Nationwide Enhances Innovation Strategy with BrokerTech Ventures Mentorship
- Nationwide has joined the BrokerTech Ventures (BTV) Accelerator Mentor Community. BTV operates a broker/insurance-focused accelerator which is supported by 13 super-regional brokerage firms
- Nationwide and other carriers will offer guidance and thought leadership through the accelerator while benefiting from access to innovative technologies, ideas and talent
- Participation in BTV as an Accelerator Mentor reaffirms Nationwide’s continued commitment to bringing state of the art technology and service to distribution partners
Nationwide has joined the BrokerTech Ventures (BTV) Accelerator Mentor Community which operates a broker/insurance-focused startup accelerator supported by 13 super-regional brokerage firms including Holmes Murphy.
Through the mentorship, Nationwide will contribute thought leadership and expertise to BTV’s insurtech community, helping to foster a culture of broker-centric innovation and entrepreneurship, while also benefiting from access to new technologies, ideas, trends and talent. Nationwide’s engagement with BTV will be collaborative and extend beyond Commercial Lines to other business units across the enterprise, deepening the expertise available to BTV and expanding the benefit to Nationwide.
The mentorship demonstrates Nationwide’s ongoing commitments to furthering its culture of innovation, internally and externally, and collaborating with the insurtech space to deliver partner-focused enhancements that support speed and ease in doing business. It also comes shortly after the company transitioned to a fully independent agent distribution model in July 2020.
“From our partnerships with Bold Penguin and Betterview to our investments in companies like Planck and Deep Sentinel, Nationwide remains focused on driving value for distribution partners with technology and expertise,” said Tony Fenton, Vice President of Commercial Lines Digitization and Innovation. “It’s critical that we support, learn from, and leverage innovative startup communities to assist in delivering differentiated protection solutions for our distribution partners and their customers.”
To date, BTV has attracted 12 broker-centered startups and a pool of talented entrepreneurs to the network.
In 2017, Nationwide announced a $100 million innovation-focused venture capital fund and has since invested in more than a dozen promising companies. Through continued innovation and digital transformation efforts, Nationwide expects more efficient and cost-effective operations which should benefit its members.