Health Data – The New Data
Aite Group, a business research firm, conducted a study to find out consumer interest in sharing health data. It turns out that more than 60% of the 800 consumers with connected devices said they would be willing to share health data for rewards. That percentage is by far higher than consumers willing to share data with automobile, home, and life insurance.
More than 60% of the 800 consumers with connected devices said they would be willing to share health data for rewards.
In fact, 90% said they would be interested in learning about savings available from their health insurers. The higher the savings, the more interest there is with consumers. Forty-five percent of consumers were interested in sharing their data, not just for financial rewards, but in return for personalized health insights.
It’s clear that consumers are weary of the exorbitant cost of healthcare and are willing to do just about anything to lower them, but is sharing health data with payers prudent? Insurance companies wield a lot of power in today’s healthcare market. They choose who gets coverage and how much. Granting them access to your health data could eventually put your coverage at risk.
Data From Connected Devices
Stop and think about this: connected devices are everywhere and collecting data. We have voice activated assistants like Amazon’s Alexa, Microsoft’s Cortana, and Google’s Assistant, we use wearables like Fitbit and Apple Watch, not to mention smart devices like doorbells, beds, belts, lights, timers, thermostats, and more.
It’s not too far fetched to believe that wealthy insurance companies can’t collect all that data, sprinkle in some advanced AI to create new risk algorithms by modeling all types of living behaviors matrixed with health data and consumer profiles. Instead of giving you a reduced rate for sharing connected data, you just might find yourself paying higher premiums, or even worse, finding yourself uninsurable.
Before going down the path of getting even more cozy with the companies responsible for the current state of our grossly overpriced healthcare system, maybe we should think about putting ourselves back in control of our destinies. Maybe we should create our own health market where consumers control their data and arrange to only share that data with providers in support of personalized health choices.
I’m curious to hear your opinion.