View this article online: https://www.insurancejournal.com/services/newswire/2020/09/15/581917.htm
Foresight is now appointing a group of founding broker partners focusing on hazardous verticals in the middle market
San Francisco, CA, September 15, 2020 – Foresight, a commercial insurtech MGU with carriers rated A- (Excellent) by AM Best, recently launched its technology-first workers’ compensation program. For brokers serving businesses in hazardous industries, Foresight’s offerings provide a new way to add value to clients in safety-critical verticals.
By wrapping risk management technology and services into every policy, Foresight provides a path for improved safety for insureds while boosting broker businesses through access to an innovative new market.
“Our risk management technology has been evaluated by a top actuarial firm and found to consistently reduce incident frequency by up to 57%,” says Emilio Figueroa, Foresight’s Chief Insurance Officer. “Because our technology is effective, we’re able to offer competitive rates for hundreds of class codes spanning the construction, manufacturing, logistics, light industrial, and agriculture verticals.”
Developed over six years and with the help of multimillion-dollar private investment funds, Foresight’s proprietary technology streamlines risk management for brokers and insureds. All safety data captured using the software is private to the insured except for the Safety Score, a machine learning-driven metric that measures overall safety engagement against industry best practices and company history. Foresight uses the Safety Score to credit the insured and lower their premiums faster.
“By using our technology, insureds can lower incident rates and receive credits on their policies faster than what is typical for the industry,” says David Fontain, founder and CEO of Foresight. “As policyholders experience fewer claims, we’re able to reward them with lower premiums and reward brokers and businesses with higher-than-average commissions.”
In addition to providing technology for insureds, appointed brokers do business digitally on the Foresight platform as well. Client support processes are streamlined via the Safety Score, in-app risk submission, compliance reporting, and claims management.
Foresight is now appointing a group of founding broker partners specializing in middle-market business in Texas, California, Arizona, New Mexico, Louisiana, Arkansas, Nevada, and Oklahoma. Foresight expects to launch workers’ compensation in the eastern US later this year and a general liability line in early 2021.
To date, Foresight has raised $20.5 million from industrial technology venture capital firms, led by Brick and Mortar Ventures and Builders VC (investors in Oscar Health).
About Foresight
Foresight insures safety-critical businesses with the first technology-based workers’ compensation program. An insurtech MGU specializing in the middle market, Foresight wraps its proprietary risk management software into every policy, improving safety engagement and reducing workplace incident frequency by up to 57%. With a digital submission process and in-app claims management and reporting, Foresight provides unrivaled value for brokers and businesses seeking safety and savings through technology. Learn more at getforesight.com and follow Foresight on LinkedIn.
Media Contact
Lindsey Holzberger
lindsey@getforesight.com
(864) 451-2769
Foresight Commercial Insurance
785 Market Street, Suite 600
San Francisco, CA 94103
+1 (800) 965-3012