CompScience Insurance Services has announced a managing general agent (MGA) agreement with Nationwide and Swiss Re to underwrite, bind and service workers’ compensation policies.
Josh Butler, Founder and CEO, CompScience, commented, “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.”
CompScience states that its team is a blend of seasoned technologists and workers’ compensation insurance leaders with a passion for solving difficult problems like reducing workplace risk with practical solutions.
The new MGA agreement is now in effect and CompScience is accepting submissions in ten states with a continued national rollout expected throughout the year.
The firm notes that as a program underwriter, it is in a unique position to reduce both risk and claims. Its intelligent Safety Platform is based on AI-powered safety analytics that provides risk assessment and recommendations to ensure workplace safety.
Jacob Geyer, Chief Insurance Officer, CompScience, added, “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.”
Sebastien Bert, Head Strategic Partnerships US, Reinsurance Solutions, Swiss Re, said, “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.”
John Lopes, SVP of Nationwide Product Expansion, noted, “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.”