Foresight

About Foresight

Foresight is an insurtech managing general agent (MGA) that provides workers' compensation insurance focused on the middle market. The company's business model integrates technology to reduce workplace accidents and, in turn, lower insurance premiums for its clients. Foresight's approach is centered on its proprietary risk management platform, Safesite, which is included with every policy. This platform helps businesses improve safety engagement and has been shown to reduce the frequency of workplace incidents. The data from Safesite informs Foresight's underwriting process, allowing them to offer more competitive rates.

The company was founded by David Fontain, Peter Grant, and Leigh Appel. The inspiration behind the company came after the founders lost a close friend in a workplace accident, which motivated them to make safety in the workplace proactive rather than reactive. David Fontain, the CEO, is an Australian ex-pat with a background in investment banking and as a serial entrepreneur who moved to the US in 2015. Peter Grant serves as the CEO of Safesite, Foresight's sister company. The development of their technology began around 2015, and after proving its effectiveness in reducing claims, they evolved from a SaaS safety platform into an insurance provider.

Foresight targets safety-critical and historically hazardous industries such as construction, manufacturing, agriculture, and logistics. It operates by partnering with a network of appointed insurance brokers rather than selling directly to businesses, catering to middle-market companies whose needs are too complex for direct-to-consumer insurtech platforms. Policies are underwritten by carriers including QBE Insurance Company, Praetorian Insurance Company, and North Point Insurance Company. The company has secured significant funding, raising a total of $59 million over several rounds, including a $39 million Series B in 2022 led by OMERS Ventures.

The core of Foresight's offering is the Safesite platform, which provides tools for risk management, safety coaching, and compliance reporting. A key feature is the "Safety Score," a machine-learning metric that tracks a company's safety engagement. This score allows proactive businesses to see a reduction in their premiums more quickly than the industry standard. The platform also streamlines the claims process with in-app reporting and management. Foresight operates across the United States and has expanded its appetite to cover over 660 class codes.