Technology giant Apple has recently launched two new smartphones, and announced the development of a brand-new wearable device call the Apple Watch. While technology enthusiasts will be excited to hear about the new features, the insurance industry is claiming they offer far more features.

Zurich analyst Dr Benno Keller has explained that the new payment technology onboard the devices could be a game changer for businesses, offering faster payments and an easier transaction process for both the customer and the company.

Of course, there are security concerns which certainly need to be considered, as there are with any new technology.

“Hackers will inevitably attempt to hijack the devices to make unauthorised payments or even access accounts,” Dr Benno explained.

Organisations should evaluate a business insurance policy that accounts for cyber security, and the associated risks that go along with cyber attacks.

The Apple Watch

While the iPhones were announced and launched this month, the market will have to wait a while longer for the new wearable device. However, this new piece of technology is predicted to generate a significant amount of useful information.

The Apple Watch includes a substantial array of sensors, and could be used to gather health information from both insurance customers and business staff.

“This interaction with technology will inevitably generate an enormous of data about the wearer’s choices and lifestyle which insurers can use to refine their understanding of the risks faced by their customers,” Dr Benno said.

“It would make it easier to predict outcomes and even push solutions to challenges that have yet to occur.”

The new payment technology, as well as a focus on generating new information, will be invaluable for businesses. However, it’s important that a policy is taken out covering against the risks of cyberattacks.