Wearable tech provider Kinetic announces Kinetic Insurance in partnership with Nationwide

KINETIC, which provides wearable technology that fosters safe environments for industrial workforces, 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 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, according to Kinetic, 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.

“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.