According to this article from thinkadvisor.com some consumers are willing to let insurers track them with real-time monitoring in a bid to keep premiums down. Click here to read more. As regular readers will know I have little love for the idea that client data supplied by the consumer has to be provided in return for a premium discount - but it is a persistent theme in the thinking of some life insurers.
In fact, consumers are happy to pay you to take their data, and give it back to them with some insights. That's the model the wearables market operates on. Fitbit, through the cost of the hardware, in effect charges you for the privilege of handling your data and handing it back to you as health tracking information.
It is a challenge to insurers. In one sense, they are right. Why would a consumer hand over their data unless there is some value in it for them? But they are wrong to think solely in terms of premium discounts. It actually isn't hard to work out what consumers are more interested in and where insurers can contribute. The value is living healthier and longer - two things most people profess to want. Insurers, unlike the celebrity instagram accounts and fad diets have a lot more credibility when they contribute to this subject. That is the value to leverage.