Foresight Group, an insurer of high-hazard clients, has raised $39m in Series B funding for its technology-based workers’ compensation programme, a report by Insurance Innovation Reporter has revealed.
The round was led by OMERS Ventures, but also included participation from new entrants Digital Garage Ventures and the George Kaiser Family Foundation, and continuing participation by Brick and Mortar Ventures and Builders VC, bringing the total raised to date to $59m
Foresight Group describes Foresight as the first workers compensation InsurTech to focus on the middle market, and Safesite, a risk management platform. Together, Foresight and Safesite tie safety engagement to insurance savings, removing cost as a prohibitor for businesses on a journey toward eliminating workplace accidents. The company reported that it has demonstrated a reduction in the frequency of policyholders’ workplace safety incidents by an average of 31%.
Michael Yang, managing partner of OMERS Ventures, added: “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 revolutionising.
“With its Safesite mobile application, Foresight has the ability to drive behaviour change among its insureds to foster a safer work environment. And a work site with fewer injuries drives down workers compensation premiums for the policyholder and drives up profitability for the insurer. These are the virtuous cycles that we look for when investing in the InsurTech arena.”
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