Insurance carrier Nationwide has partnered with Kinetic Insurance, a wearable device company, to deploy wearables for workers compensation insurance.
A report by Digital Insurance revealed that the device, called Reflex, looks like a pager. It vibrates when a worker is participating in a potentially harmful activity like picking something up by bending.
Reflex then notifies the person with real-time advice for the worker to show them a safer way to complete the activity.
Haytham Elhawary, co-founder and CEO of Kinetic, said the company was built to help prevent all types of workplace injuries.
He said, “We are giving you the means to prevent claims in the first place,” adding that telematics and preventive measures like Reflex can be seen across commercial lines. For example, leak sensors can detect water in businesses and fleet telematics are able to notify drivers and managers about good and bad driving behaviours.
Indeed, this behaviour-based preventative approach has gained traction in the auto industry. Nationwide recently partnered with NoCell to mitigate distracted driving risks among trucking fleets.
Kinetic also recently added a jump detection feature to help workers avoid unnecessary jumps.
According to Kinetic and the actuary firm Perr & Knight, the device reduces injuries by about 50 to 60% and lost workdays by 72%.
Dale Hoppe, vice president of programs underwriting for workers compensation at Nationwide, said Kinetic has exceeded their expectations. The venture capital team at Nationwide also made an investment in the company in 2020, as they saw the potential for its technology within the insurance space.
He said, “As a carrier partner we are here to support their expansion needs and or give them capital resources. … What has been most exciting has been the reception in the markets… Brokers are receptive and excited about innovation in the workers comp space.”
Nationwide and InsurTech Brella recently partnered with AccuRisk Solutions to deliver a cost-effective supplemental health insurance plan.
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