Insight, Workplace Safety
Here are a few strategies that may be helpful in convincing a CFO to prioritize workplace safety. It may not be clear at first why improving safety with analytics is important, but reducing accidents and improving an X-mod has high impact on costs. Talk with CompScience about how we can help reduce injuries with the Intelligent Safety Platform.
But first, here’s the financial logic of focusing on safety:
Overall, it is important to approach the conversation about improving workplace safety in a way that speaks to the concerns and priorities of the CFO. By presenting data, research, and the financial and reputational benefits of improved safety, you may be able to persuade the CFO to prioritize safety.
But, lowering an X-mod is key.
X-Mod, or Experience Modification Rate, is a factor used by insurance companies to adjust workers’ compensation premiums for individual employers based on their safety record. The lower an employer’s X-Mod, the lower their workers’ compensation premiums will be.
There are several financial benefits of lowering X-Mod, including:
Overall, lowering X-Mod can have a number of financial benefits for businesses. By investing in safety and reducing the risk of workplace injuries, businesses can save money on workers’ compensation premiums, improve cash flow, and become more competitive in their industry.
January 31, 2024
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 […]Read more
December 21, 2023
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, […]Read more
November 2, 2023
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: 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
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