Foresight Risk and Insurance Services offers Foresight™ Workers Compensation to insure safety-critical businesses with a technology-first workers comp program.
PRODUCT: Foresight™ Workers Compensation
COMPANIES: Foresight Risk and Insurance Services
BEST RATING: Carriers have a rating of A- (excellent) or better.
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Middle-market businesses must invest heavily in safety improvements while also paying high workers compensation premiums. Foresight aims to leverage technology to strengthen the correlation between safety and lower premiums to leave businesses with more cash in their bank accounts.
“The resulting reduction in claims and data supporting proactive safety engagement allows us to provide insureds with higher-than-average credits and falling premiums," says David Fontain, CEO and founder, Foresight. “At the same time, brokers are able to earn higher commissions on an innovative safety-based bonus structure."
COVERAGE DETAILS: Foresight insures safety-critical businesses with a technology-first workers compensation program. By wrapping proprietary risk management software around every policy, it's able to improve safety engagement and reduce workplace incident frequency.
“With a robust suite of digital processes soon to include instant pricing indicators and in-app claims management and reporting, Foresight provides real-time feedback for brokers and businesses seeking safety and savings through technology," Fontain says.
Safesite—Foresight's sister company—spent more than six years developing and testing its proprietary technology, which is used to improve safety. All safety data captured using the software is private to the insured except for the Safesite Score.
“The Safesite Score is a machine learning-based metric that measures overall safety engagement against industry best practices and company history," Fontain adds. “We use the Safesite Score to credit the insured and lower their premiums faster."
UNDERWRITING: Applications can be made by filling out an online form and providing relevant insured information, ACORD 130 and, for certain industries, a supplemental application. Foresight will consider risks with high experience modifications.
MINIMUM PREMIUM: $25,000
TARGET: Foresight's ideal broker is passionate about safety and focused on middle-market business in the construction, manufacturing, agriculture, light industrial and short-haul logistics verticals.
COVERAGE AVAILABILITY: Foresight provides commercial workers compensation insurance in CA, TX, NV, AZ, OK, AR, LA, and NM.
CONTACT: Lindsey Holzberger, senior growth manager, Foresight; 785 Market St., Suite 600, San Francisco, CA 94103; 864-881-2214.
Will Jones is IA editor-in-chief.
This article was published in the January 2021 issue of Independent Agent magazine.