In the latest episode of Risk Management: Brick by Brick, it’s the last day of InsureTech Connect 2023, but Jason Reichl still has time to chat with one more of the leading figures in the Risk Management world. This time, he’s with Jeff Goldsmith, VP of Marketing at CompScience, an organization named number one InsurTech startup by Sønr and ITC. By harnessing the predictive power of data, CompScience is empowering risk consultants with computer vision that can predict accidents before they happen.
Jason and Jeff dig down into both how this technology-first approach works but also how to educate and market this kind of tool to the modern risk manager. Will it even be remarkable to denote a tool like this as AI in the future or will it just be a fully accepted analytical tool? Jeff thinks so, and here he explains how he focuses on the tangible benefits: lower premiums, lower risk, and higher retention.
To find out how TrustLayer manages risk so that people can build the physical world around us, head to TrustLayer.io.
The Surveillance Issue
Today, people are very concerned about their privacy and the prospect of being over-surveilled. They are worried about “Big Brother” watching over them. Because of this, many companies now have strong anti-AI policies.
CompScience hasn't gone into the anti-AI category. Their technology, though it uses video input, contains no facial recognition software, and it only recognises patterns and risks, focusing on the situation rather than the individual. Jeff sees this innovative approach as creating a new reality, hopefully helping to pave the way for more organizations in the industry to adopt such tools:
“We’re creating a new reality, because we’re a small nimble organization with tech leaders that are creating this trend, and as we prove it out the industry at large will adopt these tools”
How Computer Vision Goes Further than “Big Data”
In order for AI, including tools such as CompScience’s computer vision, to take hold in the industry, personalization is a need, not a want. At the moment, large datasets are made from a variety of companies’ data, which enable for segmentation and large scale analysis insights across the industry. It sounds good in principle, but how does it help individual businesses?
Jeff explains that CompScience goes further than this, allowing for technology to be more personalized. Their software recognises unique patterns in video footage, working seamlessly with individual companies to produce specific and valuable data on the risks that are relevant to their situations. This can help insurers recognize risks before they happen, which ultimately leads to lower premiums. He says, “We provide our clients with a report that shows all their risks and recommendations on changes that they need to make to the workplace to reduce risk. And because we’re writing the insurance policies, we can lower their premiums based on the changes they make in the workplace, and we measure the difference between the first time we analyze their video and the second and we see these risks go down.”
To discover more insights from Jeff on predicting risks, tune in to this episode of Risk Management: Brick by Brick.
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