Navigating IoT & AI Adoption in Construction Insurance

In the latest episode of the InsurTech Geek Podcast, we dive into the intersection of technology and construction insurance with Chris Greene, Vice President of Innovation & Insights at American Global. Chris sheds light on how the Internet of Things (IoT) and Artificial Intelligence (AI) are bringing unprecedented levels of efficiency, risk management, and cost savings to the construction industry.

Real-World Applications of IoT in Risk Mitigation

IoT devices are now a cornerstone of modern construction insurance. Chris shares how water leak sensors, wearable safety technology, and concrete maturity sensors are helping companies mitigate risk. These tools monitor everything from potential water damage to worker safety compliance, allowing companies to prevent incidents before they happen. This proactive approach is transforming how insurers and contractors alike view risk management.

How AI Enhances Data-Driven Decision Making

AI is helping to process and analyze the vast amounts of data that IoT devices generate. By spotting patterns and anomalies, AI enables contractors to make informed decisions on-site, leading to safer and more efficient projects. Chris discusses how AI allows brokers and contractors to pinpoint which risk factors matter most, turning raw data into actionable insights.

The Future of Tech-Driven Insurance Solutions

As these technologies become more sophisticated, the future of construction insurance looks bright. With the ability to automatically shut off systems, monitor real-time safety, and track equipment status, IoT and AI are giving companies new tools to manage risk. Chris predicts that these technologies will only grow in their impact, offering insurers and contractors more precise ways to safeguard their projects and bottom lines.

Tune In

To learn more about how IoT and AI are revolutionizing construction insurance, watch the full episode of the InsurTech Geek Podcast with Chris Greene.