One industrious company looking to lower its insurance premium used a somewhat novel way to accomplish its goal: Fitbit. The fitness wearable was given to workers at startup Appirio, where data was used to get the company’s insurance provider to drop its rates by 5-percent, or $280,000 USD.
The Fitbit wearables were provided by the insurance company by way of a $20,000 grant of sorts, which was intended for use in a wellness program. Workers weren’t required to wear the device and share their data, but approximately 100 employees decided to participate, providing whatever data they were comfortable with sharing.
Privacy concerns remain valid, and accordingly most of those workers who participated elected only to share the number of steps they took in a day, but not their sleep data. Still, the program turned out beneficial for both the company and workers, with the latter increasing their fitness through mutual support.
Appirio, of course, isn’t the only company that has done this, with the method slowly gaining popularity in various industries. BP America is one example, as noted by Business Insider, and provider Cigna initiated a pilot program that tested the use of fitness bands in lowering insurance rates.
What do you think? Would you wear a fitness band in exchange for lower insurance rates?
VIA: Business Insider