Kinetic announces Insurance in partnership with Nationwide
New company combines workers compensation insurance with technology-driven approach to worker safety
KINETIC, the company providing wearable technology that fosters safe environments for the industrial workforce, today announced a new subsidiary, Kinetic Insurance. Kinetic Insurance, acting as a program manager, and Nationwide’s E&S/Specialty division are entering an underwriting agreement to offer workers’ compensation insurance combined with a technology-driven approach to worker safety to provide one of the first technology-led, proactive policy offerings in the industry. Nationwide, a Fortune 100 insurance and financial services provider, made a venture capital investment in 2020.
The new Kinetic workers’ comp offering equips policyholders with wearable technology that is designed to reduce injuries and losses while simultaneously maximizing a policyholder’s safety program and safety culture. Kinetic’s proprietary, patented technology has been verified by actuary firm Perr & Knight to reduce injury frequency up to 50-60% and lost workdays by 72%.
Benefits for policyholders include:
Technology-led Safety – The patented safety device provides a unique tech-driven approach to reducing injuries and promoting better ergonomics. It helps keep workers safe, improves the safety culture and reduces lost workdays due to injuries.
Premium Savings – A reduction in claims leads to an improved experience modification score, which may reduce premium costs. The Kinetic wearable reduces injury frequency by up to 50-60%; less injuries equate to less claims and, in turn, potential premium savings for the employer.
Big Company Tech, at No Extra Cost – By offering the Kinetic wearable technology at no extra cost to the policyholder, this new offering brings big company safety culture within the reach of mid-market companies. Employers can gain the risk management benefits of wearable tech within their existing workers’ comp policy budget.
Best in Class Services – With insurance from Nationwide, policyholders can enjoy A+ rated paper, best in class claims handling and the peace of mind of working with one of the biggest brands in insurance.
“Kinetic Insurance and wearable tech helps businesses keep their workforce safe and save money on their premiums, spending it where it counts,” said Haytham Elhawary, founder and CEO, Kinetic, Inc. “The tech can reduce overall claims costs up to 50% in environments where high strain and sprain injury rates are present.”
“Nationwide’s investments in innovative insurance technology companies like Kinetic have given us the opportunity to partner with Kinetic Insurance to bring a truly unique product to the workers’ compensation programs market,” said Heather Schenker, vice president Nationwide E&S/Specialty. “Backed by Nationwide’s strength and stability, this partnership continues our use of technology to help businesses protect their workforce and make smarter safety decisions.”
Kinetic creates wearable technology and a software analytics platform for the connected workforce. The smart wearable Kinetic Reflex device reduces the incidence of workplace injuries by automatically detecting unsafe postures and providing workers with real time feedback whenever a high-risk motion occurs. Over time, workers can use Reflex to improve their biomechanics, resulting in fewer injuries and improved well-being. Safety managers can view risk data in the Kinetic dashboard, which can be used to make targeted changes to workplace processes that can help to reduce injury risk further.
Availability
The Kinetic wearable technology is included at no extra cost with a Kinetic Insurance policy. A commitment is required on behalf of the policyholder to use the technology with their workforce. As an additional incentive, if the policyholder gets to a minimum device usage they have an option to opt into a generous dividend program, which could help them reduce their net premium even further. Policyholders can request quotes for workers’ compensation coverage from Kinetic Insurance appointed agents.
Read the Kinetic blog: KINETIC CEO Haytham Elhawary Introduces KINETIC Insurance – Workers Comp Insurance that Works Smarter to Keep Workers Safer
About KINETIC
KINETIC provides wearable technology and a software analytics platform that helps reduce workplace injuries and protects workers from COVID-19. To date, tens of thousands of workers have worn KINETIC’s Reflex product at hundreds of facilities around the world, with a 50-60% reduction in injury frequency. Customers include companies in the retail, logistics and manufacturing industries, including 6 of the Fortune 50. KINETIC was founded in 2014 and is headquartered in New York. Learn more at https://wearkinetic.com/.
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. Nationwide does not endorse specific products. Dividends and policy options vary by state. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
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