AIG invests in start-up with technology for keeping workers healthy
January 19, 2016
Insurance giant American International Group (AIG) has made a strategic investment in Human Condition Safety (HCS), a New York based early-stage technology start-up developing wearable devices, analytics and systems to improve worker safety. Terms of the deal were not disclosed.
HCS is creating tools that help workers, their managers, and worksite owners prevent injuries before they happen. Incorporating wearable devices, artificial intelligence, building information modelling and cloud computing, the product and service are designed for industries that hold the highest risk for workers, including manufacturing, energy, warehousing, distribution and construction.
“AIG’s embrace of innovative, disruptive technologies is opening new ways for us to strategically partner with our clients,” said AIG Commercial Insurance CEO Rob Schimek. “In this case, the technology from HCS will help enable us to work with clients to make their worksites safer places for their employees and help reduce our clients’ overall cost of risk. We will continue to look for more opportunities with firms like HCS that set the pace for mitigating and managing risks in ways unthinkable just a few years ago.”
In collaboration with strategic partners including AIG, HCS is conducting a set of pilots to demonstrate how its proprietary technology creates measureable improvements to reduce the frequency and severity of work-related injuries.
“It’s not acceptable that we can push a button and have anything in the world delivered to our doorstep, but that people can still get hurt and even die needlessly when they go to work,” said Peter Raymond, CEO of HCS. “With HCS tools, we leverage technology to keep people healthy and safe.”
HCS is AIG’s latest investment in technology that supports data driven approaches to partner with clients as they manage increasingly complex risks. It follows an initial $4m investment with Clemson University to develop a risk engineering and analytics centre to enhance the understanding of risk and ways to mitigate it, as well as an investment in the build out of AIG’s global risk engineering capabilities.
HCS is a spin-out of Human Condition Labs, a research and development lab that uses technology to create products that have substantial and positive social impact. HCS’s technology – including wearable devices, artificial intelligence, building information modelling and cloud computing – creates an ecosystem that keeps workers safer in the industries in which they face the most physical risk.
AIG is a leading global insurance organisation serving customers in more than 100 countries and jurisdictions.