CompScience Insurance has launched a new Workers’ Compensation Insurance product powered by AI in partnership with Nationwide and Swiss Re. CompScience’s Intelligent Safety Platform, based on AI-powered safety analytics, provides risk assessment and recommendations to reduce workers’ comp insurance costs by limiting the probability of injuries. The platform detects previously unreported workplace risks by analyzing workplace videos with proprietary computer vision models designed to detect more than 50 behavioral and environmental hazards. Meanwhile, Nationwide is a leading financial services and insurance company that offers a full range of insurance and financial services products, including auto, business, homeowners, farm, and life insurance. Nationwide’s SVP of Product Expansion, John Lopes, explained that the company found CompScience’s computer vision models, data science, and reporting tools could potentially save lives and reduce costs after analyzing two years of actuarial data. Overall, CompScience’s new product reduces claims by up to 23% and offers Workers’ Compensation Insurance Policies that minimize injuries and premiums through the use of intelligent technology.
CompScience Insurance Services has partnered with Nationwide and Swiss Re to launch a new Workers’ Compensation Insurance product powered by AI. The partnership agreement enables CompScience to underwrite, bind, and service policies while leveraging computer vision and data science to reduce losses on workers’ comp policies. According to the Founder and CEO of CompScience, Josh Butler, the company is excited to bring the disruptive power of computer vision and data science to reduce losses on workers’ comp policies. The Intelligent Safety Platform developed by CompScience has been shown to significantly reduce claims via actuarial analysis. 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.
The partnership with Nationwide and Swiss Re helps make workplaces safer and reduces the financial cost of insurance protection. CompScience’s Intelligent Safety Platform provides actionable insights into workplace risks, enabling the quantification of the value of risk-mitigating technology. Nationwide’s SVP of Product Expansion, John Lopes, explains that after analyzing two years of actuarial data, the company found that the CompScience computer vision models, data science, and reporting tools could potentially save lives and reduce costs. The new MGA agreement is already in effect, and CompScience is accepting submissions in ten states, with continued national rollout anticipated later in the year.
CompScience has grown five times in one year, thanks to its unique position as a program underwriter. The company’s Intelligent Safety Platform is set to revolutionize the insurance industry, providing workers with a safer environment while reducing premiums and claims. Sebastien Bert, Head of Strategic Partnerships US at Swiss Re, says that their predictive risk models enable benchmarking against the market, monitoring portfolio trends, and quantifying the value of risk-mitigating technology.
Overall, CompScience’s new product reduces claims by up to 23% and offers Workers’ Compensation Insurance Policies that minimize injuries and premiums through the use of intelligent technology. The company’s partnership with Nationwide and Swiss Re underlines the importance of innovation in insurance products. With their proprietary computer vision models, data science, and reporting tools, CompScience provides actionable insights into workplace risks that can potentially save lives and reduce costs.
CompScience Insurance’s Intelligent Safety Platform, an AI-powered safety analytics program, provides risk assessment and recommendations to businesses to reduce workers’ comp insurance costs by limiting the probability of injuries. Meanwhile, Nationwide is a leading financial services and insurance company that offers auto, business, homeowners, farm, and life insurance products. Nationwide is recognized as one of the largest and strongest diversified insurance and financial services organizations in the United States, with an A+ rating from both A.M. Best and Standard & Poor’s. With a focus on customer-focused innovation, Nationwide is committed to providing a full range of insurance and financial services products, including public and private sector retirement plans, annuities, mutual funds, and EFTs. To learn more, visit www.nationwide.com.
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