August 25, 2022 17:10 ET | Source: CompScience
SAN FRANCISCO, Aug. 25, 2022 (GLOBE NEWSWIRE) — CompScience announced closing a $6m seed round, capping successful risk reduction outcomes for insurance clients of brokers, carriers and reinsurers. CompScience has grown 5x year on year, and now covers 70% of the US market. Investors in the platform include Working Capital Fund, Preface Ventures, Hustle Fund, Pathbreaker Ventures and others.
CompScience provides video analytics as a service and data-driven recommendations that can rapidly yield results in the $6 trillion market for workplace safety. With existing video from work sites, the CompScience platform generates proprietary risk factors from 50+ behavioral and environmental hazard detectors with an expanding library of computer vision models. The system was designed from the ground up with privacy and security in mind. The AI-driven video analytics system does not identify individuals or retain personal information of any kind.
“Every company needs a workers’ comp solution, but CompScience is delivering more value than simply coverage. We use objective data to protect people, and we reward our clients for their safety investments,” explained Josh Butler, Founder and CEO of CompScience Insurance.
“CompScience’s use of computer vision technology offers the promise of game-changing, real-time transparency at scale. By gathering and analyzing visual imagery and providing visibility into working conditions, CompScience offers the potential to prevent tens of thousands of workplace injuries while maintaining data privacy,” Ed Marcum, Managing Director, Working Capital Fund
“The CompScience team are brilliant AI and computer vision experts. By applying this to insurance policies, mitigating workers compensations issues is just a no brainer. The product experience is very slick, and it’s exciting to see their major partnerships with The Hartford, Sompo, and more line up,” said Eric Bahn, Co-Founder & General Partner, Hustle Fund
“CompScience is bringing continuous monitoring and proactive workflow toward safety in the workplace. In a short time, they’ve attracted industry luminaries, technologists, and an impressive customer base which is testament to the power of their solution,” commented Farooq Abbasi, Preface Ventures.
About CompScience Insurance
CompScience Insurance can reduce workers’ comp insurance for businesses and manufacturers in all industry verticals, while reducing injuries. The product is based on AI-powered safety analytics providing expertise of risk assessment, recommendations to make workplaces safer.
March 20, 2023
The first AI-powered accident prevention software for Workers’ Comp Insurance reduces injuries and workers’ compensation premiums – one of only 10 startups selected for the startup pavilion Chicago -March 20, 2023 – CompScience Insurance Services today announced that its AI-powered Intelligent Safety Platform can be used to generate Risk Assessments for qualified manufacturing and […]Read more
March 20, 2023
Reducing claims by up to 23%, CompScience now offers Workers’ Compensation Insurance Policies that minimize injuries and premiums via its Intelligent Safety Platform San Francisco / Columbus, OH – March 20, 2023 – CompScience Insurance Services today announced a managing general agent (MGA) agreement with Nationwide and Swiss Re to underwrite, bind and service […]Read more
March 15, 2023
Workplace accidents are a serious concern for businesses and employees alike. Despite the best efforts of employers and workers, accidents can still occur, leading to serious injuries and even fatalities. The impact of workplace accidents can be far-reaching and can have a lasting impact on the lives of workers and their families. Now, AI makes […]Read more
March 15, 2023
A: There are several things you can do to make your workplace safer: Identify and assess potential hazards: The first step to making your workplace safer is to identify potential hazards that can cause harm to you or your colleagues. Conduct a risk assessment to identify potential hazards and evaluate their potential impact. Implement safety […]Read more
March 11, 2023
Safety analytics is the process of collecting, analyzing, and interpreting data related to safety incidents, risks, and hazards within an organization or industry. It involves the use of statistical methods and analytical tools to identify trends and patterns in safety-related data, as well as to develop insights and recommendations for improving safety performance. Safety analytics […]Read more
March 9, 2023
You can lower your workers’ comp insurance rates while making your workplace safer through new Artificial Intelligence technology. CMTA has partnered with CompScience to reduce workplace accidents. CompScience has created an innovative tool using Artificial Intelligence to lower risks. CMTA members can take this free risk assessment. This benefit can help California manufacturers […]Read more