Contractors, Insurers Expect IoT Tech to Improve Construction Risk Management

A new study released by Dodge Data & Analytics, in partnership with Triax Technologies, a leading provider of technology for the connected jobsite, finds that while contractors continue to struggle with construction site risks, they recognize the benefits of using IoT to mitigate them. According to the report, Using Technology to Improve Risk Management in Construction SmartMarket Insight, nearly three-quarters of respondents believe IoT will help them control occupational risks, and about half expect it to reduce risks to the public, as well as financial risks and those related to property damage and construction defects. The study found that the top motivator for adopting IoT technology is the possibility of lowering insurance premiums (67 percent), followed by recovering lost time due to incidents and winning more work because of a strong safety record.