Insight
How Can You Quantify The Value of Improved Workplace Safety?
- Cost-benefit analysis: This approach involves calculating the costs of implementing safety improvements (such as the cost of new equipment or training programs) and comparing them to the benefits (such as reduced workers’ compensation claims or increased productivity). This can help organizations determine the net value of safety improvements.
- Return on investment (ROI): This approach involves calculating the ratio of the benefits of improved workplace safety to the costs of implementing those improvements. A high ROI indicates that the benefits of improved safety outweigh the costs.
- Cost-avoidance analysis: This approach involves calculating the potential costs of accidents or injuries that were avoided due to improved safety measures. This can help organizations understand the value of safety improvements in terms of the costs that were avoided.
Overall, there are a variety of approaches that can be used to quantify the value of improved workplace safety. It is important for organizations to consider the costs and benefits of safety improvements in order to make informed decisions about how to allocate resources.
Latest Posts
November 2, 2023
ITC and Sønr Name CompScience #1 Innovative InsurTech Startup
InsureTech Connect Vegas and Innovation Scout Sønr Award CompScience First Place in Forward50 Americas. Over 50 startups were researched and evaluated in the the Forward50 Americas Report by a panel of international judges and CompScience came out on top. On October 31, 2023 at 11AM on the first day of ITC, the award was […]
Read more
October 17, 2023
AI Tools for Safety
AI Tools for Safety: A Pre National Safety Council Webinar AI is rapidly transforming workplace risk. Now, CompScience gives safety professionals tools to quickly report risk, train workers and measure improvements which we will demo in the Safety Tech Pavilion at the NSC Congress. Join the webinar plus QA with CompScience CEO Josh Butler […]
Read more
August 5, 2023
What is Workers’ Compensation Software? (And how is CompScience Different.)
CompScience is Different Workers’ Compensation Software is designed to deal with various aspects of the managing claims – but CompScience is designed to lower claims by reducing injuries. We do this by analyzing workplace video, reporting risks and generating recommendations to lower the chance of injuries. And our workers’ compensation software is very effecting. Workers’ […]
Read more
July 20, 2023
Nationwide + CompScience Webinar
How Technology is Expanding Commercial Insurance Offerings: Now & Future With Dale Hoppe, Vice President, WC Programs, Nationwide and Jacob Geyer, Chief Insurance Officer, CompScience moderated by Kevin McClain, Senior Consultant, E&S Product, Nationwide Get insights on the workers comp market landscape and how Nationwide’s insuretech program offerings are expanding. CompScience will be showcased, focusing […]
Read more
July 11, 2023
How Do Poor Ergonomics Affect Workers In Industrial Settings?
Poor ergonomics refers to the design or arrangement of a workspace or equipment that causes discomfort or strain on the body, leading to physical stress and potential injury. There are solutions to ergonomic issues such as changes to workflows that improve worker ergonomics. Detecting ergonomic issues in industrial settings is the key to mitigating […]
Read more
June 20, 2023
Workplace Safety AI: The Webinar for Workers’ Comp Agents
Learn why AI is rapidly transforming workplace safety into a differentiator and how you can use safety analytics from CompScience to help clients lower injury rates and lower costs. Mike Seling and Jacob Geyer explain how AI is rapidly transforming workplace safety into a differentiator for agents and how you can use safety analytics help […]
Read more