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Wearables change insurance

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The insurance industry is using the information gathered from wearable tech to reshape customer experience and deliver more personalised products and incentives to its clients.

Wearable computers are reshaping the customer experience in life insurance, enabling insurers to deliver more personalised products and incentives to consumers while helping their customers to lead healthier lives.

That’s according to Bryan McLachlan, Managing Director of ABSA Instant Life, one of the first life insurers in South Africa to leverage wearable technology in its life insurance products. He says life insurers are encouraging customers to adopt fitness wearables to monitor exercise, sleep and other health metrics. This, in turn, incentivises people to lead healthier lifestyles.

ABSA Instant Life’s FitLife Cover product offers customers a discount for simply wearing an activity and sleep tracking device. The company doesn’t use the data to penalise customers who show signs of unhealthy living; the goal is to get customers thinking about their health so that they can proactively change their habits.

“We find that customers start to exercise more and adopt better sleeping habits when they track their health using a fitness device,” says McLachlan. “As the technology matures, it will also be able to alert users about health issues such as the danger of a heart attack. In time, we could imagine life insurers, medical aid funds, health providers and other companies using this sort of data to coach customers about ways to reduce their health risks.”

Collecting big data

For the life insurer, the promise of fitness wearables is about collecting big data so that it can begin to model risk more accurately and better understand consumer behaviour, McLachlan says.

The key to making customers more comfortable with sharing their fitness and health data will be using this information in a fair, transparent and ethical manner, and following good practices in data privacy and protection.  Life insurers will be able to put this data to work to create better products that are more tailored to the needs of different customer segments.

In addition, getting customers to use a fitness wearable each day helps life insurers to embed their brands and products in day-to-day life. It is a way for them to interact with customers beyond the sales process, the monthly debit order and claims, says McLachlan.

“Most people don’t want to claim on a life policy,” says McLachlan. “We see this as an opportunity to communicate with customers more regularly and to play a positive role in their lives as a company that has their interests at heart.”

From niche to mainstream

McLachlan expects health and fitness wearables to grow beyond a niche market to the mainstream as people become more comfortable with sharing their data with companies like insurers and begin to understand the benefits of doing so.

Wearables adoption is soaring worldwide, led by fitness trackers. International Data Corporation (IDC) says nearly 100 million wearable devices shipped in 2016. Around half were fitness trackers. This year, IDC expects around 125 million wearables to be sold.

In the not-too-distant future, new classes of wearables could change the way we think about personal health and fitness. Innovations such as ingestible sensors that send information from inside your body to your smartphone or allow health professionals to remotely track health indicators are already in prototype. Contact lenses can monitor blood sugar levels and there are even biometric ‘tattoos’ in development – apply a temporary piece of body art to your skin and it will track your heart rate, body temperature and so on.

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CES: So long, and thanks for all the beer!

Last week, the Las Vegas expo showed off its fun side with state-of-the-art technologies for enjoying beer, writes BRYAN TURNER

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From craft beer-making machines to robots that pour beer, CES had more beer than usual in Las Vegas last week. And even free beer if you found the right stand. Stampede’s saloon-style booth offered beer to visitors who tried out its latest drones, virtual reality, and other gaming products. No beer tech, though.

Here are some of the beer technologies that stood out:

LG HomeBrew – Craft beer made at home

LG’s HomeBrew craft beer-making machine,  debuted at CES 2019, brings the brewing process home thanks to single-use capsules,  a self-cleaning feature, and an algorithm optimised for fermentation. 

Like a Nespresso coffee machine, the beer maker uses capsules, which contain malt, yeast, hop oil and flavouring. At the press of a button, LG HomeBrew automates the whole procedure from fermentation and carbonation to ageing. A companion app lets users check HomeBrew’s status at any time during the process, from their handsets.

The beer machine not only offers a simple way to make craft beer, but also enhances the quality of beer it makes. The fermentation algorithm intelligently controls the fermenting process with precise temperature and pressure control. It automatically sanitises itself, using nothing more than hot water, ensuring everything is hygienically clean for the next batch.

Designed with discerning beer lovers in mind, HomeBrew allows for in-home production of batches of more than 4 litres of beer in a variety of styles. The following five distinctive, flavoured beers are available now: 

  • Hoppy American IPA
  • Golden American Pale Ale
  • Full-bodied English Stout
  • Zesty Belgian-style Witbier
  • Dry Czech Pilsner

The only catch? It takes about two weeks to make, depending on the beer type.

“LG HomeBrew is the culmination of years of home appliance and water purification technologies that we’ve developed over the decades,” said Dan Song, president of LG Electronics Home Appliance & Air Solutions Company. “Homebrewing has grown at an explosive pace, but there are still many beer lovers who haven’t taken the jump because of the barriers to entry, like complexity, and these are the consumers we think will be attracted to LG HomeBrew.”

Click here to read about the party speaker that holds beer and robots that pour beer.

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CES: Alienware gets Legend-ary

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At CES in Las Vegas last week, Dell’s Alienware released a family of high-end, thin, light, and affordable machines for both amateur and professional gamers – and a new identity.

Alienware marked CES 2019 as a brand milestone with the debut of a new design identity, Alienware Legend. It aims to set a new bar of excellence for what gamers want most – performance and function. Alienware says it evaluated multiple concepts and chose one that was the biggest and boldest departure from its current look.

Alienware Legend, says the company, stays true to the brand’s core design tenets, taking cues from its deep roots in sci-fi culture and its early industrial designs, to distinguish the brand from the rest of the industry. The new Legend design is optimised with cutting-edge thermal cooling technology to achieve and sustain overclocking power, improved AlienFX lighting, and ultra-thin screen borders. It also unveiled a new “three-knuckle hinge” design that reduces the overall dimension while creating a stronger assembly, all combining to yield a better gaming experience.

“We’re excited to come to this year’s CES with some truly groundbreaking products, next-gen software and strategic partnerships that will bring more people to experience PC gaming and advance the industry,” said Frank Azor, vice president and general manager of Alienware. “The legend design answers the call for more and better from our gaming community, and the new G Series laptops will make PC gaming even more accessible to those looking for high-performance gaming at a cost they can appreciate.”

Click here to read about Alienware Legend in action with the Area-51m and m-series laptops

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