How HeartBit and its array of devices can affect health & life insurance premiums.

When HeartBit was introduced to the world with an industry first 3 lead bipolar ECG system, it didn't just bag a spot in the top 5 best biotech startup, best IoT startup and best social impact startup at the Central European Startup Awards 2018 and a top 10 finalist finish at the CES 2017, it also got the world to notice.

And really what's not to love, it’s a platform/system that utilizes blockchain technology to introduce new levels of decentralization and transparency that could only be dreamt of before, to not only ensure user data is safe but secure also. With IBM Watson integration and a number of algorithms to ensure all the data is presented is not only accurate but can be used for other useful functions namely the smart training program and a personal trainer feature (features that underpromise and overdeliver in every aspect.)

It doesn't just stop there, we also love HeartBit because it genuinely cares about how their users are living their life, with a rewarding system (which I’ll talk about later) and an alert feature, that can alert users if they're in danger of arrhythmias or cardiac arrests. Something which was close to impossible to timely diagnose is now much easier to do thanks to HeartBit.

You can read about all that here

In this article, we're going to explore just how well HeartBit will influence our insurance for the better. We can all agree there are many issues facing the insurance market now, especially from where the customer is standing. But at the top of that list is price, most insurance packages tend to run on the premium side. Unfortunately, this has caused the uninsured population to just keep growing.

Administrative costs, the cost of drugs, staff wages and different treatments are just of the causes that explain why insurance is just too expensive.

Sure, they might be expensive, but it's also necessary. Companies like HeartBit are out to help us cut down on this cost. It uses telematics and it's something similar to what motor vehicle insurance companies and manufacturers use to determine how certain vehicles are being driven and handled on the road to help determine the pricing on their premium.

These telematic devices, measure distance covered, at what speed and other complicated factors like driving force to measure the amount of risk involved. So, if these devices discover that the vehicle was driven slowly and over short distances, the price for that premium could be less than if the price paid for a vehicle that was driven over longer distances and at faster speeds. Basically, thanks to this data insurers can customize the premiums it gives to its customers based on how 'safe' they are.

And although this technology is still in its infancy, it accurately explains just how important HeartBit devices could be to reducing premiums for you and me.

See this technology only works properly if there is a huge collection of data to analyze, which was previously unavailable. Well until HeartBit. According to the data pulled from a user’s records, analysts can come up with more accurate estimates of just how much lifestyles affect the cost of health care.

This means an office worker that sits at his desk for most of his day won't be charged the same premiums as someone that lives at the gym. Through HeartBit, health insurers and physicians can monitor an individual’s fitness activities and then offer HBIT tokens as rewards to these users of the devices for maintaining a healthy living. Insurers can also bring down the overall cost of their premium by checking on the number of active days clocked by the user. For example, 200 calories burnt in one workout session, every day for a month can translate to a price reduction of say 2.5%.

Conclusion.

In this age, People are now a lot more conscious with their health than ever before, and while the price of a device like HeartBit can seem like an investment for most people, the overall benefits that associated with the outcome are very much worth. And because the device syncs perfectly with smartphones, HeartBit will have not only the older generation, who are more prone to heart disease, use them, but the younger generation too.

What's in store for the company.

HeartBit will be launching its online webshop and actively testing the devices with medical professors before releasing its first batch of inventory.

Useful links for you -

Official Website
Join the Whitelist
Like HeartBit's page Facebook
Chat with HeartBit on Telegram
Subscribe to HeartBit on Reddit
Connect with HeartBit on LinkedIn
Subscribe to HeartBit on YouTube
Follow HeartBit's account on Twitter
Read HeartBit's Articles on Medium

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Thank you for reading.

Blog by Faby
Bitcointalk @faby
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All the views presented in this post are based off personal opinions and thus shouldn't be misconstrued as investment advice.

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