Set up in 2020, US-based Foresight is engaged in offering workers’ compensation insurance, as well as proprietary safety technology and services to reduce claims.
Through the alliance, Foresight will be able to underwrite insurance on certain QBE entities’ paper.
Foresight currently distributes insurance through national commercial broker partners, with a focus on construction, manufacturing, and agriculture sectors where safety is crucial.
With QBE, Foresight said it will be able to pursue its goal of entering new markets and have the chance to expand into other industries in the upcoming year.
The workers’ compensation specialist added that its coaching services and exclusive digital risk management tool will still be available to policyholders.
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Foresight CEO and co-founder David Fontain said: “By combining our revolutionary, technology-driven vision with QBE’s long-standing reputation as a global carrier, this partnership paves the way to reshape the future of workers’ compensation coverage.
“Together, we will work towards reducing workplace injuries and driving savings on insurance costs to deliver unparalleled value to both our national broker partners and our insureds.”
QBE North America head of commercial programmes James Haggerty said: “Foresight’s unique safety technology and services represent a milestone in workers’ compensation innovation.
“Together, we look forward to unlocking enormous value for both our companies, our broker partners, and our customers.”
Separately, QBE Insurance Group expanded its marine offering in Europe to offer international trade coverage to clients in need of local services.