CompScience Launches AI-Powered Workers’ Comp Product Backed by Nationwide and Swiss Re
Reducing claims by up to 23%, CompScience now offers Workers’ Compensation Insurance Policies that minimize injuries and premiums via its Intelligent Safety Platform
SAN FRANCISCO and COLUMBUS, Ohio, March 20, 2023 (GLOBE NEWSWIRE) -- CompScience Insurance Services today announced a managing general agent (MGA) agreement with Nationwide and Swiss Re to underwrite, bind and service workers’ compensation policies.
“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," explained 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. We work tirelessly to eliminate workplace hazards and accidents so that everyone can go home safely each day,” said Jacob Geyer, Chief Insurance Officer, CompScience.
CompScience’s 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," said 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."
“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 of Nationwide Product Expansion. “CompScience’s Intelligent Safety Platform provides truly actionable insights into workplace risks.”
CompScience has grown 5x over a year. Being a program underwriter puts CompScience in the unique position to reduce both risk and claims. The new MGA agreement is now in affect and CompScience is accepting submissions in ten states. The continued national rollout is anticipated later in the year.
About CompScience Insurance
CompScience Insurance reduces workers’ comp insurance costs for businesses by limiting the probability of injuries. The Intelligent Safety Platform is based on AI-powered safety analytics that provides risk assessment and recommendations to make workplaces safer.
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