Apple will enter the health insurance market by 2024

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There are rumors that Apple is targeting health insurance.

What is happening: Likely in partnership with an incumbent, Apple could leverage its ecosystem of data, wearables and developer tools walk in $1.1 billion health insurance industry by 2024.

For context: Apple recently doubled down on its efforts to become the “Health center” for both consumers and physicians.

According to CCS Insights chief analyst Ben Wood, this position also lends itself to the insurance market:

“They have a wealth of personal health data through Apple Watch. If they join some dots together, they can become a very competitive player in health insurance and this will potentially have a huge impact on the structure of the healthcare market in the United States.

With advanced biometrics Features on Apple Watch, third-party developer tools, health tracking capabilities, and Fitness+ on every iPhoneApple has the components to encourage personal well-being.

By emphasizing preventative wellness, Apple could gamify health insurance. Notably, it already has a foot in the door, providing Apple Watches to members of UnitedHealthcare, Devoted Health and John Hancock’s Vitality.

Zoom out: Apple isn’t alone in considering insurance. After shutting down Haven, its joint venture with JPMorgan and Berkshire Hathaway, and its in-house telehealth service, Amazon picked up One Medical.

Meanwhile, rival retailer Walmart has makes breakthroughs by partnering with UnitedHealth, launching a co-branded Medicare Advantage plan while expanding virtual, clinical, and medical research capabilities.

Carry: By selling more smartwatches and increasing service revenue, Apple’s health ambitions align with business and Tim Cook’s goals commitment to make healthcare “the company‘s greatest contribution to humanity”.

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