Perr&Knight report provides an actuarial analysis of the KINETIC wearable device and its impact on workers’ compensation insurance losses.
NEW YORK — KINETIC, the company providing wearable technology that fosters safe environments for the industrial workforce, today announced the findings of a new report by Perr&Knight, a top U.S. actuarial consulting firm, which finds that the KINETIC Reflex wearable technology reduces injury frequency by 50-60% and reduces lost workdays by 72%. The Perr&Knight report provides an actuarial analysis of the KINETIC wearable device and its impact on workers’ compensation insurance losses.
Read the KINETIC blog: Reflex Wearable Verified to Reduce Injury Frequency by 50-60%; Lost Work Days by 72%
The KINETIC Reflex is wearable technology that detects unsafe postures commonly occurring on the job, such as bending, overreaching, and twisting, that over time lead to injury. KINETIC tested the device in various industries and gathered data before and after the implementation of the wearable device. Perr&Knight analyzed this data to determine if resulting metrics support KINETIC’s improvement on workers’ compensation experience.
Key findings from the Perr&Knight report include:
50-60% Reduction of Injury Frequency — Manufacturing industry frequency of strain and sprain claims declined 49.5%. Warehouse workers reduced the incidence of frequency of strain and sprain claims by 58.8%.
72% Reduction of Lost Work Days — Percentage of work days missed is reduced by 72% with the use of KINETIC wearables.
“To get a clear view of the KINETIC wearable device and its impact on workers’ compensation insurance losses, we partnered with an actuarial consulting firm that had proven domain expertise in the property & casualty and accident and health industries,” said KINETIC CEO and Cofounder Haytham Elhawary. “Perr&Knight was able to take operational data from KINETIC customers and draw a clear line between the deployment of our Reflex wearable technology and reduced injuries and lost work days.”
The Perr&Knight analysis used KINETIC data from clients of the wearable technology including counts of OSHA recordable incidents, sprains and strains, and days of missed work. The data covered more than 15 million hours worked across various industries and over 2.1 million hours of KINETIC wearable hours. The data was aggregated at the month level to review metrics over time. The analysis was supplemented with industry data where appropriate.
KINETIC provides wearable technology and a software analytics platform that helps reduce workplace injuries and protects workers from COVID-19. To date, tens of thousands of workers have worn KINETIC’s Reflex product at hundreds of facilities around the world, with a 50-60% reduction in injury frequency. Customers include companies in the retail, logistics and manufacturing industries, including 6 of the Fortune 50. KINETIC was founded in 2014 and is headquartered in New York. Learn more at https://wearkinetic.com/.