CompScience launches workers’ comp product
CompScience Insurance Services announced a managing general agent agreement with Nationwide and Swiss Re to underwrite, bind and service workers’ compensation policies.
CompScience, which was founded in 2019, originally as Kinetic Eye, offers video analytics to help improve worksite safety. Its solution 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.”
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.
“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.” – 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.” – Jacob Geyer, chief insurance officer, CompScience.
“We’re delighted to be part of a project that helps make workplaces safer and reduces the financial cost of insurance protection. Our predictive risk models enable benchmarking against the market, monitor portfolio trends, and allow CompScience to quantify the value of its risk mitigating technology.” – Sebastien Bert, Head Strategic Partnerships US, Reinsurance Solutions, Swiss Re.
“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.” – John Lopes, SVP of Nationwide Product Expansion.