Article was originally written by Lyndsey Klevin and published on nationwide.com
Columbus, OH (March 20, 2023) -- Business owners want to keep their employees safe while on the job. Despite their best efforts, they may not be able to see a workplace hazard – even if it’s right in front of them.
Nationwide, Swiss Re Reinsurance Solutions and CompScience understand the role that Artificial Intelligence (AI) can play in helping business owners find those safety “blind spots.” They’re teaming up to make CompScience’s Intelligent Safety Platform available to more business owners and prevent workplace injuries.
CompScience’s technology detects previously unreported workplace risks by analyzing existing workplace videos to identify and stop an accident before it happens. CompScience’s computer vision models can detect more than 50 behavioral and environmental hazards. The technology has reduced their customers’ worker’s compensation claims by as much as 23%.
“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,” said John Lopes, SVP of Nationwide Product Expansion. “This platform provides truly actionable insights into workplace risks.”
“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.
In this new partnership, CompScience will act as a managing general agent (MGA). Nationwide will underwrite, bind and service the workers’ compensation policies and Swiss Re will provide data analytics and reinsurance capacity.
"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.
"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, Swiss Re Reinsurance Solutions. “Our predictive risk models enable benchmarking against the market, monitors portfolio trends, and allows CompScience to quantify the value of its risk mitigating technology.”