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.
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.