Every year, workers' compensation claims cost employers and insurance companies across the U.S. hundreds of billions of dollars. Everything from radiation exposure to slip-and-fall hazards can present themselves in a Pennsylvania workplace. In fact, analysts say that 500 workplace injuries happen every minute throughout the world.
However, an Iowa-based software startup called MākuSafe has developed a wearable band that can help reduce on-the-job accidents. This band records environmental and motion data in real time, reporting not only basic information like changes in temperature and lighting but also any hazardous situations and near-misses. This data is processed in a cloud platform for workplace safety managers to analyze.
For the benefit of employers and safety managers, who are usually data scientists, MākuSafe makes the recorded data consumable. The company utilizes machine learning to identify hazardous or high-impact trends. It then becomes the manager's job to mitigate the risks through preventive measures like setting up safety equipment and supplies.
The data platform can also serve as a collaborative tool between businesses and insurance carriers. The latter will have access to accurate data when investigating workers' compensation claims. In the future, may be able to create better property and casualty insurance policies. Insurance agents could also use the platform as they implement risk control strategies.
Injured workers, for their part, can receive workers' compensation benefits as long as the employer is insured and the accident took place on the job. To be compensated for all their injuries, they will have to show that each one resulted from the accident, which could require a medical expert. If a victim hires a lawyer, however, they could gain access to a wide network of such experts.