19NOVEMBER 2020By Mike Kyrilis, Director, Insurance, StrongArm TechnologiesCXO INSIGHTSStrongArm Technologies is the world's leading safety science company, having pioneered a SaaS-model, Iot-enabled safety wearable technology that's not just effective, easy to implement, and scalable, but also highly proven. Right now, the FUSE Risk Management Platform is keeping tens of thousands of essential Industrial AthletesTM proud, protected, and productive on the job­not despite, but in the face of new, uncertain realities brought on by a global pandemic.ADDRESSING THE INSURANCE SECTORThe FUSE Risk Management Platform brings forward-looking IoT wearable and data analytics capabilities to a historical data model of predicting, measuring, controlling, and pricing risk. The result is seamless and in-depth access to robust, actionable data and real-time insights that until now have been unavailable to the insurance industry.It's no surprise, then, that from StrongArm's inception, the insurance sector was quickly identified as a core growth industry. The access to large carriers of medical risk, notwithstanding, its ability to reach and impact the highest number of Industrial Athletes makes it critical to fulfilling our mission of keeping workers safe on the job. The Platform has proven to be an integral component within the risk transfer market by creating value for insurance carriers, the brokerage community, end-users, and specialty risk transfer markets.Using real-time data, the FUSE Platform has demonstrated a forward-looking and granular ability to identify, predict, and ultimately prevent injury risk. By constantly innovating our leading-edge technology and teaming up with key partners insurance and investment partners - like our enduring alliance with Max Brickman of Heartland Ventures - we can now provide the insurance industry with a transparent predictive pricing tool, a client-facing injury reduction platform, real-time behavioral safety models, a data-driven risk engineering measurement, and a provable claim expense reduction tool.ESTABLISHING CARRIER CREDIBILITYTo establish credibility quickly but thoroughly, StrongArm partnered with a major carrier to run a Risk Rate Correlation Analysis comparing the predictive output of the FUSE against ten years of historical claims (some ~$7.5B in WC cost). The results not only confirmed the accuracy of our model and algorithms in relation to correlating with observed claims but also truncated the timeline required to align with leading actuaries."The future will be determined on technology and innovation. StrongArm is at the cutting edge of worker safety, understanding the risks and predicting injury, before it occurs, by providing vital insights to worker and safety personnel alike," said Anthony Lyons, Managing Partner at Eolas Consulting (and former Global Head of Analytics & Technical Services at AIG). "The more insight we have on the causes of injury the more we can prevent the injury before it happens in the first place. StongAm at its core is laser-focused on worker safety."In addition, Oliver Wyman published a white paper in 2019, confirming the correlation between FUSE data outputs and observed claims frequency, giving third-party validation to the power of StrongArm's data product. Oliver Wyman's analysis also confirmed that the FUSE can drive a significant reduction in injury risk among workers and has also reduced incidence rate across injury categories when deployed at scale.How StrongArm Tech Is Fundamentally Reshaping the Way the Insurance Industry Predicts, Projects, and Prevents Injury
< Page 9 | Page 11 >