Contractors adopting IoT to lower insurance premiums

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.