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Apple to enter the health insurance market in 2024
Yes, the rumors are true, according to Ben Wood, the chief analyst at CCS Insight. Apple Inc. is going to enter the health insurance business in 2024 with a major insurance partner. The news has created waves in the insurance industry as the tech giant is in a pretty strong position to do so. Let’s find out more about Apple’s plan to become a very competitive insurance player in this article by Pacific Prime Latin America.
Apple Watch by Apple.Inc – a game changer
“A shift into health insurance would add further impetus to Apple’s already booming services business.” – Benefits Pro
From a business perspective, Apple’s plan to pivot into the health insurance market is one that works since their devices are designed to work and fit in with people’s daily activities. One such device, which many have slated as the precursor to this move, is the Apple Watch, which serves many functions other than telling the time and receiving calls, emails, notifications and more.
Improving health through tech
“Apple is democratizing healthcare, providing on‑demand access to accurate sensors and software that can help consumers develop real healthcare literacy and inform how daily choices impact their health.” – Dr Leslie A. SaxonProfessor of Medicine, Clinical Scholar, Keck School of Medicine, USC
Since health and wellness have become a priority for many of Apple’s consumers since the COVID-19 pandemic, there are now significantly more health-related functions that Apple Watch users can now apply to their day-to-day activities to improve their health – both mentally and physically.
The company’s applications, such as ECG and other health features, can help you meet your sleep goals, track important information relating to your heart, record your medication, and even track your menstrual cycle. The combination of these allows users to track vital information about their overall well-being and make decisions on their lifestyle.
The latest Apple Watch Series now has an inbuilt electrical health sensor in the Digital Crown and the back of the crystal that record a single lead ECG similar to a Lead I ECG. And it is data from the ECG app, along with other metrics like blood pressure, blood oxygen levels, and body temperature, that will help power Apple’s pivot towards the health insurance market.
Pacific Prime’s finding – data is the new healthcare currency
We recently released our latest State of Health Insurance Report 2021-2022, which provides key insights on global and regional health insurance and healthcare trends. And one of the discoveries we made was that data continues to transform how the world operates. It certainly has many benefits, especially to tech giants like Apple. It can drive innovation and help business leaders with their decision-making, as well as:
- jump on new growth opportunities,
- keep track of consumer behaviour,
- react to new trends, and more.
Note: Download our coveted report for more health insurance insights and trends here.
Learn more from Pacific Prime Latin America
As a leading health insurance broker and employee benefits specialist, we strive to keep our clients up-to-date with the latest in the world of health insurance. We offer health insurance plans for individuals and families, and support businesses by helping to design tailored business solutions, group health insurance, employee benefits plans and more.
Contact us for a FREE quote or to learn more from our experts today!
His expert view and wealth of knowledge on insurance can also be found in his blogs for China, Dubai, Hong Kong, and Singapore.
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