We’ve talked a lot about insurance lately, and for good reason. Not only are insurance rates increasing, but the rate of increase is also growing! In Q4 of last year, rates went up 7.5%. In Q2 of this year? They went up 10.8%.
There is a silver lining, however. Our customers have been able to compare the safety compliance data that Newmetrix (formerly Smartvid.io) generates for them with our regional benchmarking data to provide strong proof to insurers that they are a lower risk than the average construction company. And in the insurance world, less risk means lower premiums — if you’ve ever gotten a good driver discount, you’ve seen this phenomenon in your own auto insurance bills.
The infographic shows, step by step, how Newmetrix will not only ensure more of your friends and colleagues go home safely each night, but will also help you secure insurance discounts. With our Safety Monitoring, Safety Observation and Benchmarking tools, you’ll have the insights you need to predict where the next incident is likely to occur so you can take action along with regional data on your peers’ compliance to see how you compare.
Need a real world example? Warfel Construction’s story is illustrative. Early in the pandemic, the COVID-19 safety adherence data they gained through Newmetrix enabled them to keep projects running in one of Pennsylvania’s biggest counties, while all other construction jobs were shut down.
But even if your organization’s performance isn’t quite good enough to beat the benchmarks, Newmetrix can help you get there. For example, in just 12 months Suffolk Construction was able to reduce recordable incidents by 28% and lost time by 35% through a safety program that incorporated Newmetrix.
Take a look at the infographic and share it with your colleagues. Let’s spread the word on how Newmetrix doesn’t just improve safety, but can also significantly cut insurance costs.