Travelers Eyes Wearables
The Travelers Companies has partnered with contractor company Gilbane, and Triax Technologies, a provider of Internet of Things (IoT) construction technology, to explore the potential safety benefits of wearable devices. Over 20 months, Travelers will review data collected from Triax’s Spot-r IoT devices, including those used at a Gilbane construction site in New York City. More than 130 employees will use the Spot-r Clip, a waist belt device that detects worker falls and provides real-time notification of worker location and other safety incident details. It also allows workers to easily report hazards or incidents. In addition, they will deploy Spot-r EquipTags that monitor equipment location and usage and Spot-r EvacTags that allow managers to trigger high-decibel, highly visible emergency alarms to workers. Rick Keegan, president of Construction at Travelers, said keeping workers safe is a priority the insurer. He said this project will help Travelers “gain valuable data-driven insight.”
Progressive Adds Online Cyber
Progressive Insurance is now offering small business owners the ability to compare, quote and buy cyber insurance online, alongside other coverages, through CyberPolicy, an online cyber insurance marketplace. CyberPolicy works with Progressive, Chubb, Hiscox, SecurityScorecard, UpGuard and other firms to develop bundled cybersecurity offerings to help small businesses against cyberattacks. CyberPolicy is owned by CoverHound.
JLT Pact with Pact
Reinsurance broker JLT Re North America is partnering with Pact Insurance to develop digital insurance products for mobility risks. Pact is a managing general agency in San Francisco that offers low cost, on-demand auto insurance in Ohio that customers can buy and manage from their smartphones. “Pact has a level of data and underwriting granularity that is rare amongst new entrants. Pact takes data to another level in its plans to distribute to niches of underserved risks,” said Gregg Holtmeier, insurtech practice leader for JLT Re.