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article imageContractors adopting IoT to lower insurance premiums

By Tim Sandle     Apr 29, 2019 in Business
The results of a new survey indicates that more contractors are adopting Internet of Things technologies in order to lower insurance premiums. The survey comes from Dodge Data & Analytics and Triax Technologies.
The results of the study, part of which is based on in-depth interviews conducted with insurers and other part drawn from construction industry data, shows that the top drivers for Internet of Things (IoT) adoption include reduced costs such as potential savings from reduced deductibles and fewer claims, greater employee productivity, and improved safety records. The survey is titled "Using Technology to Improve Risk Management in Construction SmartMarket Insight."
Other key findings from the Dodge Data & Analytics and Triax Technologies survey were that almost three-quarters of respondents believe IoT will help them control occupational risks. In addition, around 50 percent expect IoT adoption to reduce risks to the public. Another area where risk can be off-set is with lower financial risks plus hazards related to property damage and construction defects.
Furthermore, over half of the participants state that they digitally gather (54 percent) or analyze data (59 percent). In addition, while 77 percent report that they act upon key safety and risk insights drawn from digital data analysis. The main obstacles to not doing so are down to budget limitations.
There are several emerging IoT providers for contractors, especially those operating in the construction arena (and the term 'constructech' has been applied to capture this market). An example is with RFID tagging technologies, to track and trace materials in the supply chain.
According to Pete Schermerhorn, President and CEO, Triax Technologies, commenting on the survey results: "These findings highlight an important opportunity to shift the industry towards reliance on objective, empirical data. The ability to measure risk is fundamental to managing it, especially in the fast-moving construction environment. It’s essential that contractors dedicate budget and resources to unlock actionable safety and risk insights that can drive improvement in these areas."
The survey concludes that the findings are sufficient to confirm that contractors and insurers together see the value in leveraging IoT technologies to help collect, analyze and act on risk management data and make projects smarter. The survey results also suggest that the ability to measure risk is also fundamental to managing it, especially in the rapidly changing construction environment.
The survey makes the case for contractors to consider putting aside an element to their budget and resources to secure actionable safety and risk insights that can drive improvement, by investing in IoT technologies.
More about internet of things, IoT, Construction, Building, Contractors
 
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