LAS VEGAS, Oct. 31, 2023 (GLOBE NEWSWIRE) -- [ITC Vegas] -- CompScience has been voted the top-ranked startup as part of the Forward50 Americas report for their AI-powered Intelligent Safety Platform. The report, brought to you by InsureTech Connect in partnership with Sønr, celebrates the most exciting early-stage startups in the region.
CompScience provides the first and only visual AI-powered comprehensive workplace injury risk reduction solution, available as a bundle with their workers’ compensation insurance. Their program offers A+ paper backed by Nationwide and SwissRe. Commercial P&C brokers use CompScience’s proprietary risk tools to help them understand their risk remotely and obtain better rates with objective 3rd party safety metrics.
“The Forward50 Americas features the most promising insurtechs across the region. Over the past few months the team at Sønr has analyzed thousands of early-stage businesses, and with the support from some high-profile industry judges, we’ve managed to bring this down to the top 50,” commented Matt Connolly, CEO of Sønr. “The fact CompScience is ranked in first place is testament to the transformative potential of CompScience's platform, the huge market opportunity in front of them, and the capability of their team to realize their potential.”
“The Forward50 series is an opportunity for us to celebrate and showcase leading startup talent all around the world. A huge congratulations to everyone featured in the report and of course to our top-ranked startup, CompScience,” said Bill Harris, CRO, InsureTech Connect.
Founded in 2019, CompScience has achieved rapid growth with a 10-fold increase in revenue and a 23% reduction in injury rates for its clients. The company has partnered with Nationwide and Swiss Re to underwrite, bind, and service workers' compensation policies.
The CompScience Intelligent Safety Platform assesses and mitigates the risks driving 90% of injuries in manufacturing, logistics, hospitality and retail. Covered causes include musculoskeletal injuries, slip/trip/falls, and environmental, as well as powered equipment incidents. CompScience generates a full suite of causal risk factors based on over 50 types of hazards that they detect in CCTV video feeds.
“We’re proud to be recognized with the Forward50 Americas award for our AI-powered analytics platform. This technology is transforming nearly every industry, and insurance is no exception. Now insurers can be more proactive and provide tremendous value to their policyholders. They can manage risk in real time, share best practices, make better decisions, and incentivize safety improvements with financial rewards,” explained Josh Butler, founder and CEO of CompScience. “We see a future where clients love their insurance carriers. We’re a part of the next wave of MGAs. We’re truly aligned with our customers, we know them incredibly well, and we are attacking loss at the source.”
The Intelligent Safety Platform scores safety at facilities, reporting potential injuries with video analytics, detecting critical risks in real time and generating risk reduction recommendations. Their CompScores metrics help safety and operations managers break the cycle of reactive safety and get proactive with their strategies, while CFOs use the data to allocate resources most effectively and mitigate the total cost of risk.
To begin the process of reducing risk and injuries in the workplace, safety, operations and risk leaders can request a demo at http://compscience.com
About CompScience Insurance
CompScience Insurance reduces workers’ comp insurance costs for businesses by limiting the probability of injuries. The Intelligent Safety Platform is based on AI-powered safety analytics that provides risk assessment and recommendations to make workplaces safer.
Media contact: media@compscience.com
About Sønr
Sønr helps insurers source and connect with best in class investment, acquisition and partnership opportunities. It works with nearly 50 insurers around the world - including Liberty Mutual, Travelers, WTW, RGA, Munich Re and Tokio Marine. It combines a SaaS market intelligence platform, which tracks 3+ companies globally, with a team of researchers, analysts and consultants, which is available on demand 24/7. It also hosts a suite of innovation management tools designed for teams to better collaborate and track scouting, PoCs and investment activity.
Contact: matt@sonr.global
