InsurTech Center

IoT adoption driven by improved safety records, reduced costs

Contractors and insurers are looking to IoT technology to improve construction risk management.

By Joyce Anne Grabel | May 07, 2019 at 01:45 PM

A new report finds IoT adoption is driven by improved safety records, reduced costs (including costs of workers’ compensation claims and premiums), and greater employee productivity. (Photo provided by Triax Technologies)

One in five worker deaths a year is in construction. Given this sobering statistic, construction site risk is a critical challenge, and the industry is slowly turning to new technology, specifically the increasing use of sensors on the jobsite, as part of the solution. A new study finds that while contractors continue to struggle with construction site risks, they recognize the benefits of using Internet of Things (IoT) technology to mitigate them.

According to Using Technology to Improve Risk Management in Construction SmartMarket Insight, released by Dodge Data & Analytics in partnership with Triax Technologies, nearly three-quarters of respondents believe such IoT technologies as wearables and sensors will help improve occupational risks, and around half believe they will help address property damage, construction defects, general liability, and financial risks.

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