Commercial property owners can now manage slip and fall, workers’ compensation, and other premises liability claims more accurately with risk management tools recently launched by Google Cloud in partnership with BlueZoo Inc., a technology startup company.
The new Google premises liability claims prevention service features occupancy measurement technology designed to quantify, predict, and prevent the risk of accidents and injuries associated with the number of people in a building location. The technology combines sensors reporting mobile phone data computer vision with Wi-Fi sensing, cloud computing, and semiconductor design to give property owners more accurate, real-time data on occupancy rates.
Hotels, restaurants, retailers, fitness centers, and distribution warehouses are a few types of commercial properties that are targeted for implementation. Insurers will now be able to track with a 90 percent degree of accuracy the number of visitors to a commercial property at any given time. Additionally, the insured and insurer will be able to analyze the data to identify trends in foot traffic by time of day, day of the week, and seasonality. Usage-based data will allow insurers to underwrite the risk more accurately and help insureds create risk avoidance initiatives.
Property and casualty (P&C) insurers have widely adopted artificial intelligence and usage-based insurance, also known as telematics, in the underwriting and claims processing functions for personal and commercial lines of automobile insurance. New technologies based on wireless sensors and Internet of Things (IoT) take advantage of the billions of physical devices that are now connected to the internet to harness real-time tracking data for risk management and other purposes.
Insurtech, short for insurance technology, is a fast-growing digital trend that applies technology innovation to insurance processes. As automation use accelerates in the P&C market, insurance defense law firms will want to stay current on insurtech panel counsel news that can affect their client relationships and workflow management.
About BlueZoo Inc.
Blue Zoo Inc., based in Silicon Valley, is focused on commercial property and casualty insurers in the U.S. and overseas. The company also offers a “Party Squasher” software package for short-term rental property owners (think Airbnb and VRBO) that alerts hosts via SMS or email when the occupancy of a property exceeds a pre-set limit. A “BlueFox” service targets retail, hospitality, and out-of-home advertising industries that want to measure visitor occupancy rates at indoor or outdoor venues.
Despite the reliance on mobile phone data, complete privacy protection is promised since no personally identifiable information is ever captured or uploaded to cloud servers.
BlueZoo was founded in 2020 with a reported $1.5 million in seed funding from Palo Alto-based Fusion Fund. Nine employees are associated with the BlueZoo LinkedIn company page. On June 1, 2021, BlueZoo announced that processed its 48th billion mobile device probe based on data collected from thousands of building-based sensors.
Implications of Real-Time Data for Commercial General Liability Panel Counsel Members
Insurance is all about risk. Any technology that allows for better risk measurement, management and avoidance will be tested and adopted by P&C insurers. Insurance defense law firms can expect more disruptive technologies from Google and their partners. The managing director of insurance at Google Cloud previously spent almost four years at AXA XL, where she held positions of executive vice president and chief data officer.
As the insurtech market continues to expand, panel counsel law firms are advised to stay closely tuned to new ways that their carrier clients are adopting technology. The reality, however, seems to be that many law firms are slow to respond to technical enhancements within their own law firms and in the industry at large.
As risk management increases, the number of premises liability or workers’ compensation claims may decrease. This may be particularly true if the big P&C carriers help their insureds to learn and implement cost-saving technologies.
Read Our Related InsurTech Articles
Auto Panel Counsel Automation News, February 7, 2021
Insurtech Panel Counsel News, February 7, 2021
Auto Insurers Speed Up on Usage Data, January, 2016
Liberty Mutual Launches Tech Venture Fund, May 23, 2016
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This article is provided for educational purposes only. It is not to be interpreted as legal advice or an opinion in regard to any topic discussed. The article should not be used as a substitute for legal advice from a licensed attorney in your state. Every situation is different and circumstances vary widely depending on the governing state law, policy provisions, and related considerations.