Reinsurance News

Swiss Re partners with CompScience on AI powered worker safety

7th June 2023 - Author: Kane Wells

Reinsurance giant Swiss Re has partnered with CompScience to “rethink how underwriters and industrial firms manage risk using AI-driven predictive models.”

technologyAccording to CompScience, “The opportunity is to process millions of hazards in real-time”, a process that is made possible with advanced image processing and AI.

The firm suggests its Intelligent Safety Platform helps companies achieve Environmental, Social and Governance (ESG) goals by making work safer, part of the hard-to-measure social impact.

“As a leader in visual AI-powered worker safety, CompScience has detected millions of workplace risks in existing security video coverage of workflows with 50+ AI proprietary models including struck-by, slip/trip/fall and ergonomic risks,” CompScience explains.

The firm’s biannual impact report to Working Capital showed a 24.5% reduction in worker injury rates, benchmarked with data provided by Swiss Re.

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Josh Butler, CEO of CompScience, added, “We have a goal to prevent 100 million workplace injuries by the end of the next decade. With better data on supply chain working conditions, organizations know where safety investments can have real impact instead of being an afterthought.

“We’ve now seen evidence that these insights lead to improved employee morale, higher workforce productivity, and ultimately, better financial performance for a company as a whole.”

Sebastien Bert, Head Strategic Partnerships, US, Reinsurance Solutions, Swiss Re, commented, “Swiss Re Reinsurance Solutions enables CompScience to benchmark risks and deliver actionable intelligence to their clients that can potentially preserve the health of millions of workers.

“This both reduces the financial cost of insurance protection and helps companies to be better corporate citizens.”

Dan Viederman, Partner at Working Capital Innovation Fund, said, “Working Capital Innovation Fund invested in CompScience because safety problems in workplaces around the globe are rampant and systemic.

“The ways that multinational brands and retailers look for them, primarily using social audits, are inadequate to the scale and urgency of the need.”

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