How Nationwide gets value from insurtech partnerships
In January, Nationwide became the latest company to reach terms with insurtech startup Sure to provide renter’s coverage online. Customers can now buy Nationwide renter’s policies entirely on Sure’s mobile app, which is also used by Chubb, Marsh, and Guy Carpenter’s insurance clients. Jennifer Marshalek, Nationwide’s senior vice president of enterprise digital solutions, discusses why the company is looking to partner with insurtechs and what other opportunities it will be working on going forward.
Digital Insurance: How does the partnership between Nationwide and Sure work?
Jennifer Marshalek: Partnering with Sure provides an additional distribution platform for renters to obtain renters insurance from Nationwide. Sure developed the first on-demand insurance mobile app in the U.S., which made them an ideal partner for this launch.
DI: What is the genesis of the deal?
Marshalek: Nationwide previously partnered with Sure to integrate its travel insurance product, which was launched on the Sure app in May 2016. That distribution model proved successful and, as such, we explored the opportunity to partner with Sure to distribute our renters insurance.
DI: What are some of your goals in making this move?
Marshalek: To provide new distribution platforms for our products and meet the emerging needs of consumers. We initially rolled out the mobile offering for renters insurance in January 2017 in California and Washington, so it has only been available for two months via this platform. We will have a better indication of its impact later this summer.
DI: What other kinds of insurtech partnerships is Nationwide looking to make?
Marshalek: Nationwide has a pilot in progress with VitusVet, a veterinary technology company, to provide its pet insurance members the ability to submit claims directly from their mobile device. Additionally, via the VitusVet app, Nationwide pet insurance members can access their pet’s medical record and receive medication reminders on their portable device. The mobile app offering is currently in Southern California and the Washington D.C. metro area.