Frequently Asked Questions
About Kinetic
Who is Kinetic Insurance and who backs the company?
Kinetic was founded in 2014, by seasoned entrepreneurs. Wearable technology platform focused on injury prevention for front-line workers. Multimillion dollar revenue stream from high deductible customers.
In partnership with Nationwide, Kinetic now offers workers compensation insurance. Raised $20M to date from leading Venture Capital firms and Nationwide Ventures.
Is the Kinetic device included in the price of the insurance?
Yes, the insured will be required to authorize a zero-cost lease agreement that specifies the
terms of device usage and return policy. The agreement may be signed by the insured either
before or shortly after policy issuance.
Is there any paperwork related to the device that the client needs to sign?
Yes. There is a zero-cost lease agreement that specifies the terms of device usage and return policy.
Is your insurance going to be priced higher than its competitors to pay for the device?
Kinetic Insurance underwriting and pricing will be based solely on the risk attributes of the account.
Is the client required to use the technology to do business with Kinetic?
The insured has the choice to implement the technology at policy inception, and or during the policy period at no cost. Insureds that select the tech may be eligible for dividends.
Can we pilot the devices in advance to the policy effective date?
At this time Kinetic Insurance will not be offering the option to pilot the devices prior to the policy effective date.
Who are your clients currently using the devices?
The Kinetic Insurance workers’ compensation and wearable device program was recently
launched Q1 2022 to serve middle market policy holders. Prior to the launch of Kinetics’
insurance division, clients are traditionally self-insured Fortune 500 companies such as
PepsiCo, Anheuser-Busch, FritoLay, Caterpillar, JLG, Oshkosh, DHL, Iron Mountain, and
Reyes.
Can the devices be used by remote employees?
At present the device does not support remote employees’ applications. Future versions of the
technology may include remote user features and capabilities.
Is the device HIPAA compliant and is the data private?
Yes. The device is GDPR certified.
Is the device and data safe from being hacked?
Yes. Kinetic operates a secure encrypted data infrastructure following best industry practices. Kinetic personnel are trained to securely handle any customer data.
Does the device track by GPS?
No. There are no GPS tracking capabilities in the device.
Does it track productive time?
No. The device tracks improper bending, overreaching, and twisting.
Does it have a microphone / camera?
No. There is no microphone or camera functionality.
Does the device collect biometric or health data?
No. No biometric or health data is collected. The device tracks improper bending, overreaching, and twisting.
Does the entire staff have to wear the device?
No. Employees in clerical low risk roles do not need to wear the device.
Can a single device be used to manage multiple shifts?
No. Each device is assigned to a single wearer.
What type of marketing and sales support will Kinetic Insurance be providing?
Kinetic Insurance will be providing both marketing materials and pre- and post-sales support.
Market
What insurance company does Kinetic Insurance market and underwrite for?
Kinetic Insurance performs marketing and underwriting activities for Nationwide Mutual Insurance Company based in Columbus Ohio. Nationwide is AM Best Rated A+ (Superior) with a Financial Size Category XV.
Why should I send Kinetic Insurance opportunities if I am already appointed with Nationwide on a direct basis?
The Kinetic program offers unique coverage and rates through Nationwide’s – National Casualty Company, which is separate from their direct channel. More specifically, sending a submission to Kinetic does not block Nationwide direct access and vice versa. Kinetic Insurance includes its wearable technology at no additional costs with the competitively priced insurance policy.
Do you plan to bring on more markets?
At this time, Kinetic Insurance will be marketing and underwriting only for Nationwide.
What states can you write in?
Nationwide’s workers’ compensation coverage is available in ALL non-monopolistic states.
If we have a policy with Nationwide direct, can we send it to Kinetic Insurance?
While it is likely that the appetite and guidelines will vary between Kinetic and Nationwide direct, we will not be seeking to write current direct clients of Nationwide.
Will Kinetic Insurance begin using Third Party Administrators to deliver services such as claims and risk management, premium audit, and billing?
Nationwide will be providing services on a direct basis. Aspects of premium audit and claims may be managed by TPA’s on a jurisdictional basis. In these rare instances, the TPA relationship will be coordinated by Nationwide.
Is nurse triage included in the program?
Nurse triage is an integrated Nationwide claims solution provided Nationwide directly with some components managed by Mitchell | Genex | Coventry a leader in cost containment technology, provider networks, clinical services, pharmacy benefit management (PBM), and disability management.
What target industries does Kinetic Insurance write?
Target industries where wearable technology can make a meaningful impact include light manufacturing, wholesale and warehouse, parcel delivery, healthcare, auto dealerships, agriculture, and restaurants.
Are you open to writing other industries not posted as targets?
Kinetic Insurance underwriting guidelines were established on the target industries; however, we are open to learning about new sectors where the device can make a meaningful impact.
What target industries does Kinetic Insurance write?
Target industries where wearable technology can make a meaningful impact include light manufacturing, wholesale and warehouse, parcel delivery, healthcare, auto dealerships, agriculture, and restaurants.
Are you open to writing other industries not posted as targets?
Kinetic Insurance underwriting guidelines were established on the target industries; however, we are open to learning about new sectors where the device can make a meaningful impact.
Commission
What is the standard commission?
The standard target commission range is between 10 to 12 percent with premium size and risk attributes being the primary factors.
When are commissions paid?
Commissions are earned based on paid premiums and paid (1) month in arrears. The target pay date is on or before the 25th of the month.
Payment
What payment plans are offered?
- Annual (all premiums paid up front)
- Semi-Annual / 50% deposit
- Quarterly / 25% deposit
- Quarterly / 35% deposit
- Quarterly / 40% deposit
- 10 Pay / 25% deposit
- 10 Pay / 35% deposit
- 10 Pay / 10% deposit
- 12 Pay / 8.7% deposit
- Pay as you go / 0% deposit, $100 set up fee, $15 fee per payroll report
What are the premium payment options available to policy holders?
Payments may be made by check, and or online through the portal using wire or ACH. Credit card and phone payment options are not available.
Policies
What is your maximum experience modifier?
Kinetic Insurance is not limited to a maximum experience modifier.
What is your minimum/maximum premium you can write?
Kinetic Insurance has set a minimum premium of $50,000.
Are you able to write the following types of accounts?
- Mid-term moves – No
- New ventures – No
- Accounts with less than 3 prior years of continuous workers’ comp coverage – No
- Accounts with Gaps in coverage – No
Can you write deductible programs?
The Kinetic Insurance offers a Guaranteed Cost solution. We are not a market for deductible or retrospective programs.
When are dividends paid and do the policy holder need to still be active?
Dividends are paid to qualified “active” policy holders 18 months after policy inception (6 months after expiration).
What do you need from us to reserve an account (do we need to use your supplemental)?
Accord 130 (must be signed upon issuance), 3 years of fully valued loss runs (preferred is 4 years) within 90 days of the policy effective date, Kinetic Supplemental (applicable target industry, and if available the Ex-Mod Worksheet, and. Note: Risk must have 3 years of business experience and workers comp coverage.
When can we send submissions for clearance?
Accounts may be submitted for clearance 90 days before the policy effective date. Submissions must be emailed to submissions@kinetic-insurance.com. Incomplete submissions will not be reserved.
Broker Partners
Do you accept a broker of record or a broker of service?
Kinetic Insurance will NOT be accepting broker of record (BOR) and or broker of service (BOS) for the full year of 2022. We will revisit this decision as we head towards 2023.
Will Kinetic Insurance consider offering exclusive access and or codes to our agency?
Kinetic Insurance is not entertaining exclusive arrangements currently.
Will you be doing business with wholesalers?
Yes. Kinetic Insurance does work with a finite number of specialized wholesalers that serve specific verticals within our targeted appetite.