AIG Makes Strategic Investment in Human Condition Safety, a Workplace Wearables Startup
By Business Wire News
American International Group, Inc. (NYSE:AIG) today announced a strategic investment in Human Condition Safety (HCS), an early-stage technology startup company developing wearable devices, analytics, and systems to improve worker safety. Terms of the deal were not disclosed.
AIG Commercial Insurance CEO Rob Schimek will discuss the HCS investment at the Consumer Electronics Show in Las Vegas, Nevada, on Friday, January 8, 2016, as part of a broader conversation about the Internet of Things and the potential for disruptive innovations to make the world a safer place.
Human Condition Safety is creating tools that help workers, their managers, and worksite owners prevent injuries before they happen. Incorporating wearable devices, artificial intelligence, building information modeling, and cloud computing, the product and service offering is designed for industries that hold the highest risk for workers, including manufacturing, energy, warehousing and distribution, and construction.
“AIG’s embrace of innovative, disruptive technologies is opening new ways for us to strategically partner with our clients,” said Mr. 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 key 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.
Peter E. Raymond, CEO of HCS, said, “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. 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 $4 million investment with Clemson University to develop a risk engineering and analytics center to enhance the understanding of risk and ways to mitigate it, as well as a substantial investment in the build out of AIG’s global risk engineering capabilities.
For more information, visit: www.aig.com/innovativetech.
About Human Condition Safety
Human Condition Safety (HCS) is a spin-out of Human Condition Labs, a research and development lab that uses technology to create solutions that have substantial and positive social impact. HCS’s technology–including wearable devices, artificial intelligence, building information modeling and cloud computing–creates an ecosystem that keeps workers safer in the industries in which they face the most physical risk.
American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 100 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.