About 30 years, a quarter of the global population will be 60 or older. The Silver segment is already 25 percent and more European populations, and Japan's age is 27 percent and rising rapidly. There is a great opportunity in the silver economy, with Euromonitor putting global spending at $ 60 + in $ 15 trillion by 2020. How can insurers benefit?
The arrival of the Silver Economy has been discussed by governments, companies, civil society and financial services companies for some time. Now that its impact begins to feel, what has been done about it and who is leading the management to provide this segment?
Swiss Re & # 39; s 2017 Conference Next Generation Insurance Customer: Solutions for an Aging Society Collectors, Companies, and Technology Companies. Comments from technology launches such as LifeQ and GOQii and global insurance agents such as AXA, MMI and Prudential indicate the growing awareness of the need for innovative solutions for an aging society.
"The challenges we face for aging will not be solved with traditional recipes, so we are constantly looking at innovation and new ways of doing things, thinking outside the box," says Charles de Cidrac, Director Health, AXA Paris.
The possibility is significant. Euromonitor International estimates that global spending for consumers aged 60 will reach $ 1
Technical Innovation for Aging
The Challenges of Aging population includes reduced health (cognitive and physical) and the challenges associated with it. Today, technical solutions are being developed to give reminders, constantly check vitality, monitor cases and mental health, send alerts, monitor home activities, and use AI to recognize abnormalities and more.
Ambient Assisted Living market defined as advanced system to provide support to old or otherwise abled people who are self-sufficient-expected to grow rapidly due to advances in smart home technology and equipment. Globally, this market generated $ 2 billion in 2017, according to Market Research Future, and is expected to reach a market value of $ 13 billion by 2027.
The Ambient Assisted Living market is segmented into systems and sensors. While communication systems dominated this market in 2017, medical aid systems are the fastest growing segment. In the case of sensors, lighting sensors were dominated in 2017, with temperature sensors expected to grow the fastest.
In fact, the ability of the society changes to protect older people. With this technology, caregivers and affected family members can now view real-time situations via a mobile app remotely from anywhere in the world and receive alerts when something unusual happens.
Useful devices such as fitness bands help people, especially the elderly, to track their health data constantly, but this information can further assist physicians who treat patients who require immediate medical care. But this is just the beginning. The solutions that show up are amazing.
- Canadian startup Myant, manufacturer of SKIIN smart clothes containing wearables, is even more ambitious. The SKIIN platform measures heart rate, temperature, activity, hydration and body fat. But Myant plans to go beyond fitness tracking; It hopes to integrate actuators for electrical muscle stimulation, compression and heat for medical and gaming applications. This would allow for the delivery of remote therapy, for example.
- Cardiomo is a durable portable that promises to detect up to 40 diseases, including stroke and heart attacks. Data is sent wirelessly to a smartphone, with deeper analysis being performed in the cloud. Recommendations are provided to keep the heart healthy or alarm messages are sent.
- Assisted Living Technologies provides solutions for fall or walking prevention, emergency room, remote monitoring, medical management and home care. BeClose is designed to help seniors who need care to maintain independence by staying home, safe and secure. It combines a portable alarm button with a base station and discreet wireless home sensors. A remote monitoring system uses sensor data along with smart algorithms to establish the senior's routine activity patterns and identify any abnormalities or emergencies.
- In South Africa, MyLifeLine sells a clock and a matchbox with a panic button that uses a SIM card integrated into the device to send an SMS with the emergency GPS mode to up to five recipients, including a control room operator. The unit is available for resale of security companies, residential areas and neighboring guard groups.
- To protect against falls, Hip & # 39; Air seniors offer a special belt with hidden airbags. For 0.2 seconds, the system can detect that the person falls and inflates on the airbags in 0.08 seconds.
How can insurance companies benefit from and increase the value?
Insurance companies can reduce their claims by offering incentives to their policyholders to use such types of devices.
Wood products are already used in the value chain of some insurance companies to encourage public skill. The next generation of wearables will include medical technology and open the door to personal health, targeting and targeted efforts.
Individual premiums usually increase annually, as the elderly are considered more expensive for the system. Insurers make these decisions based on aggregated profiles that include gender and age. Using data from portable devices, insurers can create more insightful individual profiles. In addition, insurers using insights gathered from data collected by these techniques can provide personal services that utilize behavioral analyzes. However, the ethical use of data and integrity must be carefully considered.
There are interesting partnerships and ecosystems around these products. Two standout technology vendors at the Swiss Re conference, LifeQ and GOQii, already form strong partnerships with wellness device vendors offering worldwide insurance and business care industries.
Join next week when I explore some of the ecosystems that are being formed.