Statistics - Ethical Issues - Wearable Technology In Australia - Essay Writing Assessment Answer

Statistics Assessment Answer

Assignment Task:

Ethical Issues, Wearable Technology In Australia -

The world is now producing enormous amounts of data, for instance, through the data collected via internet search engines such as Google, the data generated via social media such as Facebook and Twitter, and the data collected by mobile devices including smartphones and wearable gadgets. Such Big-data has already transformed many aspects of our lives and has a significant potential for innovation in the insurance industry (Institute and Faculty of Actuaries, 2018). An Australian life and health insurer is considering to start using wearable technology in connection to their policies. The insurer could potentially use this technology to gather non-traditional data, engage with customers, provide rewards to incentivise customers to live a healthier lifestyle, help educate users to improve their health, and to assist with underwriting (Spender et al., 2018). In particular, it has been shown that data from wearable devices could be useful in assessing the mortality and health risk of policyholders (see e.g. McCrea and Farrell (2018) and (Chetz et al., 2018)). Although very promising, the use of wearable technology could result in some unintended consequences for the consumers and society (Schukat et al., 2016). In this assignment, you are required to write an academic essay, where you discuss from an ethical perspective whether or not Australian insurers should use wearable technology in their life insurance process. In this essay, you should 1. introduce the problem and dene its ethical implications; 2. provide pros and cons (in the order you want); 3. formulate a recommendation based on the above (this is mandatory).

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