Swiss Re and CompScience deliver insights to improve safety on the job
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Swiss Re Reinsurance Solutions and CompScience are partnering to rethink how underwriters and industrial firms manage risk, using AI-driven predictive models to process millions of hazards in real time.
The latest impact report from CompScience Insurance Services shows a 24.5% reduction in workplace hazard incidents in a study of workers within its portfolio of clients.
“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.”
The CompScience Intelligent Safety Platform helps companies achieve Environmental, Social and Governance (ESG) goals by making work safer. 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.”
The impact report is based on an analysis of risk reduction for 3,385 workers. Two sets of videos were recorded in working environments – before and after the CompScience reduction program was implemented. The videos were processed by computer vision and data science techniques, and the average number of risks detected across this group declined from 1663 to 1254.
By offering 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.