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Wearable Technology: A Risk Management Tool?

Wearable Technology: A Risk Management Tool?Google Glass, smart watches and fitness trackers are only a fraction of the mainstream wearable technology items that have become popular over the last few years. These small and functional devices can be used to track various types of movement and data with their tiny sensors. As technology progresses, businesses of all types are starting to ask, can wearable technology be used as a risk management tool? As we explore this potential strategy, ensure your operation is equipped by a Workers’ Compensation Insurance policy for large and small businesses.

The data collected by these devices provides a window of opportunity to mitigate risk that was otherwise unavailable for business owners. These devices can be used to track data and improve workplace safety and productivity simultaneously. Employees whose jobs are physically demanding or physically repetitive can wear devices that measure posture, movement, and resulting muscle strain. According to the Occupational Safety and Health Administration (OSHA), repetitive stress injuries (RSI) account for 1/3 of the money paid out from workers’ compensation claims. As it affects approximately 2 million workers each year, it’s estimated that employers pay an astounding $20 billion each year in workers’ compensation costs.

Wearable technology also motivates employees to be more active. As it tracks your daily steps and exercise (and can even count calories for you), it’s a natural motivator for employees to get out of their desks and get moving. Therefore, equipping each of your employees with a smart watch can benefit their health. In fact, try implementing a friendly competition for the most steps in a day or a weight loss challenge to encourage workplace culture and healthy habits. After all, a healthy employee is a happy one, and your workers’ compensation claims will reflect that.

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Associated Specialty Insurance Agency, Inc. has been “The Workers’ Compensation Specialist for Brokers and Agents” for the past two decades and is committed to providing brokers and insurance agents across the East Coast with expertise and services to develop a Workers’ Compensation policy. For more information about how we can assist you with claims management, anti-fraud measures, and more, call 610-543-5510 to speak with one of our professionals.

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