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CompScience Insurance Services just announced a managing general agent (MGA) agreement with Nationwide and Swiss Re to underwrite, bind and service workers’ compensation policies.

CompScience Insurance Services (formerly known as Kinetic Eye) is an tech startup founded in 2019 in San Francisco, and says that it is now the first-ever AI powered workers’ compensation insurance.

The startup company reportedly has 7 investors including Working Capital Fund, Preface Ventures, Hustle Fund, Pathbreaker Ventures and others.and reportedly has raised $10M to date.

Led by Josh Butler, Founder and CEO, CompScience provides video analytics as a service and data-driven recommendations that it says can rapidly yield results in the $6 trillion market for workplace safety.

CompScience Insurance aims to reduce workers’ compensation insurance costs for businesses by limiting the probability of injuries. The Intelligent Safety Platform is based on AI-powered safety analytics that provides risk assessment and recommendations to make workplaces safer.

With existing video from work sites, the platform generates proprietary risk factors from 50+ behavioral and environmental hazard detectors with an expanding library of computer vision models. The AI-driven video analytics system does not identify individuals or retain personal information of any kind.

The company just announced that it has entered a managing general agent (MGA) agreement with Nationwide and Swiss Re to underwrite, bind and service workers’ compensation policies.

The new MGA agreement is now in affect and CompScience is accepting submissions in ten states. The continued national rollout is anticipated later in the year.

“We are pleased to be partnering with Nationwide and Swiss Re so that we can bring the disruptive power of computer vision and data science to help reduce losses on Workers’ Comp policies,” explained Josh Butler, Founder and CEO, CompScience.

Jacob Geyer, chief insurance officer, CompScience, said, “Both Nationwide and Swiss Re recognize that insurance products are ripe for innovation and we are ready to go to market now that we’ve proven the impact of our approach. We work tirelessly to eliminate workplace hazards and accidents so that everyone can go home safely each day.”

John Lopes, SVP of Nationwide product expansion, added, “Nationwide looked at two years of actuarial data and saw that the technology shows promise, we found that the CompScience computer vision models, data science, and reporting tools could help potentially save lives and reduce costs. CompScience’s Intelligent Safety Platform provides truly actionable insights into workplace risks.”