CompScience Insurance Services, a program underwriter for workers’ compensation insurance, has announced a managing general agent 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,” said Josh Butler, founder and CEO of 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,” said Jacob Geyer, chief insurance officer at CompScience. “We work tirelessly to eliminate workplace hazards and accidents so that everyone can go home safely each day.”
CompScience’s Intelligent Safety Platform has been shown to significantly reduce claims through actuarial analysis, the company said. The platform detects previously unreported workplace risks by analyzing workplace videos with a library of proprietary computer vision models designed to detect more than 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 of strategic partnerships US, reinsurance solutions, at 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 potentially save lives and reduce costs,” said John Lopes, senior vice president of Nationwide product expansion. “CompScience’s Intelligent Safety Platform provides truly actionable insights into workplace risks.”
CompScience was founded in 2019 and has grown five-fold over the past year. The new MGA agreement is now in effect, and CompScience is currently accepting submissions in 10 states. A national rollout is planned for later in the year.
Have something to say about this story? Let us know in the comments below.
