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PROPERTY & CASUALTY
JAN 24, 2019
Dave Galbraith, AVP Risk Management
Prepare for Success with Emerging Technologies
Have you considered investing in emerging technologies that could support your risk management efforts and prepare your company for future success? As a construction business owner, the decision to invest in emerging technologies is not an easy one. It’s no secret new technologies bring some concerns. The solution? A cost-sharing pilot program with your insurance carrier.
Technology is changing the construction industry
New technologies are driving significant change in the way machines interact with big data, the cloud, people and surrounding environments. Advances in artificial intelligence, immersive experiences and digital platforms are changing the way construction companies do business. Machine learning, augmented/virtual reality, drones, wearables, telematics, biotechnologies and sensors are impacting virtually every aspect of the construction industry. These advances can bring incredible value to both businesses and their insurance carriers.
Don’t fall behind the competition
When evaluating future technology, too many organizations focus only on today’s pressures. Often they are bystanders, waiting for the technology to move into widespread acceptance and productivity. Unfortunately, their competitors may be the early-adopters, reaping the rewards of technology. Once the decision is made to invest in technology, those who are slow to adopt are already behind, and have not evaluated the questions of who, what, where, why and how to use the technology.
Your insurance carrier is a critical component of the business relationship charged with protecting your company’s assets, and can provide opportunities to pilot developing technologies. Ask yourself the following questions: Does my carrier invest in technology that may protect my assets or help improve operations? Does my carrier partner with companies like mine to share in the risk of trying out new technologies?
When it comes to risk management, your carrier should spend the time and allocate the resources to research emerging technologies to prepare your company for the future — thus allowing you to focus on the challenges of the day. Pilot programs significantly share in the expense and risk associated with testing new technologies. The potential for success and the risk of failure is shared between partners. These programs allow construction companies to test emerging technologies, without the risk of taking on the investment alone.
Through cost-sharing programs, both parties learn from real world experimentation, and share information throughout the experience to benefit all participants. As a result, insight regarding the potential use and development of the technology is acquired.
Pilot programs have proven their value time and time again. When organizations understand the importance of testing out a new technology, monitoring its successes and failures, and analyzing the data to determine the return on investment, it’s simple to find the solutions that work. Take, for example, Amerisure’s telematics pilot program, FleetAlliance™. This program, which began in 2016, has lowered the rate of accidents for some policyholders by as much as 50 percent. Many of these policyholders may not have taken the leap to try out a web-based software to improve their fleet operations, had it not been for the cost-sharing pilot program.
The bottom line is: the risk is not small when investing in new technology. Not all emerging technologies move to widespread use or provide their initially touted benefits, but many will succeed in their original goals. While some will fail, several will achieve greater success than ever imagined. Insurance carriers should work alongside their customers to pilot, evaluate and collaborate on emerging technologies. Because, if it turns out that the technology offers a significant return on investment, everybody wins.