Challenge someone to a mince pie showdown now.

by Adam Bishop on December 19, 2014

**To challenge a friend or colleague, visit:


Merry Christmas!


Wearable technology was the buzzword of 2013. The Google Glass project made the idea that wearables were going to be part of our daily routines seem possible. Sadly, for Google the Glass project appears to be struggling (if it’s not already dead) thanks to the fact that people won’t wear glasses that make them look silly. However, wearable technology is still very much of interest.

Wearable Technology To Date

Wearable technology has come very far in a few short years. Even a decade ago it seemed utterly far-fetched that we could mould computers to our bodies and take advantage of their processing power in our ordinary lives.

However, despite the progress in the technology… the public hasn’t really taken a shine to wearable computing just yet. Smartwatches which were the most obvious development of wearable computing have been launched by Motorola, Samsung and Apple among others but they haven’t captured the imagination. That’s because they’re all a bit ugly. We don’t think that’s going to last; the truth is that now the technology works well the aesthetic elements will follow quickly.

That means millions of new users will start using wearable technology over the coming decades. That’s in addition to the estimated 7 million or so people in the UK who already use wearable technology to some extent in their daily lives.

Wearable Technology and Insurance Premium Parity

One of the main uses of wearable technology is health monitoring. Smartphones, smartwatches and numerous other bands and gadgets can monitor your heart rate, your blood pressure, your blood sugar, just how much exercise you’ve done today and much more.

This is data that may make health insurance a much fairer proposition in the future. Today, your health insurance quote is most likely to be inspired by general data gleaned on an average of people like you who inhabit the same postcode as you do. The trouble with this is it’s a one-size fits all policy; the vegan, exercise fanatic who has never smoked is going to be taking on some of the risk for their neighbour’s 60 a day, pie eating, couch surfing habits. That’s not very fair.

Insurers know this and it’s to their advantage to enable low risk insured parties to take up services at a lower premium. That’s why we’d expect to see a lot of partnerships in the future between health insurers and wearables manufacturers.

The more health data that they can collect; the fairer private health premiums will be. That’s because they will more accurately represent the risk that the insured party represents. So it might be time to give up smoking, start that diet and start exercising if you want to keep your health insurance premiums to a minimum.

Insurance and Wearable Tech


What’s the difference between an Estimated Maximum Loss and a Probable Maximum Loss?

by Jed GigerDecember 5, 2014

In some cases these two terms are used interchangeably. They are both designed to give an actuarial measure of the risk that an insurer faces on a policy. They are both commonly used with respect to real estate insurance and in particular to fire risks. Yet they are slightly different and you need to use […]

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Three Uses for Social Media in Insurance

by nickkNovember 24, 2014

OK, we know that by and large insurers seem reluctant to embrace social media wholeheartedly; we think it might be because that there’s too much “fun” in these channels and it’s hard to come up with a comprehensive message for insurance products that doesn’t put a bit of a downer on a Twitter feed. However, […]

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Is it Time to Give Your Insurance Data a Spring Clean?

by nickkNovember 10, 2014

These are the days of big data and thus more data means better risk management and greater sales levels, right? Not always. In fact, one of the nightmares of managing large data sets is working out how to keep that data – relevant. If you don’t keep an eye on the mountains of data you […]

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How to Calculate an Actuarial Reserve

by Jed GigerNovember 7, 2014

This isn’t as complex as it might sound. Firstly; it’s probably a good idea to define what an actuarial reserve actually is. So: An actuarial reserve is used to account for the amount of money that an insurance company will be liable to pay (in the event of a claim) based on an estimate of […]

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Wearable Technology and the Insurance Sector

by nickkOctober 27, 2014

Even a few years ago the concept of wearable technology was an alien one; apart from a few functions on a wristwatch – there was little chance of any device being adapted to fit the human body. Today wearable technology is becoming ever more practical. The Google Glass project is perhaps the most famous example […]

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An Insurer’s Guide to the “Internet of Things”

by nickkOctober 13, 2014

There’s a new buzz word that’s starting to make itself felt. That buzzword is “The Internet of Things” but what does it mean? And more importantly what impact is the “Internet of Things” going to have on insurance. The Internet of Things The Internet of Things is a wide term which really covers the idea […]

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Technology that Combats Insurance Fraud

by nickkSeptember 29, 2014

A recent report in the US; The State of Insurance Fraud Technology revealed some worrying numbers. In particular, only 14% of insurers are using advanced technological fraud detection techniques. Given the rise in sophisticated insurance fraud rings – this seems a little disturbing. However, it may just be that the industry isn’t aware of what […]

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5 Keys to Keep Your Insurance Data Safe in the Cloud

by nickkSeptember 15, 2014

With the revelation that celebrity data was hacked on Apple’s iCloud service; it must appear that cloud storage isn’t looking as safe as it was claimed to be. Insurers don’t need to worry unduly about data in the cloud; the celebrities had failed to follow Apple’s security recommendations and that was let their accounts be […]

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