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Kinetic Insurance Debuts in Partnership with Nationwide

November 17, 2021

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 Kinetic 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.

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