The insurer has made the move in order to respond to a rising trend of consumer digital expectations.
Nationwide has announced the launch of a new digital insurance platform. This has been a long awaited move by the company, which is responding to the growing need for digital options from a new generation of consumers.
The new digital platform is called Spire, and it will officially launch before this year is complete.
The Fortune 100 giant, based in Columbus, Ohio intends to make its digital insurance platform available to its customers before the close of 2019. Spire will be mobile accessible and will initially offer Nationwide’s auto insurance products. That said, after its initial wave, Spire will then broaden its offerings to include other forms of insurance and additional services. This platform has been developed with millennial consumers in mind.
The digital project is running pilots of this digital project in three cities, all located in Texas. In 2020, it will expand into other markets across the United States.
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A digital insurance platform is a necessity for a growing mobile and computer focused consumer base.
“This is a part of a wave of innovation in the coming months,” said Nationwide chief innovation officer, Scott Sanchez. “That millennial customer, (age) 25 to 35, is just past their quarter-life crisis and so they’re making the big decisions on their own. This is what they want.”
This new mobile commerce tool will allow consumers to scan their driver’s license in order to apply for auto insurance coverage, reported BizJournals. After their data is automatically entered, they will simply need to answer a mobile-friendly questionnaire regarding issues such as driving habits and parking infractions. The goal is to make it possible for consumers to apply for a policy in under one minute. Spire will offer coverage features comparable to traditional auto insurance policies in an entirely digital experience.
Policyholders will also be able to use the digital insurance platform to manage their coverage, monitor their driving habits, provide proof of coverage, monitor driving habits, and cancel their policies. Additionally, they will be a able to earn driving behavior based rewards through this digital experience.