New York-based safety technology firm Kinetic has formed an underwriting partnership with Nationwide’s E&S/Specialty division. Acting as program manager, Kinetic Insurance is offering workers’ compensation coverage combined with workplace safety technology.
The Kinetic workers’ compensation 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 said its proprietary, patented technology has been verified by actuary firm Perr & Knight to reduce injury frequency up to 50-60% and lost workdays by 72%.
Kinetic is providing the wearable technology at no extra cost to policyholders in an effort to bring “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’ compensation policy budget.
While Kinetic’s wearable technology is included at no extra cost with the insurance policy, policyholders must commit to using the technology with their workforce. As an additional incentive, policyholders who attain the minimum device usage may opt into a dividend program that could further reduce their net premium.
The Kinetic Reflex device detects unsafe postures and provides workers with real time feedback whenever a high-risk motion occurs. Over time, workers can use Reflex to improve their biomechanics, which the firm says can result 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.
The Perr & Knight analysis used Kinetic data from clients of the wearable technology including counts of OSHA recordable incidents, sprains and strains, and days of missed work. The data covered more than 15 million hours worked across various industries and over 2.1 million hours of wearable hours, according to the company.
“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. “The tech can reduce overall claims costs up to 50% in environments where high strain and sprain injury rates are present.”
Kinetic was founded in 2014. Nationwide made a venture capital investment in Kinetic in 2020.
“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.
According to its website, insurer AIG used Kinetic wearables with an industrial workers’ compensation client and more than 500 of its workers. AIG found that the technology led to a 62% reduction in injury rates of and 49% lower claims costs.
Policyholders can request quotes for workers’ compensation coverage from Kinetic Insurance appointed agents.
Source: Kinetic Photo: Kinetic wearable device. Source: Kinetic.
Topics InsurTech Workers' Compensation Tech
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