RIMS Conference Returns with an Emphasis on Safety Wearables and Technology
StrongArm leveraged the event to debut a new head of insurance and the results of an unprecedented actuarial validation study.
RISKWORLD, the annual insurtech conference hosted by the Risk and Insurance Management Society (RIMS), returned from a COVID-forced two-year hiatus to the Moscone Center in San Francisco this past April 10-13.
The event drew a large crowd and featured hundreds of risk management solutions (like our SafeWork System), networking events and thought leadership panel discussions.
More than ever, the conference focused around the themes of safety wearables and technology solutions designed specifically for the evolving insurance landscape.
StrongArm attended the event in force, bringing CEO and founder, Sean Petterson, COO and co-founder Matt Norcia, CIO Mike Spinelli, and our freshly minted executive director of insurance, Charlie Acosta, a 20-year respected industry veteran who served most recently as the SVP of risk management at AIG.
Charlie’s addition to the StrongArm team signals a major step forward in workers’ comp innovation. Powered by 35 million hours of validated data, Charlie and StrongArm are catapulting worker protection into the modern era.
“It was great being back at RIMS this year in my new role with StrongArm,” said Charlie. “The conference’s size and energy was proof-positive that true innovative change is afoot within the industry. Insurtechs with a deep well of validated data and a proven system to deploy it will be the real agents of change going forward.”
Further proof of this came from a presentation helmed by Rose Barrett, FCAS, MAAA, titled, “Actuarially Validating IoT Risk Management Technology,” which explored ways to accurately validate the impact of new IoT wearable sensing technology in the context of historical underwriting models.
The discussion, in part, highlighted a recently completed actuarial study conducted by Barrett Actuarial Consulting. Unique in its scale and scope, the first-of-its-kind actuarial study spanned over 70 million hours worked, 5,000 system users and 15 different deployments across three years — each with a control population not receiving the technology.
The study concluded that StrongArm’s SafeWork System reduces ultimate loss cost on targeted injuries by 35% compared to control groups without the technology.
For more information or to chat with Charlie directly, contact us here.