With predictive analytics generated by applying computer vision to video of the workplace, CompScience has created tool that can actually predict accidents before they happen.
So the experience mod is a lagging indicator. It doesn’t take into account this year’s losses. It doesn’t take into account last year’s losses. It takes into account the three years prior to that. All right? Think about how much your life has changed in the last four years with a pandemic, right?
Five years is a lot for a company to change, turnover, process changes, economy changes. So using this old data really makes it tough.If a company invests a bunch of money, they have a great year of lower losses, their insurance is not going to reflect that next year. It’s going to reflect it the year after.
It’s hard when we have a good year and then we don’t see right away those benefits. It is important to understand how the X-Mod works. Essentially, the better your losses are, the lower you come in to your expected losses, the lower we can drive that experience mod down. And you do that by minimizing severity and frequency, right?
Predictive analytics, looking forward, we have the best tool to look forward and predict accidents before they happen. Doing that will allow you to lower your X-Mod. You have two, three good years, and then you’ll have five good years of insurance. So it’s a bit of a longer play when we’re lowering our experience mod, but the effects that we can have are immediate inside the facility. Some questions and answers. I saw some come through.
Need the definition of an X-Mod? Read What is an X-Mod
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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
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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
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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
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
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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
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