Now that 2023 is in the rearview mirror, I pause to reflect on Foresight’s accomplishments. The past 12 months saw our team and broker partners deliver measurable safety results for our policyholders, grow our book of business, and expand to new states through a blockbuster strategic partnership with QBE North America.
First, we couldn’t be where we are without the continuous contributions of our team. At Foresight, we have an extraordinary group of insurance professionals. Collectively, we have decades (or more) of insurance industry and company-building experience. Daily, I witness the drive to improve and to grow. What’s more, in 2023, we expanded our underwriting and broker relations teams (including the recent addition of Denis Brochard to lead broker relations) as we focus on supporting our broker partners and policyholders.
In my July 2023 mid-year in review, I spoke of our mission. Foresight’s mission is simple–to bring workers home safely. Our proprietary safety technology and service–Safesite–is bundled at no extra cost with every workers’ compensation policy we write. On average, Safesite reduces workers’ compensation claims frequency by 17%.* Fewer claims mean fewer work injuries ever happening. In 2023, over 85% of policyholders adopted Safesite and our insureds logged a record 70,000 safety activities.
These numbers really come to life through the experiences of individual policyholders. They demonstrate what a proactive approach can mean for mid-market businesses.
An agricultural harvesting contractor saw immense value in Safesite as a way to implement and scale a safety KPI program throughout their operations. Clear and easily available data in the Safesite app allowed them to unlock gains in safety while also saving them time on monitoring and compliance. The proactive approach addressed key loss drivers and brought more workers home safe day in and day out.
A framing contractor bound a policy with Foresight because of how impressed they were with our customized safety planning. Every policy receives a tailored safety plan based both on industry trends and the company’s own loss history. This trend analysis and plan is uploaded into Safesite’s easy-to-use app for in-field targeting of a company’s loss drivers. Rather than a cookie cutter approach or generic safety resources, this plan was custom-fit to the specific needs and challenges of the contractor.
QBE Strategic Partnership
A major highlight of 2023 was, of course, the announcement of our strategic partnership with QBE. In mid-November, we partnered with QBE North America, part of QBE Insurance Group Limited, a global insurance leader. The partnership enables Foresight to write on select QBE entities’ paper rated A XV by AM Best.**
This partnership bolsters our mission and ability to win business with our broker partners and to serve our customers. It also allows us to expand into new territories, which brings me to my next point.
Rapid Addition of New States and Territories
With QBE’s partnership, we went from writing workers’ compensation policies in 17 states to close to nationwide coverage. In 2024, we expect to offer coverage nationwide.
Already, we are appointing select brokerages in regions new to Foresight including the upper Midwest and the Northeast.
Our Broker Partnerships
Finally, our valued broker partners. As we have since the beginning, Foresight writes policies exclusively through commercial insurance brokers. Yet, we are selective about who we partner with, cultivating a limited broker distribution channel.
I extend a deep thank you to our broker partners who work with us month in and month out to identify, win, and retain business. You understand and communicate the benefits of our unique, proactive safety approach and workers’ compensation coverage.
All of this gives me great confidence as we enter 2024. Happy New Year to all our team, our broker partners, and our policyholders.
CEO & Co-Founder
Foresight Risk & Insurance Services
*per an actuarial study conducted in August 2023
**Policies are underwritten by QBE Insurance Corporation, Praetorian Insurance Company, and North Point
Insurance Company. As of November 7, 2023, these entities are rated A for Financial Strength by AM Best. More
information on QBE financials. For latest AM Best ratings.