Transforming Safety: The Rise of Active Insurance
When most people think of insurance, they envision a safety net to catch them after an accident. However, a new approach known as "active insurance" is flipping that narrative on its head. Rather than merely responding to incidents, active insurance focuses on identifying risks proactively, allowing businesses to address potential issues before accidents occur. By leveraging advanced technologies such as artificial intelligence (AI) and wearable devices, this innovative concept aims to enhance workplace safety.
Nationwide, a leading insurance provider, has set a bold goal: to reduce workers’ compensation claims by one million by 2030. To achieve this, they are embracing insurtech solutions, partnering with companies like CompScience, which prioritizes true loss prevention through rapid analysis of customer data. By spotting risks early, the potential for claims can be significantly minimized.
One of the most transformative tools in this realm is AI-driven computer vision technology. Companies like CompScience are making waves in the workers’ compensation sector by utilizing this technology to unveil workplace hazards that might go unnoticed. From ergonomic dangers to potential forklift accidents, AI can identify risks far more effectively than traditional loss control methods. This ability not only helps insurance professionals provide proactive solutions but also empowers businesses to create safer environments.
As workplace injuries increase, the cost of technology to combat them has been decreasing. The affordability of security cameras and AI systems allows companies to seamlessly integrate these tools into their safety strategies. This synergy equips insurance professionals to collaborate closely with clients, fostering a proactive approach to workplace safety. By mitigating risks before they escalate into claims, businesses can benefit from lower insurance premiums, enhanced productivity, and a safer work culture.
Early results from CompScience corroborate this proactive approach, with a reported 16% decline in overall claim frequency and a 23% drop in incident rates year-over-year for participating customers. Such promising indicators highlight the effectiveness of providing safety insights as a means to lessen claims and enhance workplace wellbeing.
Feedback from customers has been overwhelmingly positive, with many appreciating CompScience’s non-judgmental and integrative methodology. This partnership enables brokers to better educate their clients about risks, ultimately leading to reduced costs and smoother operations, which benefit both employers and employees.
Nationwide and CompScience’s collaboration is rooted in a shared commitment to risk mitigation, working collaboratively to engineer safer workplaces.
Looking ahead, the focus remains on enhancing core technologies, expediting the delivery of safety insights, expanding their line of services, and continuously innovating to address emerging risks. The ultimate goal is to shift the perception of insurance buyers toward embracing technology as a pathway to safety, ensuring all employees can return safely to their families each day.
To explore more about this innovative approach, check out the latest fireside chat video series from Nationwide and CompScience.
