mHealth applications for smartphones are increasingly employed in everyday life, providing information on treatment options, tips on managing illness, and helping to monitor conditions from high blood pressure to diabetes. The market is growing to such an extent that it has been estimated that by next year some 500 million people will be using healthcare apps.
It’s no secret that technology is moving at a faster pace than ever before but are insurers able to keep pace with the emerging risks associated with the adoption of new technologies?
Households, vehicles and smart phones rely on new technology obtained from manufacturers abroad via lengthening supply chains and new legislation opens up potential liabilities for all involved. One must question whether traditional policies and exclusions are fit for purpose.