Kinetic Insurance is a new division from wearable manufacturer Kinetic and Nationwide’s E&S/Specialty division that focuses on tapping technology for worker safety. The new underwriting agreement allows employees to use wearable technology, provided by Kinetic, which is designed to reduce injuries and losses while driving the policyholder’s safety program and culture. According to actuary firm Perr & Knight, the Kinetic technology reduces injury frequency up to 50-60% and lost workdays by 72%. Kinetic Insurance is an example of companies putting more focus on insurance, technology and employee retention as the labor shortage continues to disruption the supply chain.
- 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.
- 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.