Orem, Utah, May 5, 2020—Avetta®, one of the world’s leaders in providing cloud-based supply chain risk management solutions, and Insurate, a data-driven “InsurTech” platform that identifies safe industrial companies, are joining together to offer businesses deep discounts on Workers’ Compensation Insurance.
The partnership allows companies, contractors and suppliers to get the lowest Worker’s Comp insurance rates possible—an average of 48% lower than their existing rates. The new offering is part of Avetta’s Marketplace program that offers exclusive savings to customers for goods and services.
While workers’ compensation insurance is federally mandated and policies are standardized, prices can be highly variable based on the underwriter’s perceived risk of claims. Avetta’s compliance process targets major improvements in company safety, allowing Insurate’s data-science processes to match safe businesses—Safe-Tier™ companies—with leading workers’ comp insurers at pre-negotiated rates.
“The best part of our Safe-Tier™ work comp insurance is that it’s the exact same coverage as any other work comp policy,” said Joe McIlhon, Founder & CEO of Insurate. “The market is regulated so all coverage is the same. The only difference is price and service, and we have unlocked a new category of discounted pricing for safe businesses.”
Avetta’s Marketplace also allows suppliers to purchase discounted safety products and other safety-related services. Marketplace enhances the value of membership by reducing costs, saving time, improving performance and growing the businesses of contractors and suppliers who participate. Avetta was the first in the industry to offer a “Marketplace” of these kinds of value-added services.
“This alliance between Avetta and Insurate offers a huge opportunity for dramatically reducing the costs to do business for the safest companies,” said Richard Parke, SVP Supplier Services at Avetta. “We are excited to deliver these types of savings in uncertain times and encourage Avetta members to explore the marketplace and take advantage of opportunities like Safe-Tier pricing.”
For more information about Avetta’s Insurate partnership, visit the Avetta Marketplace.
Avetta leads the world in connecting leading global organizations across several industries including oil/gas, telecom, construction materials, facilities management and many others, with qualified and vetted suppliers, contractors and vendors. The company brings unmatched access and visibility to its clients’ supply chain risk management process through its innovative and configurable technology, coupled with highly experienced human knowledge and insight. We contribute to the advancement of our clients’ sustainable growth by protecting supply chains from a wide range of potential risks through trusted contractor prequalification, safety training and monitoring, regulatory compliance, insurance/financial stability and other areas of risk. Avetta currently serves more than 450 enterprise companies and 95K suppliers across 100+ countries. Visit www.avetta.com for more information.
Insurate is a leading insurance technology provider that leverages data science and analytics to identify businesses that are significantly safer than the industry average. And since safe businesses with fewer potential claims are less expensive to insure, Insurate matches Safe-Tier™ businesses with deeply discounted rates from Liberty Mutual, Markel and other leading work comp underwriters. The result is a win-win where Insurate Safe-Tier™ companies save an average of 48% off work comp, and Insurate underwriter partners insure best in class businesses that make safety a top priority. To see if your business qualifies, visit www.insurate.com.