Nationwide enters underwriting deal with workers' comp InsurTech Kinetic
Nationwide’s E&S specialty division has entered into an underwriting agreement with InsurTech Kinetic Insurance to offer a technology-driven approach to workers’ compensation insurance.
Kinetic Insurance is the newly created subsidiary of software company Kinetic, which provides an analytics plarform to help reduce workplace injuries and offers protections against Covid-19.
Ohio-based carrier Nationwide made a venture investment in Kinetic in 2020.
The Kinetic workers’ comp offering will equip policyholders with “wearable technology that is designed to reduce injuries and losses while simultaneously maximizing a policyholders’ safety program and culture”.
Nationwide and Kinetic said their offering provides a patented safety device with a tech-driven approach to reducing injuries.
Commenting on the deal, Kinetic founder and CEO Haytham Elhawary said: “The tech can reduce overall claims costs up to 50% in environments where high strain and sprain injury rates are present.”
Heather Schenker, a vice president for Nationwide E&S/specialty, said: “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.”
Nationwide recently appointed George Williams as COO for its E&S and specialty team. Williams took responsibility for E&S/specialty business operations, claims, and Nationwide Indemnity.
In June, Nationwide CFO Mark Thresher retired after 25 years at the Ohio-based insurer. The company in February appointed Russell Johnston to run its multi-billion-dollar premium E&S business.
Johnston’s arrival filled a gap left by the exit of Tom Clark, who retired from the role of president last year and joined Ryan Specialty Group in March, before abruptly stepping down from the post last month.