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

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The key principle of the medical Internet of Things (IoT) theme is to improve the health and well-being of customers. This can be through many different routes, from gradually improving mental and physical wellbeing through tracking data, often on wearables, to early diagnosis. The leading providers have linked these tools together. An easy-to-use app is essential, one that can either record fitness information or sync from other apps, but also arrange virtual GP appointments, provide information on nutrition and wellbeing, and potentially even offer fitness classes.

A key challenge for insurers within this theme is to win the trust of consumers and convince them to share the health data from their activity trackers, at a time when the risk of cyber threats is high and trust in insurers is low. However, GlobalData’s consumer survey shows that if consumers in the UK who do not currently have this type of policy see enough of a discount on premiums, they will be interested in sharing data. However, concerns over handing over personal data remained the biggest concern to consumers, so insurers will need to show they can keep personal data secure, and any cyber-attacks could be extremely damaging to an individual brand.

Key Trends

The key trends that are related to the medical IoT theme can be classified into three categories: technology trends, macroeconomic trends, and regulatory trends.

  • Technology trends – The key technology trends impacting the medical IoT theme include big data & analytics, data accuracy, mobile health, remote patient monitoring, artificial intelligence (AI), wearable tech, and smart clothes.
  • Macroeconomic trends – The key macroeconomic trends that will shape the medical IoT theme are the aging population, the cost-of-living crisis, COVID-19, and health & wellness.
  • Regulatory trends – The key regulatory trends impacting the medical IoT theme include HIPAA, GDPR, and medical device certification. 

For more insights on key trends shaping the medical IoT theme, download a free report sample

Medical Internet of Things (IoT) in Insurance – Industry Analysis

The global IoT spending by healthcare providers was worth $10.3 billion in 2019. The market is expected to grow at a CAGR of more than 4% from 2020 to 2025.

The medical IoT in insurance industry analysis also covers:

  • Industry Use Cases
  • Market size and growth forecasts
  • Mergers and acquisitions
  • Timeline

Medical Internet of Things (IoT) in Insurance

For more insights on how IoT is impacting the healthcare market, download a free report sample

Medical Internet of Things (IoT) in Insurance - Value Chain Analysis

GlobalData’s medical IoT in the insurance value chain comprises five segments: product development, marketing and distribution, underwriting and risk profiling, claims management, and customer service.

Product development

Medical IoT has allowed for significant transformation in product development in the health sector. Policies from companies such as Vitality have smart devices at the center of them and reflect premium prices and rewards based on the information they are receiving. It allows for more interactive policies and increases the touchpoints between the customer and the insurer.

Medical IoT in Insurance Value Chain Analysis

Medical IoT in Insurance Value Chain Analysis

For more insights on the medical IoT in insurance value chains, download a free report sample

Leading Public Companies

Some of the leading public companies associated with the medical IoT theme are:

  • Allianz
  • Anthem
  • Aviva

Leading Private Companies

Some of the leading private companies associated with the medical IoT theme are:

  • Bupa
  • dacadoo
  • Oscar

To know more about leading companies associated with the medical IoT theme, download a free report sample

Insurance Sector Scorecard – Medical IoT Theme

At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecards have three screens: a thematic screen, a valuation screen, and a risk screen. The insurance sector scorecard has three screens:

  • The thematic screen tells us who are the overall leaders in the 10 themes that matter most, based on our thematic engine.
  • The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
  • The risk screen ranks companies within a particular sector based on overall investment risk.

Insurance Sector Scorecard – Thematic Screen

Insurance Sector Scorecard – Thematic Screen

To know more about the sector scorecards, download a free report sample

Medical Internet of Things (IoT) in Insurance Market Overview

Report Pages 51
Regions Covered Global
Market Size (Year – 2019) $10.3 billion
CAGR (2020 – 2025) >4%
Key Trends Technology Trends, Macroeconomic Trends, and Regulatory Trends
Value Chains Product Development, Marketing and Distribution, Underwriting and Risk Profiling, Claims Management, and Customer Service
Leading Public Companies Allianz, Anthem, and Aviva among others
Leading Private Companies Bupa, dacadoo, and Oscar among others

Reasons to Buy

  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as 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.

Aviva

Allianz

Amazon

Apple

AXA

Bupa

Fitbit

dacadoo

Dai-ichi Life

Garmin

Google

Oscar Health

Ping An

Zhong An

Munich Re

Swiss Re

AIG

Tokio Marine

YuLife

Table of Contents

Executive Summary

Players

Technology Briefing

Trends

Industry Analysis

Industry Use Cases

Value Chain

Companies

Sector Scorecards

Glossary

Further Reading

| Our Thematic Research Methodology

| About GlobalData

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