Now that medical insurance cannot be denied for pre-existing conditions, we can look forward to this feature being applied to other insurance products.
We can start in the home with our fire insurance. Why pay those premiums for all those years you don’t have a fire? Only when smoke is detected will your smoke alarm wirelessly connect to your insurance company and bind your fire insurance, then it will call the Fire Department.
Auto liability insurance will be activated when the bumper detects contact with another vehicle and full collision coverage will be bound when an air bag goes off and Triple A will be called. Many GM vehicles have the similar On-Star wireless system now.
With the current pace of innovations in personal medical devices, our Pacemaker/Defibrillator will soon evolve into a Total Body Function Monitor that will have access to your medical records that can detect malfunction or trauma and decide if you should just visit a doctor or need full hospital attention and then will wirelessly arrange the appropriate insurance coverage and call the ambulance.
The final insurance product is, of course, your life insurance. This is only needed once, so despite the uncertainty, it should only be bought when needed. This is where your Body Function Monitor will really pay for itself. It will detect the cessation of body function and then buy your life policy and call the undertaker.
These insurance products should be inexpensive because there will be no agents or brokers involved. Our wireless communication devices will deal directly with the insurance company’s computers with no human intervention. Because of the risk of false alarms, these policies will have five day cancellation clauses at the buyer’s option. The insurance industry will probably insist on using their adjusters with these settlements, except for the life policies where there is not much to adjust.
Tom Belton
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