- My selected opportunity is to have insurance companies exploit the rising epidemic of obesity and the recent trend of physical fitness (which is a result of the rise of social media). I believe that insurance companies could have a lot more financial gain if they elevated their screening process, while also keeping up with trends in society and adjusting their business as such.
- My product is a technology system that provides insurance companies with a system to track the physical activity of their clients. This product can be used to determine insurance deductions or premiums for different clients with varying levels of activity. My plan is to set up a software system that is compatible with FitBit and Apple Watch softwares to track all physical activity. The individuals register with their insurance company, send in their group ID and etc. and all of their physical activity information is now sent to their insurance company. This could be used to deduct insurance payments for healthier individuals. This can also help insurance companies more accurately predict expenses. Additionally, if individuals are more closely tracking their health they may be able to catch diseases and other ailments early on.
- I think insurance companies will want to buy this idea because it will allow them to more accurately predict costs, as well as reduce costs long-term because it will encourage their clients to exercise more frequently, thus reducing the risks of having health problems.
Friday, February 1, 2019
Solving The Problem
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Hey Meghan! My dad owns a health insurance company and I have interned with it before and I think that this is a great idea. It helps get a clear picture of the customer/ patient that they are working with. After working at an insurance company, I think that companies would really like this software and product. Obesity in America is now worse than ever, and something needs to be done. I think that your solution is realistic and viable.
ReplyDeleteHey Meghan! I think this is a great idea because both parties would benefit from implementing this, and additionally it would encourage people to change their normally unhealthy lifestyles. The only objection that I could see people having to this idea is that they are giving up a little bit of their privacy by allowing insurance companies to see this. Also, there is a lot of defining you'd need to do for "healthy." Otherwise, I find it to be a great idea!
ReplyDeleteHey Meghan!Like I commented on your earlier post, I think this is a great idea. There's just two things I would like to add. I wouldn't use the word "exploit" when you are trying to sell the product. Although it is the correct word, it has a negative connotation. Also, you would have to find a way to make sure no one is cheating the system. You wouldn't want people getting deductions just because they shook the bracelet around.
ReplyDeleteHi Meghan,
ReplyDeleteI love this idea to help your premiums get better while not getting penalized for not exercising. Would it be on a monthly basis, meaning would the rates fluctuate depending on the activity recorded each month, every six months, or over the course of a year? Health first is one I would go to since they already have a gym membership plan worked into some of their coverages.