Wearable devices could soon become part of the insurance policy framework, as the sectoral regulator IRDAI has formed a working group seeking inputs to bring such gadgets under guidelines keeping in view interest of policyholders.
Use of wearable gadgets, specially among health enthusiasts, alongside health applications on mobile phones is on the rise as people find these devices handy to track their physical activities and health status.
The 10-member working group, headed by Insurance Regulatory and Development Authority of India (IRDAI) Chief General Manager Yegnapriya Bharath, will examine the role of innovation in insurance involving wearable/portable devices.
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