We dig into insurer AXA XL's recently launched multi-sensor internet of things (IoT) ecosystem helping construction companies control risk.
Insurers have long discussed the need to integrate data and signals from sensors and devices to manage risk more effectively in various insurance contexts, from home to auto to commercial.
But doing so requires a robust software dashboard and user interface. Another obstacle is compatibility, as the sensors, base devices, and data structures must be able to talk to one another.
In complex environments, the ideal system would incorporate an array of IoT sensors. But to date, this has hindered commercial IoT adoption where the sources and variety of risks can multiply.
This is especially true in construction, which is a challenging commercial insurance market due to high budgets (projects can be $100M+) as well as unique local and environmental risks.
But with improving IoT technology and falling sensor costs, this may be changing.