premium
Q+
13/03/2023 Insurance Innovation

About

We're the only company that combines workers' comp insurance, payroll, and time tracking in a single platform.

Innovation presentation

Before he founded Hourly, co-founder and CEO Tom Sagi managed his family's construction company and experienced firsthand the frustration of processing payroll manually and trying to calculate accurate workers’ comp premiums. He was constantly stressed about fixing timesheet errors, getting paychecks out on time, and paying payroll taxes. To make matters worse, he never knew if he’d owe money on workers’ comp insurance at the end of the year—and, if so, how that would affect cash flow and the ability to pay everybody on time.

In the midst of all this stress, he had the vision to create a platform that helps small businesses with hourly workers handle payroll and workers’ comp in a matter of minutes.

Tom teamed up with technologist Shay Litvak and Amir Faintuch, a tech entrepreneur, investor, and senior executive. Together they created the Hourly platform with the goal of revolutionizing the $50 billion workers’ comp insurance industry and creating a better experience for small business owners.

Uniqueness of the project

Hourly is the only company to combine workers’ comp, payroll, and time and attendance tracking in a single platform. Why put them all on the same platform? Usually, workers’ comp 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. They essentially have to pay for all that insurance they didn’t realize they needed. That’s the problem we’re solving. Our innovation connects payroll and workers’ comp using real-time data so small businesses get accurate premiums every month. To accomplish this, we collect more data than our peers to accurately price risk. While most carriers only collect two data points, Hourly collects thousands. Our ability to collect a ton of data is a game changer for small businesses that do not have the luxury of disposable income. Many small businesses have a difficult time acquiring workers’ comp insurance and have been passed over by major carriers because carriers don’t have enough data to accurately price the risk level of small businesses.

Want to keep reading?

Become a Qorus member to get access to all our innovations

Interested in learning more? Speak to Boris, Qorus's Content Lead

Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.
Contact us

Related innovations

24/04/2024 Insurance Innovation

Radar Live & Optimization

Pricing strategies, rules, adjustments, scores, and other metrics into a real-time rating system

24/04/2024 Insurance Innovation

TwinTrack Analytics

Digitizing and streamlining repetitive, labor-intensive processes in Agency and Underwriting (UW) operations to enhance efficiency and effectiveness.

24/04/2024 Insurance Innovation

OneZurich Workforce Ambassador Module

Empower Zurich employees as customer and ambassadors, an innovative digital ecosystem connecting them to our products and benefits. Transforming culture,...

18/04/2024 Insurance Innovation

Walaa Modernize Core Insurance Platform

Walaa innovative project aim to drive Walaa to new heights of excellence through leveraging the power of technology & digital...

Related news & insights

Insurance
20/05/2024 News

Marsh introduces insurance solution for EU crypto-asset service providers

This solution is designed to help providers comply with the Markets in Crypto-Assets Regulation (MiCA), which will take effect on...

SME Banking
03/04/2024 Study

A bancassurance breakthrough: Nurturing SME relationships through customized insurance products

In this paper, we outline the opportunity bancassurance presents to banks, as well as the key considerations that should be...

Insurance
31/03/2024 News

SydeLabs: Addressing security challenges in Generative AI

SydeLabs, a startup specializing in AI security and risk management, has announced a $2.5 million seed funding round to bolster...

Embedded Insurance
26/03/2024 Video

B2B insurance: Indeez's innovative approach and collaboration with Malt

Vikas Chhariya, Founder & CEO of Indeez, presents this young insurance company that essentially develops embedded insurance for its B2B...