The Fitch Ratings report also notes that most workers' compensation underwriters are operating from a position of strength as 2018 represents a rare fourth consecutive year of market underwriting profits. (Photo: Shutterstock)
The workers' compensation segment of the property & casualty insurance business is a prime target for technology investment to maintain competitiveness and bolster performance, according to a Fitch Ratings report.
Wearables, in particular, are helping the workers' comp segment by boosting employee safety through sensors and identifying hot spots in the workplace that could lead to accidents like slips and falls. But other technologies such as artificial intelligence, machine learning and drones allow for more data to be processed, create models with more sophisticated algorithms and monitor a worker's health, says James Auden, managing director at Fitch.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
