Saturday, July 22, 2017

Japanese firms turn to health data to set premiums

Japanese insurers are keen on developing individualised insurance, where premiums will be calculated based on a person’s health data.

According to a Jiji report, Japanese firms may soon rely on health data such as exercise times, sleep length and heart rates recorded on wearable device to come up with appropriate medical insurance premiums.

The goal is to develop products that offer discounts to healthy policyholders with less risk.

For instance, Sompo Japan Nipponkoa Himawari Life has distributed Fitbit wearable devices to policyholders to collect information on customer health.

Data to be collected includes sleep and exercise habits and diet.

The company seeks to identify causal relationships between diseases and lifestyle habits to come up with new insurance products.

Many Japanese insurers earlier announced plans to raise their premiums for savings-type products in the coming months due to ultra-low interest rates.

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