A key component of Nationwide’s innovation strategy is investing in companies that are developing technology that could reshape how insurance solutions are delivered to customers. Nationwide recently announced its latest venture capital investment in Socotra – a San Francisco-based, insuretech startup focused on developing a technology platform that will let insurance providers deliver new solutions faster than ever before.
“One of the keys to successful product innovation is the ability to quickly deploy solutions and make product updates based on consumer insights and feedback,” says Erik Ross, leader of Nationwide’s venture capital team. “This technology could be a critical tool in developing the insurance solutions of the future.”
Socotra’s agility, flexibility, reliability and modern design helps offer carriers’ lower costs, faster product releases, and easier integrations with future technologies. The startup provides companies such as Nationwide with an inside track on the technological chassis upon which the insurance products of tomorrow will be built.
“We’re interested in a variety of platforms that will enable us to meet our member and partner needs with the speed and convenience that are becoming table stakes in our industry,” said Nationwide Chief Innovation Officer Scott Sanchez. “Investing in a startup like Socotra is just one of many ways we’re looking to re-invent the consumer-facing and backroom aspects of the insurance solutions of tomorrow.”
Nationwide’s investment in Socotra is part of its continuing commitment to deploy more than $100 million in venture capital to fuel innovation and spark industry disruption. Nationwide’s venture capital team has made numerous strategic investments to date, including: Nexar, Betterview, BlueVine, blooom, Insurify, Next Insurance, Matic and Sure.
Nationwide is committed to exploring four sets of customer needs (a.k.a. domains):
- 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