There are a few commercial insurers and reinsurers that support the use of IoT devices and wearables to monitor internal safety hazards, employee errors, and environmental changes in factories and workplaces to prevent accidents and curb fraudulent claims. It is anticipated that more insurance organizations will support the model in the coming years for both financial benefits and to improve customer retention and loyalty.
Goals and Objectives
Leverage sensorbased technologies to monitor the activities in factories or business establishments, or track the condition of the property or cargo to prevent accidental damage or damage due to human or environmental factors. Rely on evidencebased loss prevention models to provide advanced warnings, protect lives and property, and reduce business interruption.
IoT, wearables, Big Data, Mobile technologies, Cloud, Advanced analytics, Cognitive technologies, Next-gen security
Use Case Summary
Use sensor-based technologies to enable loss prevention in commercial property through real-time monitoring, tracking, and offering timely advice to prevent loss.