Wearables saving you money

Yes, yet another use for wearable data.


This App Will Raise Or Lower Your Insurance Deductible Based On Physical Activity

Your phone is judging you. All you have to do is submit to monitoring and you’ll have all the incentive you need to get to the gym.

If you’re a regular gym-goer who can resist the temptation to ditch the free weights every time you’re feeling lazy, Pact Health has a proposition for you: If you keep your gym commitments, you’ll get money off your health insurance deductible. Miss a planned gym trip, and your deductible gets bigger.

“We saw a very interesting opportunity,” says Yifan Zhang, the CEO of Pact. “There’s no reason your deductible has to be a dumb deductible—an incentive that doesn’t change. If we can change people’s behavior, we’re generating value for insurance companies.”

Pact (formerly known as Gym Pact), already has an app that allows users to make commitments and make or lose money depending on whether they follow through. There are currently three kinds of pacts available: Gym Pact, which counts any run, bike ride that takes more than 30 minutes, visit to the gym, or 10,000 steps of walking as a workout; Veggie Pact, where members take photos of their fruit and vegetable consumption and get them verified by the community; and Food Log Pact, which lets members make money from consistent food logging on MyFitnessPal.

Not a bad perk? They simply took their existing app and got into bed with a few health insurers and made some kind of deal.

My question for you is would you sign up for this?
Would you feel Ok having your health data exported for review by another company and then pass that data onto your health care company?

Me? Duno.
I’m all about the quantified self. I keep track of stuff I eat, stuff I do (pushups and runs) and how much I sleep (or don’t)… but even so, its me. It’s my data. I’m not sure I want that out in others hands…..