Real-time Premium Calculation

Ashutosh Gupta

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Traditional methods of calculating health insurance premiums lack the holistic view that takes all factors into account. Basing a quote on whether or not a person is a smoker without acknowledging any other health or lifestyle information, for example, is a missed opportunity.

The Internet of Medical Things (IoMT) — smartwatches, wearable pedometers, apps, and the like — contain a treasure trove of data for insurers to inform smarter, more accurate insurance premium calculations. In this paper, you’ll explore the design considerations and architecture of various IoMT applications for calculating health insurance premiums in real time.