industry. It identifies key players and discusses what they have done well to set themselves apart. It analyzes the investment that has gone into the theme within insurance in recent years, as well as how it is perceived by industry experts. The report also looks ahead to the future, analyzing potential new technologies and how they can be utilized.

The key principle of the medical Internet of Things (IoT) theme is to improve the health and wellbeing of customers. This can be through many different routes, including gradually improving mental and physical wellbeing by tracking data (often on wearables) and early diagnosis. An easy-to-use app is essential - one that can either record fitness information or sync with other apps, but also arrange virtual GP appointments, provide information on nutrition and wellbeing, and potentially even offer fitness classes. The leading providers have all created an app that is a hub for consumers’ overall wellbeing, which can lead to a huge uptick in touchpoints between customer and insurer. This approach also helps lower the risk profile of insurers’ customers, both by incentivizing them to live healthier lifestyles and by increasing the chance of spotting a potential health issue early on. This will help reduce the number of large claims.

Scope

Global personal accident and health GWP will reach $1.6 trillion by 2026.
GlobalData forecasts that healthcare providers will spend $13.3 billion on Internet of Things platforms in 2025 - up from $10.3 billion in 2019.
Vitality, Ping An, Bupa, and Dai-ichi Life are among the leading incumbent insurers in this space.

Reasons to Buy

Benchmark yourself against the rest of the market.
Ensure you remain competitive as new innovations and insurance models begin to enter the insurance market.
Understand the key impacts the use of medical IoT is having on the insurance industry.
See who the key players in this theme are, including insurers, startups, and technology providers.

Executive Summary
Players
- Table Figure 1: Who are the leading players in the medical IoT theme, and where do they sit?
Technology Briefing
- What is Medical IoT?
- Key players in the IoT value chain
  - Table Figure 2: Key players in the IoT value chain across healthcare
  - Table Figure 3: Our IoT value chain
  - Table Figure 4: The IoT value chain
  - Data governance and security
  - Key insurance uses
- Medical IoT devices
  - Smart watches
    - Table Figure 5: Smart watches can track a range of key health metrics
  - Smart inhalers
    - Table Figure 6: Smart inhalers can help asthmatic
  - Smart glasses
  - Smart clothes
    - Table Figure 7: Smart clothes could help insurers
  - Smart toothbrushes
  - Smart socks
    - Table Figure 8: Smart socks can alert insurers of
Trends
- Technology trends
  - Table Technology trends
- Macroeconomic trends
  - Table Macroeconomic trends
- Regulatory trends
  - Table Regulatory trends
Industry Analysis
- Insurance benefits of medical IoT
- Digital tools and wearables can reduce health risks
- Health insurance investment remains one of the leading sectors of insurance
  - Table Figure 9: Investment in the health industry bounced back in 2022 after quiet years during the COVID-19 pandemic
  - Table Figure 10: The majority of health insurance investment is around the big data theme, which is linked to IoT
- Financial savings will drive more consumers to share data with a life insurer
  - Table Figure 11: Financial savings is the leading reason why consumers would be willing to share data with insurers
- The collection and protection of private data is one of the theme's greatest barriers
  - Table Figure 12: Insurers face issues in getting consumers to wear tracking devices and sharing data with them
- Younger consumers are more willing to share personal data
  - Table Figure 13: Younger generations are more willing to share health data in exchange for rewards
- Insurers are looking to hire big data specialists-a key aspect of medical IoT
  - Table Figure 14: Big data and analytics are valued very highly by insurers
- Patents for medical IoT within insurance continue to grow
  - Table Figure 15: The number of patents in medical IoT in insurance keeps increasing
- Medical IoT's net sentiment score is positive on social media
  - Table Figure 16: Sentiment in wearables discussions remains strong
- The most-discussed elements of IoT and Medical IoT
  - Table Figure 17: IoT is central in the overall insurance discussion
- Pet owners are monitoring pet's health and activity levels via tracking devices
  - Table Figure 18: Pet insurance wearables are set to see increases as public interest is strong
Industry Use Cases
- Vitality has been the standout player in this theme for many years
  - Table Figure 19: Vitality has detailed points-based system to incentivize customers
- End-to-end fitness and wellbeing programs lead the way
- Leading Insurtechs target high levels of engagement and prioritize mental wellbeing
  - Table Figure 20: dacadoo considers a range of
  - Table Figure 21: YuLife has created YuCoins to incentivize customers to healthy living
- Ping An is a leader in medical IoT and has innovated in a range of ways
- Hitachi and Dai-ichi Life use medical data to predict the length of hospital stays
  - Table Figure 22: Dai-ichi and Hitachi looked to predict the length of hospitalization
- Cedars-Sinai Hospital used VR to provide COVID-19-related training to staff
  - Table Figure 23: Training platform Virti was used to teach staff
- Johnson & Johnson uses VR to improve surgical training
  - Table Figure 24: J&J rolls out VR tools for surgical training for
- Market size and growth forecasts
  - Table Figure 25: Global personal accident and health GWP, 2016-25f
  - Global IoT spending from healthcare providers to show strong growth up to 2025
    - Table Figure 26: Global IoT spending by healthcare providers will reach $13.3 billion by 2025
- Mergers and acquisitions
  - Table Mergers and acquisitions
- Timeline
  - Table Figure 27: The medical IoT story
Value Chain
- Table Figure 28: The medical IoT in insurance value chain
- Product development
- Marketing and distribution
- Underwriting and risk profiling
- Claims management
- Customer service
Companies
- Public companies
  - Table Public companies
- Private companies
  - Table Private companies
Sector Scorecards
- Insurance sector scorecard
  - Who's who
    - Table Figure 29: Who does what in the life insurance space?
  - Thematic screen
    - Table Figure 30: Thematic screen
  - Valuation screen
    - Table Figure 31: Valuation screen
  - Risk screen
    - Table Figure 32: Risk screen
Glossary
- Table Glossary
Further Reading
- GlobalData reports
  - Table GlobalData reports
Our thematic research methodology
- Table Figure 33: Our five-step approach for generating a sector scorecard
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