Kinetic and Nationwide’s relationship started in 2016 when Kinetic was awarded a Nationwide Ventures investment. The relationship has paid off, as the wearables’ startup has made a major dent in workplace injuries through its devices and software.
Now partnered with Nationwide’s E&S Specialty division to leverage its technology with Nationwide’s workers’ compensation insurance product, the reduction in workplace injuries and faster return-to-work rates have captured the attention of the 2023 Luminaries panel.
Here is our conversation with Adam Price, CEO of Kinetic, and Dale Hoppe, Vice President of Workers’ Compensation Programs at Nationwide, on the achievement and lessons learned in earning this recognition.
What efforts were recognized by the Luminaries panel?
Kinetic created a small wearable device that clicks into a worker’s waistband and has intelligent sensors trained around leading indicators of strain and sprain injuries. “The device recognizes high-risk movements, records the data, and vibrates back to users in real time regarding any risky postures,” says Adam Price, CEO of Kinetic. Use of Kinetic’s device has led to a major reduction in strain and sprain injuries and time lost as workers recover.
With an understanding that not every company has a dedicated team of safety experts, Nationwide decided to expand its involvement with Kinetic. “We wanted to support customers that lack sophisticated risk and safety committees by mitigating workplace injury risk,” says Dale Hoppe, Vice President of Workers Compensation Programs at Nationwide.
How did the Kinetic and Nationwide partnership support your efforts?
Kinetic spent many years in the self-insured market testing product efficacy before entering into the Nationwide partnership. Through its partnership with Nationwide, Kinetic gained a deeper understanding of the insurance market’s needs. Since forging the partnership, Kinetic has experienced a growth trajectory that differentiates it significantly from competitors, and the value of the Nationwide collaboration has been a clear contributor.
“From a carrier’s perspective, wearables are becoming more prevalent in the market,” says Hoppe. “Nationwide wanted to tap into a market-differentiating product that supports its clients by creating a safety culture.”
What tips can you share with those interested in implementing similar programs?
Kinetic spent many years testing the effectiveness of its product and then spent time testing in the self-insured market before expanding. “As more wearables enter the market, it’s critically important to give yourself enough time for testing to understand a product’s efficacy,” says Price. He also underscores the importance of choosing the right partner to help guide you toward entering new markets.
“Without solid partnerships, even the best products can fail,” says Hoppe. He recommends having ongoing conversations with your partner to share learnings that might uncover new opportunities, because it’s these types of interactions, according to Hoppe, that are at the heart of innovation.