And a work site with fewer injuries drives down workers compensation premiums for the policyholder and drives up profitability for the insurer. With its Safesite mobile application, Foresight has the ability to drive behavior change among its insureds to foster a safer work environment. “Insurance innovation has rarely found its way to hard-to-place businesses in the construction, manufacturing and agriculture segments of our economy, but that’s exactly what Foresight has been revolutionizing. – Peter Grant, CEO and co-founder of Safesite.
Our policyholders love that they can actively work toward reducing their premiums over time through interactions with our platform. The machine learning and data science behind the Safesite Score allows us to benchmark safety performance in real time, and empowers our clients to improve their safety behaviors. Last year we saw clients increase their monthly safety actions by 330% in safety activity with Safesite.
“Foresight and Safesite bring unparalleled value to the work comp market, in a space where incumbents have been somewhat limited from a service standpoint for quite some time. We’re eager to show all of our stakeholders what’s in store for year two and beyond.” – David Fontain, CEO and co-founder of Foresight. We’ve stuck firmly to our core mission – delivering our policyholder clients a reduction in workplace safety incidents and a reduction in premiums. “From securing appointments with 13 of the top 15 property and casualty brokers in the U.S., to bringing nearly $1 billion in submissions in the door, to attracting and retaining top industry talent, we’ve hit our stride while growing sustainably. In addition to geographic expansion, Foresight’s 2022 strategic targets include exploring adjacent commercial lines of business to complement their workers compensation product, and continuing to source “the best underwriting, business development, and insurance talent across the US.” Foresight demonstrated a reduction in the frequency of policyholders’ workplace safety incidents by an average of 31%, and its combined ratio and loss ratio at the close of its first year of underwriting was 82% and 61%, respectively. The combination of Foresight and Safesite is delivering positive results according to numbers shared by the startup. This is partially why mindfulness, a term some.
#FORESIGHT COMPANY FREE#
Every Foresight policy comes with free access to Safesite, where companies can conduct safety inspections and manage and track safety engagement, among other things. The exercise of foresight practice starts with growing attention, becoming aware and engaging in predicting, creating, and leading our own realities. Past investors Brick and Mortar Ventures and Builders VC also participated in the round, which brings Foresight’s total funding to date to $59 million.įoresight is licensed in California, Texas, Arizona, Nevada, New Mexico, Oklahoma, Arkansas, and Louisiana, with an appetite for construction and trades, agriculture, manufacturing, and light industrial. The round was led by OMERS Ventures, with participation from new investors Digital Garage Ventures and the George Kaiser Family Foundation.
#FORESIGHT COMPANY SERIES#
Has secured $39 million in Series B funding. The two cornerstones of foresight are organization and management. It is also a center of experimentation for innovative use of foresight methodologies such as scenario planning, data analysis, modeling, simulation, and gaming to help leaders and organizations grapple with an era of continuous change.Safesite Foresight Group raises $39 millionįoresight Group, which includes workers compensation insurance startup Foresight Commercial Insurance Corporate foresight is fundamental to interpret and lead change. The Risk and Foresight Group was chartered to focus CSIS’s cross-cutting analysis in near-term geopolitical risk, and mid- to long-term futures (2030 to 2050 and beyond).
The Risk and Foresight Group is organized around several ongoing research initiatives.
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