Insurance companies are becoming increasingly proactive in how they help consumers. One new insurance company aims to use technology to better tailor health insurance to people.
An insurance company named “Oscar” has unveiled an initiative where every member can obtain a free “Misfit fitness band”. The band allows people to track how much exercise they are performing every day and sync the data on their smart phone. Customers who already use fitness tracking software can also sync their data with Oscar’s fitness tracking system.
The insurance company then rewards people who exercise regularly with rewards. The application sets a number of health goals, and for every health goal passed they receive $1. The user can cash-out when their total reaches $20 and will receive the amount in Amazon gift cards.
This isn’t the first time this company has provided rewards for when customers make smart decisions about their health. They previously gave customer $20 if they had a flu shot by a certain date.
Schlosser admits that this is “very much the beginning,” and that one of Oscar’s main goals is to collect more health data on its members to make sure doctors have the most information available on them. Down the line, that could include nutrition data, sleep data, and as tracking technology becomes more sophisticated, perhaps even blood pressure data.
“We aren’t the people who deliver your healthcare, but our job is to facilitate the delivery of your healthcare,” Schlosser says. “To do that, we can get more information to your doctor.”