Workers-comp coverage represents the largest insurance expense for many construction businesses. With that in mind, Wednesday at the International Consumer Electronics Show in Las Vegas, American International Group (AIG) unveiled its investment of an undisclosed sum in Human Condition Safety, a maker of wearable devices designed to monitor the movements of employees in factories, on construction sites and at other hazardous workplaces to reduce on-the-job accidents. AIG's interest is part of a broader push by insurers in the nearly $90 billion workers-compensation industry to use sophisticated data analysis to cut costs and boost profits.
Human Condition Safety has a pilot project under way at Citi Field, home of the New York Mets, to simulate conditions at construction sites and large venues and test its wearables and systems. Human Condition’s workers have been wearing its vests to help determine what series of events leads to trips, falls and other injuries that could be prevented.
Wearable devices are widely used by fitness fanatics to track physical activity, but a number of firms are trying to apply similar technology to the workplace.
Source: Wall Street Journal