![]() The company says this segment has been largely overlooked by well-funded insurtech startups such as Next Insurance and Pie, which provide small business policies under $50,000 in annual premiums.įoresight and Safesite were developed by longtime friends and co-founders David Fontain, Peter Grant and Leigh Appel.įontain said: “Foresight strengthens the correlation between safety and savings while providing the fast and easy user experience insurtechs are known for. Of the $57 billion national workers’ compensation market, Foresight focuses on policies ranging from $150,000 to $1 million+ in annual premiums. By wrapping Safesite risk management technology and services into every policy, Foresight provides a path to lower incident rates and lower premiums for customers. By leveraging the data from sister company Safesite, the platform says it has been able to reduce workers’ comp incidents by up to 57% in a study conducted by actuarial consulting firm Perr & Knight.įoresight’s algorithm leverages Safesite data to predict incidents, highlight risks and inform underwriting. The company says it is now on pace to reach $50 million in underwritten premium in 2021. To date, it has raised $20.5 million from industrial technology venture capital firms, led by Brick and Mortar Ventures and Builders VC.įoresight launched in August of this year but has already covered $30 million in risks. The startup has now released, for the first time, news that it raised a $15 million funding round back in May this year, with participation from Blackhorn Ventures and Transverse Insurance Group. The data from that gave birth to a new insurtech startup this year, Foresight, which covers workers’ compensation. “We are the next generation of insurtech, we are focused on sustainable growth … delivering on the tech and incident reduction,” says Grant.When an accident on a building site resulted in the death of their friend, the founders of Safesite were inspired to launch the platform to digitize safety programs for construction. The company is also investigating other lines of business where the technology could be useful. “Our approach provides a bespoke safety success plan for each account.”įoresight operates in eight states with plans to expand nationally in the next 18 months. “ Mid-market businesses don’t get a lot of attention from traditional insurers and they don’t have our tech, this is something they’ve never seen before,” says Grant. Foresight wrote its first policy in October 2020. The plan was to become an underwriting company. In 2017, Grant and Fontain opened a brokerage to learn more about opportunities to use Safety Score to help companies, that are impacted by high experience modification rates, reduce insurance costs. “The more we can reduce premiums, the more we can benefit the businesses.” “Armed with that knowledge we came up with an idea to encourage companies to be safer and improve their compliance,” says Fontain. companies use the Safesite technology.įontain says that a lot of companies were initially using the technology for compliance reasons and for some companies, where safety is important, insurance can be costly if there are loss or injury claims. The score offers real-time incentives to complete safety actions, Grant says. If a worker completes the tasks then the app records it and the Safety Score improves. For example, if it’s a hot day then the app will send messages about the heat including suggestions about drinking water every hour. ![]() The Safesite technology works as a virtual safety co-pilot for workers in various industries like construction and manufacturing.
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