Safety Analytics ROI
HIGHER SAFETY MEANS HIGH PROFITS
Improved safety analytics can clearly reduce insurance and injury costs. Yet, many injury expenses are indirect and uninsured, like retention or training new employees, and often these costs outweigh direct medical expenses. If a business doesn’t maintain safety standards, the costs of injuries can measurably lower profits. Ironically, many companies are unsure of their safety training’s effectiveness and most don’t believe safety programs improve worker safety compliance.
REACTIVE APPROACHES DON’T WORK
Despite a rise in training costs, many firms still rely on generic learning tools that may not be effective. Safety programs also involve physical audits and advice from environmental health and safety consultants, but this reactive approach often starts after an incident has occurred, leading to inconsistent results. Many safety initiatives use broad guidelines, missing site-specific challenges. As a result, the cycle of incidents can recur, reactively, without analytics revealing the true risks.
ACTIVE APPROACH POWERED BY SAFETY ANALYTICS
Safety analytics powered by AI and data science offers a new kind of proactive safety. AI’s cost-effectiveness is accentuated by existing camera infrastructure. Video from existing low-cost security cameras can identify high-risk behaviors, reducing the need for additional safety staff. AI focuses on discovering site-specific safety needs and can be the basis for highly effective solutions.
SIMPLE CHANGES. SUBSTANTIAL SAVINGS.
Because these programs are data-driven, the effect of simple workflow modifications – providing tables to workers or adding floor lines for forklift drivers – can be measured and reported. Investing in safety yields significant returns and enhances worker morale and productivity. Retaining experienced employees cuts down on hiring and training costs. Dedicated safety efforts driven by the true discovery of true risks not only reduced injuries but also addressed operational inefficiencies, saving on energy expenses in temperature-controlled environments.
HOW TO CALCULATE YOUR SAFETY ANALYTICS ROI
Companies excelling in safety outperformed the S&P 500 with 3X the returns between 2001 and 2016. According to OSHA, every dollar invested in workplace safety generates an average return of five dollars. https://www.osha.gov/safetypays/estimator
Latest Posts
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 […]
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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 […]
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April 27, 2023
How To Reduce DART Rates
Reducing the dart rate is a critical goal for any safety manager, as it directly relates to the safety and well-being of employees in the workplace. The dart rate, also known as the days away, restricted, or transferred rate, measures the number of days employees are away from work due to occupational injuries or illnesses. […]
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March 5, 2024
Cultivating a Win-Win Safety Culture: Integrating Leadership, Employee Engagement, and Analytics
In today’s fast-paced, margin-constrained world, where the line between work efficiency and worker safety often blurs, establishing a win-win safety culture has never been more critical. This culture represents both employer interests in operational efficiency and employee needs for a safe working environment. In a perfect world, this relationship ideally should benefit all. But what […]
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January 31, 2024
Rethinking Workers’ Comp with AI: Why Pay for Claims When You Can Prevent Them?
Originally published in Digital Insurance. For over a century, the workers’ compensation system has been the cornerstone of workplace safety and employee protection. This grand bargain, which provides compensation for injured workers in exchange for their right to sue their employers, has served its purpose well. But now there’s a new active approach that […]
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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 […]
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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’ […]
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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 […]
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