Company: Soter Analytics
Founder: Matthew Hart
Website: https://soteranalytics.com/
About Soter Analytics
Data is the fuel that runs the future. Well, along with AI. Envision a world where technology and passion come together to create a people-centric ecosystem that fosters growth, well-being, and safety in every workplace. Soter Analytics is dedicated to turning this vision into a reality, paving the way for smarter, scalable, science-backed technology solutions, and generating a safer future for all. Soter Analytics, founded in 2015, has emerged as a global leader in workplace safety technology solutions.
The company’s approach, utilising AI-driven wearables, sensor-free video analysis, and a team of injury prevention specialists and data experts, has redefined workplace safety. Their method not only has been proven to reduce injuries and workers’ compensation (WC) claims but also increase efficiency, fostering a robust safety culture. In 2021, overexertion injuries cost U.S. businesses $13.30 billion in direct WC costs, accounting for 22.7% of the overall national burden. The era of reactive measures in workplace safety is fading, as industries now seek to predict and eliminate potential hazards and risks proactively.
Employers and insurance companies are not only striving to reduce costs but protect employees and offer sustainable solutions. By leveraging technology, insurers can better understand clients’ risk profiles, while employers can identify hazards and employ pre-emptive strategies for injury prevention, fostering a safer workplace and cost savings for all parties involved. Data insights proactively mitigate risks and reduce claims by detecting potential hazards and injury patterns. The technology empowers workers through personalized training while helping policyholders devise effective injury prevention strategies and boost productivity.
A case study involving UFA Co-operative, one of Canada’s largest farm supply operations, demonstrates the impact of Soter’s solutions. UFA sought to improve claims history related to worker injuries, particularly ergonomic issues. The data insights proved invaluable for UFA pinpointing specific areas and tasks causing high risk, enabling UFA to implement targeted solutions and monitor their impact through comparison data reports. Since adoption, UFA has achieved an 86% reduction in ergonomic injuries, and a 67% reduction in WC claims. This equates to an 86% reduction in total ergonomic injury costs, yielding an impressive 11x ROI.
UFA’s success is just one of many examples, with the Soter achieving an average of 53% reduction in injuries across the board. This significant impact not only benefits individual businesses and workers but also contributes to reducing the staggering costs associated with workplace injuries in the U.S. As the sector navigates the digital landscape, the integration of AI-driven safety technology and data-driven risk insights is transforming how policyholders mitigate risks and reduce claims resulting in a more sustainable, efficient, customer-focused insurance ecosystem.
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