Workplace accidents cost employers and insurers hundreds of billions of dollars in workers compensation claims every year, and that's in America alone. Every day worldwide, they lead to more than 1,000 deaths and 500 injuries. Workplace safety managers in New Jersey will want to know about an insurtech startup that could provide an effective way to reduce hazards.
MākuSafe is based in Des Moines, Iowa, and specializes in wearable technology for employees across various industries. In particular, it has developed a wearable band that records environmental and motion data and transfers it to a cloud platform. This consumable data can then be analyzed by workplace safety managers.
The idea for the wearable tech arose when the CEO of MākuSafe was touring manufacturing companies across the U.S. and found one company where all the employees were wearing dosimeter buttons. It turns out that the company took this measure after one employee suffered hearing loss due to radiation exposure.
MākuSafe's wearable bands can measure changes in temperature and lighting, immediately report near-misses and hazardous situations and, thanks to machine learning, assess high-risk areas and trends for the benefit of the managers. They could serve as collaborative tools between businesses and insurers, providing the latter with accurate information when investigating workers comp claims or creating more accurate P&C policies.
Safety managers cannot prevent all accidents as some will naturally result from the victim's own negligence or that of a co-worker. In such cases, victims may still be reimbursed for medical bills and lost income as well as receive short- or long-term disability benefits through the workers compensation program. This will, of course, waive their right to sue their employer. Before filing, it might be a good idea if victims retained legal representation; that way, if it comes to attending a hearing, the lawyer may speak on their behalf.