Vita Industrial & Mac Safety team up to release a study on the cost-saving benefits of load stabilization technology
he experts at MAC Safety and Vita Industrial have teamed up to present an in-depth white paper regarding the advantages of load stabilization technology. This study employed leading data scientists, seasoned safety professionals, and insurance experts to show how the Vita Load Navigator will save lives and billions of dollars – and lead to discounted insurance costs for operators who utilize the device:
“Based on the data, operators could also soon expect to see premium discounts and insurance riders issued when employing load stabilization devices on the job site.” -Mac Safety
The whitepaper (which was co-authored by Mac Safety) goes on to quote insurance experts Henderson Brothers Inc., a company with over 125 years of experience in the insurance industry. “A good offense for defending an OSHA inspection is being able to demonstrate that, as an employer, you proactively mitigate hazards on a routine basis.”
Mac Safety has been able to create an AI-driven risk mitigation program called NIXN, with the latest iteration called XGBOOST. XGBOOST is an innovative data-driven platform that uses real-time analytics as well as data from thousands of historical construction job sites to accurately predict the likelihood of a safety incident occurring. The program was nearly perfect at predicting safety incidents with an accuracy rate of 92%.
Job site incidents are extremely costly, in terms of both financial losses as well as loss of life. That’s why insurance companies are taking notice of load stabilization devices. Using the XGBOOST modeling, Mac Safety has been able to quantify a 75% injury reduction and a 63.1% overall accident reduction using this new tech. The latest projections indicate that the industry could save as much as $15 billion annually by utilizing technology like the Vita Load Navigator.
Experts agree that the single most impactful action a lift operator can do to improve safety is to utilize a stabilization device like the Vita Load Navigator. This research suggests it’s very likely that load stabilizers will provide significant savings on insurance premiums and lead to safer and more efficient worksites.