Chad Hollingsworth, President of Triax Technologies, discusses the impact of wearable technologies on businesses and the management of risk and claims. In order to be more attractive to business, wearables must be easy to use, deployable with a long battery life.
Triax focuses on wearables as a safety tool for construction companies. He says simply knowing the number of workers on a site is helpful to management. Wearable also serve to notify managers of accidents more quickly. They can also be used to affect behavior modification, to reduce risky activities.
Triax is offering push-button alerts for slip, trip or fall accidents, safety infraction or evacuation. Mr. Hollingsworth says Triax enables managers to start the documentation process more quickly. He also notes the importance of managers having a historical view of worker data to avoid fraudulent claims.
Wearable technologies should affect premiums in a number of ways, according to Mr. Hollingsworth. Better data will enable better pricing on your risk. In addition, reducing claims and managing occurrences will also help reduce premiums.
Looking ahead, Mr. Hollingsworth says Triax is adding sensors to that will monitor how employees are interacting with equipment, making sure they are trained and/or qualified to work with them before they hurt someone or break the equipment. He also sees his technologies being used in the property management arena and agriculture.