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It’s not hard to imagine the potential of comprehensive, real-time customer data streams. Wearables feed the human instinct for self-improvement and help fuel the wellness programmes which, underpinned by real-time data from non-intrusive health and prescription compliance monitoring devices, have the potential to improve the mortality experience of existing policyholders.

The customer value proposition here is clear. For insurers, effective development of such smart data propositions holds out the tantalising prospect of future reserve releases – as the industry has seen in the significant mortality improvement of policyholders with HIV/AIDS.

It is also possible to imagine such wellness and wearable regimes providing the platform to offer better value rates to new customers with chronic conditions, or expanding the insurable market more widely to include those with a range of well-managed chronic conditions who may have previously been considered uninsurable.

Real time, holistic monitoring holds the potential for truly personal propositions, moving from generic cover with risks excluded, to truly personal cover which reflects and responds to a specific life and lifestyle – with dynamic pricing built in to reward those who mitigate their own risk – the sort of rewards for behaviour which are the building blocks of today’s customer experience.

Such customer-centric smart data propositions could meaningfully alter the perception of the industry as a whole, with concomitant benefits for every aspect of the business.