Workplace injuries continue to cost companies and their workers’ compensation insurance carriers billions of dollars each year. However, partnerships between tech companies, insurers and commercial clients have the potential to deliver more accurate risk assessments and the data to support precise real-time interventions that can reduce injury in the workplace.
Industrial wearables—such as those from StrongArm Technologies—could be a game-changer for workers’ comp insurers, who are lagging their counterparts in the life and personal lines auto sectors with regard to the effective exploitation of technologies such as Internet of Things devices for risk engineering and mitigation.
Workers’ comp insurers and industrial organizations can benefit from partnering with insurtechs to drive these solutions into the workplace—in the process, decreasing claims, keeping industrial workers protected and productive, and bringing down costs across the board.
Workers’ comp insurance as a living business
By collecting accurate safety data about individuals across a workforce, insurers and their workers’ comp clients can locate injury risks more accurately and address them before workers are hurt. The immediate benefit for the insurer will come from a reduction in injury claims and lower loss costs.
Workers’ comp insurers could access sensor data to get more wide-ranging information about a workforce and its environment to inform risk assessment. Because insurers would have more and better data at their fingertips, they would need fewer risk engineers to manage the same network of customers.
But perhaps the most significant advantage for workers’ comp insurers is the opportunity to embed themselves deeper into their customers operations and reduce churn. They could use the technology to create a compelling ‘living service’ that forms a significant barrier to competitors.
Tech and insurance companies should work together to solve one of the biggest challenges in commercial insurance. Register to view the report to learn more.