CompScience Insurance Services has entered a managing general agent (MGA) agreement with Nationwide and Swiss Re to underwrite, bind and service workers’ compensation policies.
CompScience Insurance aims to reduce workers’ compensation 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.
The company’s platform has been shown to significantly reduce claims through actuarial analysis. CompScience detects previously unreported workplace risks by analysing existing workplace videos with an ever-expanding library of proprietary computer vision models built to detect 50+ behavioural and environmental hazards.
The company said it has experienced significant growth. Additionally, being a programme underwriter puts it in the unique position to reduce both risk and claims, the company added.
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.
Jacob Geyer, chief insurance officer, CompScience, said, “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.”
John Lopes, SVP of Nationwide product expansion, added, “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. CompScience’s Intelligent Safety Platform provides truly actionable insights into workplace risks.”
Last year, insurance carrier Nationwide partnered with North American pet-adoption website Adopt a Pet to provide pet protection and education to pet parents.
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