Columbus, Ohio-based insurance and financial services company Nationwide is investing in new initiatives to stay in front of consumers’ changing needs in the insurance and financial services category.
The future of insurance protection and financial planning will continue to change significantly over the next several decades with innovations such as self driving cars, artificial intelligence, smart homes, etc.
Given the above, the company has made a commitment to invest more than $100M of venture capital in customer-centric solutions that help members:
– Live comfortably in retirement
– Meet their insurance and financial needs in novel and digital ways
– Protect their data and digital assets
– Protect them in the evolving area of mobility
Nationwide has already invested in innovative member solutions with the recent launch of Guaranteed Retirement Income from Nationwide, Amazon Alexa integration for SmartRide, and a strategic partnership with Sure to digitally distribute renter’s insurance.
In addition to these efforts, the company launched Nationwide Ventures in early 2016 to invest in startup companies that are transforming the insurance and financial services industry.
The venture arm has made six investments to date, including blooom, Insurify, Next Insurance, as well as Sure.
Nationwide also opened Refinery 191 – an innovation laboratory and a business incubator where ideas are shaped and developed.
To lead these efforts, Terrance Williams, Nationwide’s chief marketing officer since 2015, has taken on additional responsibilities with the company. Williams was recently named President, Emerging Businesses, which includes Nationwide Bank, innovation and corporate ventures. His primary charge is to accelerate these key skills within the organization.
On September 4, Scott Sanchez will join Nationwide as Chief Innovation Officer, reporting to Williams. At Nationwide, Sanchez will spearhead venture capital, business innovation and incubation, and will play a key role in accelerating innovation into the company’s culture.
Sanchez, a graduate of Harvard and Princeton, most recently was the vice president of innovation at First Data in Atlanta, where he was responsible for driving global innovation for consumers, merchants and financial institutions. He is also a coaching faculty member at Stanford University’s d.school.
Led by CEO Steve Rasmussen, Nationwide provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; excess & surplus, specialty and surety; pet, motorcycle and boat insurance.