Integrating Wearable Fitness Data into Group Health Insurance Incentive Programs to Promote Cost Savings and Improve Policyholder Health
Open Access
Author:
Grattan, J P
Area of Honors:
Actuarial Science
Degree:
Bachelor of Science
Document Type:
Thesis
Thesis Supervisors:
Nan Zhu, Thesis Supervisor Amanda W Hammell, Thesis Honors Advisor
Keywords:
Group Health Insurance Health Insurance Incentive Programs Fitbit Wearable Fitness Devices Fitness Tracking Technology
Abstract:
In recent years, wearable fitness devices have changed the way people track and manage their health. Being able to accurately measure various data points relating to physical activity, personal health, and even sleep quality has given the modern consumer immense power over their well-being. However, research has found that many people stop using these devices shortly after they begin, limiting the positive impact this data could provide. Health insurance companies, who have both a moral and financial interest in the well-being of customers, could bridge the gap and ensure that this technology is utilized on a broader scale to promote health and well-being. This thesis examines the feasibility of incentive programs in group health insurance that offer premium discounts for meeting certain goals using wearable fitness devices. In this paper, a variety of factors are explored in a model to measure the impact of integrated incentive programs on cost savings in the group health insurance industry.
