How Wearable Tech Data Makes You a Better Risk Management Partner

In the era of data-driven decision making, wearable technology presents a tremendous opportunity for workers’ compensation agents and brokers to enhance their role as risk management partners. Wearable safety tech provides employers and agents with data and insights into how workers behave on the job and the risks they face. 

This valuable information enables you to uncover the driving factors of workplace injuries and deliver targeted loss control services tailored to clients’ specific needs. 

Gain Insights into Areas of Need

Wearable devices, such as smartwatches and fitness trackers, have gained popularity in recent years. Similar to how these consumer wearables help individuals monitor their health and fitness, workplace wearables generate a wealth of data on work-related movements. By tapping into this data, you can identify specific areas within a client’s workforce that require attention. 

By analyzing trends and patterns you can pinpoint potential hazards, high-risk activities, and ergonomic issues that may lead to work-related injuries. For example, insights gained from an ergonomic wearable safety device might include:

  • a spike in high-risk movements occurring during a certain time of day 
  • a team performing more risky movements than the general workforce 
  • a specific job function recording above-average high-risk movements

Armed with this knowledge, you can work collaboratively with clients to develop targeted loss control programs that focus on mitigating risks in these identified areas of need.

Customize Loss Control Services

Instead of relying solely on general industry standards, you can leverage data gathered by wearables to create customized risk management solutions that align with the unique needs of each client. Targeted services and action plans can help reduce work-related injury rates and costs, leading to a safer and more productive workplace.

Specific guidance, training, and intervention strategies to address the risks associated with the client’s workforce might include:

  • safety training or evaluations for employees with a high level of risky movements 
  • changes in the setup of a workstation 
  • introducing new equipment

Preventative actions such as these transform risk management from a reactive to a proactive process.

Provide Proactive Risk Mitigation

Traditionally, workers’ comp agents and brokers have focused on reactive measures, such as claims management and compensation. However, with wearable tech data, you can adopt a more proactive approach to risk mitigation. 

By monitoring real-time data from wearable devices, you can identify potential hazards and intervene before injuries occur. For example, if a segment of a workforce is performing an above-average number of high-risk movements you can promptly identify and address the underlying factors contributing to this increased risk among these employees, potentially preventing an injury from happening.

The results of proactive risk management are substantial and include:

  • reduced injuries
  • lowered losses 
  • increased premium savings

Be a Trusted Advisor

By incorporating wearable tech data into your risk management strategies, you can become an indispensable partner for your clients. With a deep understanding of your clients’ specific needs and risks, you can establish yourself as a trusted advisor who provides tailored solutions that improve workplace safety, employee well-being, and the bottom line. 

This level of collaboration and expertise builds stronger client relationships and sets you apart in a competitive marketplace. As the industry continues to evolve, harnessing the power of data will be key to staying ahead and thriving as a workers’ comp agent or broker.

The Kinetic wearable safety platform is proven to reduce workplace injuries by 50-60% and lost work days by 72%. Provided to workers’ comp policyholders at no extra cost, the Kinetic Reflex detects high-risk behaviors and provides data-driven insights to help protect workers and enhance the bottom line. 

Contact us to learn more about how wearable tech data can empower your role as a risk management partner!