Will Wearable Technology Transform Insurance Data?

Will Wearable Technology Transform Insurance Data?

The insurance sector’s high demand for new customers and leads has meant that it’s always been at the forefront of new developments in procuring and handling compliant, fresh data. As demand shows little sign of abating, the industry remains on the lookout for new lead generation ideas and data sources.

Data experts are now suggesting that wearable technology could be the next big thing to transform the industry by providing it with the volume of data and detailed information it needs to drives sales.

Lifestyle Factors

Personal devices such as smartphones are already a great source for fully compliant data. Insurance companies depend on mobile data from companies like Seawave to meet their targets in a fast-paced competitive industry.

However, a new study from Quadrant Information Services argues that the recent growth of wearable technology, such as smart watches, presents a new area of data analytics and access to consumer information that could be crucial for insurance businesses.

According to the study, some insurance companies are already turning to data from wearable technology, offering discounts to customers with healthy lifestyles and using data from wearable tech to determine which customers qualify.

Experts suggest this new use of data could soon be taken one step further, allowing insurance companies to target new customers based on their lifestyles and habits, providing businesses with the chance to adapt their insurance packages to suit rapidly developing trends within the health and fitness industries.

Potential Game Changer

At Seawave Media we’ve seen the changes that technology can bring to the data industry. SMS data services for insurance leads, for example, offered a totally new way to contact leads and drive sales when they came into force. Later, as smartphones took hold, yet more opportunities opened up with access to consumer mobile data.

The potential is certainly there for wearable technology to take hold and transform things once again. But data security and privacy have both been flagged up as needing careful consideration, especially with the ever-increasing scrutiny on compliance issues.

Wearable technology presents exciting new opportunities, but it’s clear that the potential risks associated with this data need to be analysed just as carefully as the potential benefits.

 

Contact Sewave today to find out more about how our data can help your business 

June 7, 2016 / Uncategorized

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Will Wearable Technology Transform Insurance Data?

In May 2018, the new GDPR regulations become enforceable for all countries operating within the European Union. The new legislation establishes stringent changes to the way companies collect and process data and even more stringent consequences for those companies that fail to make their data fully compliant. And there’s not much chance that Brexit is going to make any difference; the regulations will become firmly established into law by the time we’ve left, and show little chance of being repealed afterwards. So, if you’ve not already optimised your consumer data processing practices, it’s time to start.

Opt-in data changes under the GDPR

One of the most profound changes that the GDPR will establish is in the way that businesses collect data. Whereas before you could operate under an opt-out policy, ensuring customers had to specifically declare that they didn’t want their data processed, now the opposite is the case. An individual now must actively volunteer their data, with tick boxes being the preferred method. Here are some other details the GDPR specifies:
  • As a default, tick boxed should be un-ticked. There should be further options available that allow the user to select the type of marketing correspondence they wish to receive; email, phone or mail.
  • The data subject is permitted to opt out of data processing at any point after opting in.
  • Consenting to data collection should not be a condition of service.
  • Sending someone an email to ask them for marketing permission is not permissible.
These changes will create profound challenges for companies looking to generate leads from marketing. What’s more, there’s a maximum fine of up to 20 million Euros, or four per cent of global turnover payable for a breach of these regulations; a figure that’s easily enough to send smaller firms into administration.

How to demonstrate data compliance

If companies choose to continue processing their own data after May 2018, there are a number of policies they will have to implement in order to demonstrate their GDPR compliance: • Appoint a data protection officer if at all feasible. • Carefully record and document all data processing activities. • Implement data minimisation and ‘pseudononymisation’ guidelines that adhere to the new regulations. In short, the data protection regulations that come into force next year are a minefield. The entire document clocks up just under a hundred individual articles that need to be adhered to.

Fully compliant data experts at Seawave

The team here at Seawave Media have a professional and comprehensive knowledge of the GDPR and other data protection regulations. It’s of vital importance to us that we operate to the highest data protection standards, and provide the most optimised and highest quality data possible within these regulations. Our goal is to ensure every legal box is ticked, while still providing you with high value consumer lifestyle survey leads that deliver a great ROI.

Contact us today to find out more about how we can help optimise your lead marketing strategy, both right now and after the GDPR regulations come through in May next year.