Nationwide plans $100 million insurtech investment
Nationwide says it will earmark more than $100 million in venture capital funding toward startups developing customer-centric platforms leveraging digital, mobile and analytics technologies. The insurer expects the move will help it further adapt to policyholders’ changing needs, it says.
To help with the innovation push, Nationwide also announced the hire of Scott Sanchez as its first chief innovation officer. Sanchez is tasked with managing the company’s fintech and insurtech venture capital strategy, including its recently launched startup incubator, Refinery 191.