Would you consider sharing the data from your activity tracker?
A Win-Win Situation
1 in 5 American adults use a wearable activity tracker to monitor calories burned, active minutes, heart rate, sleep, steps, water intake, and more. Of these, 65 percent are willing to share the data from their activity tracker – whether it is a Fitbit, Jawbone, Garmin, or Apple Watch – with a life insurance company, if they received financial reward in return for healthy behaviors.
30% of consumers who do not currently own such a device would consider adopting a wearable for the same reason. Among those who would consider sharing their activity tracker results with a life insurance company, 60% would do so for financial savings, such as decreased premiums. Establishing a healthier lifestyle was noted by 57% and getting a free tracking device was a major incentive for 48%.
According to the same 2016 Insurance Barometer Study, just over 35% of respondents would not consider sharing the data from their activity tracker with an insurance company because a) are concerned about sharing too much personal information, citing privacy concerns, or b) are reluctant to share their data because they are currently not very active.
Leveraging the data from activity trackers opens a new opportunity for insurers to gain greater insight about their customers, while encouraging healthy behavior. Because most people who already own an activity tracker are willing to share their data, the opportunity for the industry can only grow as consumer use of activity trackers increases.
Should You Sing Up?
Fun, fitness, and the potential for financial reward in one small package. That, to me, sounds like a pretty powerful incentive for proving you lead a healthy, non-sedentary lifestyle. For all your life, auto, and homeowners’ insurance needs, contact Hegarty-Haynes Insurance at (480) 820-2297.