The biannual CompScience impact report to Working Capital shows a 24.5% reduction in worker injury rates, benchmarked with data provided by Swiss Re
SAN FRANCISCO and NEW YORK, June 06, 2023 (GLOBE NEWSWIRE) — CompScience Insurance Services is pleased to announce that their biannual impact report shows a 24.5% reduction in workplace hazards incidents in a study of workers within their portfolio of clients.
CompScience’s Intelligent Safety Platform helps companies achieve Environmental, Social and Governance (ESG) goals by making work safer, part of the hard-to-measure social impact. As a leader in visual AI powered worker safety, CompScience has detected millions of workplace risks in existing security video coverage of workflows with 50+ AI proprietary models including struck-by, slip/trip/fall and ergonomic risks.
“We have a goal to prevent 100 million workplace injuries by the end of the next decade,” said Josh Butler, CEO of CompScience. “With better data on supply chain working conditions, organizations know where safety investments can have real impact instead of being an afterthought. We’ve now seen evidence that these insights lead to improved employee morale, higher workforce productivity, and ultimately, better financial performance for a company as a whole.”
SwissRe, one of the largest reinsurer globally, has partnered with CompScience to rethink how underwriters and industrial firms manage risk using AI-driven predictive models. The opportunity is to process millions of hazards in real time, a process that is made possible with advanced image processing and AI.
“Swiss Re Reinsurance Solutions enables CompScience to benchmark risks and deliver actionable intelligence to their clients that can potentially preserve the health of millions of workers,” said Sebastien Bert, Head Strategic Partnerships, US, Reinsurance Solutions, Swiss Re. “This both reduces the financial cost of insurance protection and helps companies to be better corporate citizens.”
This first impact statement for Working Capital is based on an analysis of risk reduction for 3385 workers. Two sets of video were processed by computer vision and data science techniques, captured in working environments, video that was captured before the CompScience reduction program was put in place, and post implementation. The average number of risks detected across this group declined from 1663 to 1254 per AI model. There was a clear impact of the risk reports and mitigation recommendations provided by CompScience to clients.
“Working Capital Innovation Fund invested in CompScience because safety problems in workplaces around the globe are rampant and systemic. The ways that multinational brands and retailers look for them, primarily using social audits, are inadequate to the scale and urgency of the need,” commented Dan Viederman, Partner at Working Capital Innovation Fund.
There is no universally accepted set of metrics for evaluating ESG performance, and CompScience is filling the vacuum with data to aid decision making. By offering supply chain managers metrics to quantify and improve workplace injuries, ESG goals are becoming increasingly measurable and attainable in many industries. This is a powerful goal, as investors and companies place a growing emphasis on sustainability and social responsibility.
By including safety improvements as an ESG metric, companies can demonstrate their commitment to improving working environments and social goals. In addition, it provides transparency into governance.
CompScience’s Intelligent Safety Platform has detected nearly 2M potential incidents thus far, and the CompScience customer count grew by 5x in the last year.
Learn more at CompScience.com
The Working Capital Innovation Fund
Working Capital is an early-stage venture fund that invests in scalable innovations to meet the growing corporate demand for more transparent and ethical supply chains—addressing the urgent need to protect vulnerable workers and source responsibly. It was initially incubated by Humanity United, which is founded by The Omidyar Group, a diverse collection of independent organizations and initiatives.
About CompScience Insurance
CompScience Insurance reduces workers’ comp insurance costs for businesses by limiting the probability of injuries with safety analytics. The Intelligent Safety Platform improves workplace safety with AI by providing risk assessments and recommendations.
About Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.
CONTACT: Media contact: press@compscience.com
