As more and more industry firms adopt construction technology, business leaders are exploring creative ways to harness artificial intelligence (AI) and leverage big data for more than just "interesting" insights. In particular, we are looking for ways to have a greater influence on the entire construction project life cycle, including insurance.
AXA XL and Newmetrix are teaming up to explore what's possible for the future of construction insurance when we wield the immense power of predictive analytics in the field.
What Is Predictive-Based Safety?
At its core, Predictive-Based Safety (PBS) is about using data to change behaviors. While the behavioral-based safety systems currently in widespread use on construction projects today have brought recordable incident rates down significantly, it is by applying technology and data together to drive behaviors that will take contractors to the next level of safety success.
There are three elements of a PBS program: data collection, data transparency, and prediction deployment. Each of these elements requires training related to the application of appropriate behaviors by those involved.
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