Loss control is moving from a once-a-year site visit to a continuous data relationship.
Traditional commercial insurance loss control involved a safety professional visiting a policyholder location, identifying hazards, and issuing recommendations that may or may not be implemented before the next visit. The feedback loop was slow and coverage was incomplete.
IoT-enabled loss control changes the model. Water leak sensors, air quality monitors, equipment vibration sensors, and connected fire suppression systems generate continuous data that surfaces developing risk conditions before they become losses.
Carriers offering IoT-enabled loss control programs are finding that commercial policyholders -- particularly in manufacturing, hospitality, and healthcare -- value the risk management partnership as much as the insurance coverage itself, improving retention on profitable accounts.
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