Qorus-Accenture’s Insurance Innovation of the Month Award for March goes to Hourly, a US company set on revolutionizing the $50 billion workers’ compensation insurance industry and creating a better experience for small business owners.
Small businesses make up the backbone of the US – there are over 30 million of them in the country and it's estimated that nearly half of the US workforce is employed by a small business.
Like many small business owners, Hourly’s founder Tom Sagi experienced firsthand the frustration of processing payroll manually and trying to calculate accurate premiums for workers’ compensation insurance, which is mandatory in the US. Teaming up with tech experts, he decided to create Hourly, the only company that combines workers' comp insurance, payroll and time tracking in a single platform.
Why put them all on the same platform? Usually, workers’ compensation premiums are based on yearly payroll estimates. And at the end of the year, a business’s payroll is audited – and if they underestimated their payroll, they’re slammed with a big workers’ comp bill. Hourly’s innovation connects payroll and workers’ comp using thousands of real-time data points so that small businesses get accurate premiums every month.
Hourly has made great strides since raising its first seed round in 2019. The company now boasts a dynamic multinational team of more than a hundred employees and thousands of customers across nine US states. Expanding on the original platform, Hourly now also leverages its data and expertise to make workers’ comp insurance available, facilitating the sale of policies between carriers, agents and customers. A new partnership with Great American Insurance Group in 2022 has further boosted the startup’s reach and revenue.
A gamechanger for many small businesses, Hourly is an outstanding example of innovative use of technology in the insurance industry, and we are happy to spotlight it as this month’s award winner.
Entry for the awards is open to all and free of charge. To be in with a chance of winning, organizations need to enter their innovative projects in the Qorus-Accenture Innovation in Insurance Awards portal on Thursday 6th April 2023. Deadline for April Innovation of the Month: 3rd April