(Image source: CompScience.)
CompScience Insurance Services (San Francisco) has announced a managing general agent agreement with Nationwide (Columbus, Ohio) and Swiss Re (Zurich) to underwrite, bind and service workers’ compensation policies.
CompScience’s technology detects workplace risks by making video recordings of the workplace and applying analysis to identify risks and prevent an accident. CompScience reports that its computer vision models can detect more than 50 behavioral and environmental hazards. The company says that its technology has reduced its customers’ worker’s compensation claims by as much as 23 percent.
“We are pleased to be partnering with Nationwide and Swiss Re so that we can bring the disruptive power of computer vision and data science to help reduce losses on Workers’ Comp policies,” comments Josh Butler, Founder and CEO, CompScience.
“Both Nationwide and Swiss Re recognize that insurance products are ripe for innovation, and we are ready to go to market now that we’ve proven the impact of our approach,” comments Jacob Geyer, Chief Insurance Officer, CompScience.
CompScience reports that its Intelligent Safety Platform has been shown to significantly reduce claims through actuarial analysis. CompScience detects previously unreported workplace risks by analyzing existing workplace videos with an ever-expanding library of proprietary computer vision models built to detect 50+ behavioral and environmental hazards.
“We’re delighted to be part of a project that helps make workplaces safer and reduces the financial cost of insurance protection,” comments Sebastien Bert, Head, Strategic Partnerships US, Reinsurance Solutions, Swiss Re. “Our predictive risk models enable benchmarking against the market, monitor portfolio trends, and allow CompScience to quantify the value of its risk mitigating technology.”
Save Lives and Reduce Cost
“Nationwide looked at two years of actuarial data and saw that the technology shows promise, we found that the CompScience computer vision models, data science, and reporting tools could help potentially save lives and reduce costs,” says John Lopes, SVP, Product Expansion, Nationwide. “CompScience’s Intelligent Safety Platform provides truly actionable insights into workplace risks.”
CompScience has grown 500 percent during the last year. The company says that being a program underwriter puts it in the unique position to reduce both risk and claims. The new MGA agreement is now in effect and CompScience is accepting submissions in ten states. Continued national rollout is anticipated during 2023.