Nationwide announces $1.5 billion investment to accelerate technology, AI

Nationwide announces $1.5 billion investment to accelerate technology, AI

Customers, business partners will realize more personalized, dependable service-empowering them with smarter solutions and seamless support

Nationwide, a Fortune 100 company and one of the largest insurance and financial services companies in the U.S., announced today that it is investing $1.5 billion through 2028 in technology innovation initiatives, with $100M earmarked for advancing AI each year for the next three years.

"The world is in the next industrial revolution. It's happening now, and it's powered by artificial intelligence that is transforming how all of us work," said Nationwide CEO Kirt Walker. "Our modern mutual structure, which combines the long-term vision of a mutual and the agility of a public company, allows Nationwide to capitalize on this revolution. We're using new tools to drive deep partnerships, manage risk more proactively, innovate with agility and engage our communities - focusing on the benefits for our customers."

The technology and AI acceleration work will benefit customers and business partners in two ways: making it easier for them to do business with Nationwide through deeper, more customized solutions while also maintaining the company's reputation to protect their data in today's high-risk digital security world.

Nationwide's investment focuses on three priorities:

• Human-machine collaboration: Nationwide empowers employees to leverage AI in their everyday work. The company's goal is to have 90 percent of employees actively using everyday AI platforms by next year. These tools are embedded across workflows to help employees focus on higher-value work.
• AI tools helping customers solve problems: This investment will enable a better customer experience with the use of new tools, powered by trusted data. Access to everyday AI has and will continue to support customer service and growth. The company has already scaled six AI initiatives and identified 18 flagship use cases across its businesses. These include telematics-based driver risk scoring and AI-powered claims summarization.
• Evolving our operating model: Nationwide will establish an operating model that fuels agility in decision making, improves productivity and speed and facilitates always on service to customers. This includes training, support and reskilling for employees to thrive in an AI-driven economy.

Since 2015, Nationwide has invested $5B in technology modernization. The company has two purpose-driven teams exploring AI capabilities: a Blue Team and a Red Team. The Blue Team creates and tests the benefits of AI such as added efficiency, customer service opportunities and new use cases to help its businesses support customers. The Red Team considers compliance, risks and vulnerabilities.

"We have been advancing artificial intelligence capabilities for more than 15 years, and we believe that AI should be people-connected and machine-enabled," said Nationwide Chief Technology Officer Jim Fowler. "This investment will help Nationwide deliver on its promise to harness AI thoughtfully and boldly, empowering employees to use AI productively and responsibly."

Read more about the Nationwide technology team's work on the Nationwide Newsroom.

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