Kinetic announces Kinetic Insurance in partnership with Nationwide
Kinetic, the maker of a smart wearable device and software platform designed to reduce workplace injuries, is introducing Kinetic Insurance , a new subsidiary that will act as a program manager for offering workers’ compensation insurance underwritten by Nationwide’s E&S/Specialty division.
Founded in 2014 and backed by Nationwide, Kinetic helps workers move with better body mechanics by using a belt-mounted device that vibrates whenever a risky motion occurs.
The new Kinetic workers’ comp offering, available through appointed agents, equips policyholders with the wearable device at no extra cost. 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.
“Kinetic Insurance and wearable tech helps businesses keep their workforce safe and save money on their premiums, spending it where it counts. The tech can reduce overall claims costs up to 50% in environments where high strain and sprain injury rates are present.” – Haytham Elhawary, founder and CEO of Kinetic.
“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. 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.” – Heather Schenker, VP Nationwide E&S/Specialty.