isn’t one of them.
York’s proven approach to managing
workers’ compensation claims delivers:
Lower claims costs
Faster claims resolution
Better outcomes for injured workers
Fewer lost time days
CLAIMS MANAGEMENT | MANAGED CARE | RISK MANAGEMENT | LOSS CONTROL
Care Act’s higher costs for employers,
we will begin to see more companies
turning to wearable devices to help
them monitor their employee’s health
in the near future.
In order to combat costs,
wearables will be given to employees,
and incentive programs will be
created to encourage their use.
For example, British Petroleum
handed out Fitbit Zip devices to
about 14,000 employees in 2013. If
employees took one million steps,
they received points that qualified
them for lower insurance premiums.
In fact, Fitbit reports that sales
to companies are one of the fastest
growing segments of its customer
base. We may need to establish a
new technology acronym to replace
BYOD — perhaps BYOW will take off
The technology can also usher
in crowdsourcing for personal
health insurance as well — there
is undeniably more buying power
with 1,000 individuals than just one
Perhaps this will even open the
door to pet insurance as well given
new wearables designed specifically
for man’s best friend continue to roll
out. And what does the insurance
industry love more than the ability to
break into niche markets? Insurance
companies can use this technology to
target low-risk opportunities to drive
a better return and greater volumes.
The advent of smart commercial
buildings will eliminate the need for
building managers to total a stated
insurable value by listing everything
on its premises.
Instead, property premiums can
be automatically tallied by connecting
the insurance company to the
building’s central smart hub, which
houses all of the data such as air
quality and temperature.
Access to security systems,
sprinklers, and disaster recovery
plans in one location provides a much
crisper insurance profile than just
relying on raw building and cost data.
With a smart building monitoring
itself and updating its central system
in real time, the building can tell
an insurer that its risk profile this
afternoon is at at a lower risk than it
was just yesterday.
Rather than replacing an annual
policy or going through the hassle
of a three year deal, policies can be
As such, building owners could
qualify for better insurance premiums
by providing a historical view of
building trends. There are also
benefits aside from cost savings.
For example, say you own a
building in Miami. You can match
and profile your hurricane risk by
the minute and remediate high-risk
issues very quickly. Additionally, the
need to hire field evaluators to do this
process manually is eliminated.
Thanks to the advancements
taking place within the Io T, shopping
for insurance of any sort will be akin
to shopping for new clothes.
It won’t be a cumbersome process
where you are purchasing retrofitted
policies that don’t seem to match.
It will be a sleek and automated
experience where policies will be
developed to fit individual needs.
We’re entering an insurance era
where consumers and companies are
we all should be
ready for it.
is the executive
director of claims at
Services. He has 25
years’ claims experience in both national and
global insurance markets. He can be reached
use this technology
to target low-risk opportunities
to drive a better
return and greater