Behavioral and medical condition based premium adjustment in health insurance: study on the Sri Lankan customer perspective

Abstract

The fact that poor health perpetuates poverty is becoming more widely recognized. In recent times, Sri Lankan insurance companies have gradually implemented different models of health insurance to expand access to health care for disadvantaged households to avoid the harmful downward spiral of poverty and illness. The knowledge gap between Sri Lankan consumers, the insurance industry and the wearable technology industry was evident. It was clear that not only the customer's characteristics but also other factors such as a lack of experience, trust towards the insurance provider, privacy factors, adoption of the new technologies also played a role. The lack of knowledge about wearable technology products in the local market has also been based on low consumer motivation. By examining available approach, this study examines the inhibiting and contributing factors affecting the acceptance of wearable devices. To better understand these variables, quantitative data was gathered through a survey. This study will lay the foundation for producers to understand how they can build on the medical insurance's opportunity by developing new technological products that cater to the Sri Lankan market