Foresight is a brand new fintech insurance company specializing in Workers compensation insurance. They burst onto the insurance scene in 2020, but the origins of the company reach back to 2014. So far it has raised $20.5 million dollars in venture capital. The founder and CEO of the company is David Fontain, and his goal is to use technology to balance safety and risk management, which results in lowered premiums.
Foresight is not to be confused with Foresight Insurance LLC, which sells home, life, auto and business insurance.
Pros and Cons of Foresight Workers Compensation Insurance
|– Fills a market niche, that of mid-level companies seeking workers compensation insurance|
– Lowered premiums through safety programs
– Comprehensive risk assessment for all clients
|– Only available in eight states, although they are adding more states fast |
– Other types of insurance are only available as an add-on to workers compensation
Products Offered by Foresight Workers Compensation Insurance
Foresight builds comprehensive risk management into every policy, for every client. They specialize in the middle-market segment, the companies who need insurance policies between $150,000 up to $1 million. Insurance tech startups such as Pie and Next have the small business market covered, and larger insurance companies like Chubb and Nationwide can provide coverage for multimillion dollar corporations. Foresight focuses on the oft-overlooked middle market.
The way it works is Foresight provides risk management assessments and companies who meet standards of safe working conditions receive discounts on their premiums. That’s not revolutionary, but Foresight allows companies to take advantage of these discounts right away, rather than showing a good safety record for years before qualifying for a discount. Foresight can use digital technology to reveal weak points in a company’s safety standards, and they can change things according to this data.
According to Foresight, their risk management technology software (from their sister company, Safesite) reduces workplace incident frequency by up to 57%. Since the higher risk industries Foresight insures often spend a lot of money on workers compensation insurance, this is good news.
They also embrace higher risk industries, such as:
- Light industrial
- Solar farms
Although they focus on workers compensation insurance, you can also add a few other types of business insurance, such as:
- Inland marine
- Builders risk
- Contractor’s equipment coverage
- Motor truck cargo insurance
However, these are available only as an add-on: you’ll have to buy workers compensation insurance first. They’re also planning to launch general liability insurance sometime this year.
They don’t insure every state yet, though, but coverage is available in:
- New Mexico
This makes them a bit regionally limited, although they do have plans to expand into the eastern United States by the end of 2021.
>>MORE: Best 7 Workers’ Compensation Insurance Companies for Small Business
Financial Strength Rating for Foresight Workers Compensation Insurance
Foresight is rated A- by A.M. Best, so you know they’ll have the financial strength they need to pay claims. They have also raised $20.5 million dollars in venture capital so far.
Customer Reviews of Foresight Workers Compensation Insurance
Foresight does not seem to have any reviews online. The software they use to underwrite their policies, Safesite, scored 4.73 out of 5 stars on Software Advice. People praise its ease of use, and the fact that there is a free version. This may indicate that Foresight uses Safesite’s excellent software to underwrite their policies, although it doesn’t really tell us how effectively they use it.
One thing to be aware of it that Foresight does all of its underwriting though brokers. Customer’s experience with the company is largely dependent on how happy they are with their broker.
There are no registered complaints with the NAIC. It could be they are a very new company, or that the mid-level businesses they cater to don’t typically share their feelings online.
Digital Experience Rating of Foresight Workers Compensation Insurance
If you live in one of the eight states they insure and want to obtain workers compensation insurance through Foresight, you’ll contact a broker. They’ll do a risk assessment of your businesses, make recommendations and write a policy for you. Once you have a broker, you can file claims, report incidents, and contact a medical professional through the mobile app. Brokers can use the app to find instant pricing indications, submit everything digitally and report claims.
Foresight caters to a very specific segment of the workers compensation market: that of mid-level companies in higher risk industries. If that’s your situation and you need workers compensation insurance, they could be worth a look. There’s not much out there about them, but their risk management software is solid.
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