The construction industry is undergoing a lot of change, which presents far-reaching implications, and opportunities, for insurance professionals. While the industry had experienced decades of lagging digitization, caused in part by the difficulty of developing technology for the complex jobsite environment and reluctance to change how things have always been done, those challenges are now being addressed. New industry developments and market forces are creating a watershed moment, driving construction firms to digitize.

Growing market demand, along with increasingly sophisticated projects, a shortage of skilled workers and record outside investment in construction tech start-ups, has fueled tech innovation and motivated construction firms to adopt advanced Internet of Things (IoT) solutions. These technologies, including wearable devices, equipment and environmental sensors, and drones, provide critical visibility into what's happening across often large, remote and diverse project sites. By automatically capturing real-time activity data, such as where workers are located, where equipment is in use on site, current temperature and humidity levels, and more, project leaders and teams can stay on top of potential safety issues, mitigate risks and control unexpected losses.