Nationwide invests in HOVER
San Francisco company’s technology is innovating the claims process for homeowners, insurers
Historically, filing a home insurance claim hasn’t been the most pleasant experience for homeowners. The phone calls, the paperwork and most importantly—the wait—are all anticipated with dread. But technology is helping to make the claims-filing experience faster and less stressful.
Nationwide announced today that it has made a venture capital investment in HOVER as part of the California-based company’s Series D financing. HOVER provides homeowners and professionals detailed information needed to produce accurate estimates or appraisals and a 3D exterior model that professionals can use to explore project details and design options with homeowners.
“Nationwide is committed to investing in technology that advance the infrastructure behind insurance, and HOVER fits that thesis well,” said Erik Ross, the head of Nationwide’s venture capital and M&A teams. “We believe that HOVER brings the technology and operational excellence Nationwide desires and the ease of use our customers demand.”
Nationwide’s venture capital investment will help HOVER continue to improve its technology and expand its product offerings.
“Nationwide’s investment is evidence that they believe we will continue the transformation of the insurance industry,” said A.J. Altman, founder and CEO of HOVER. “As we deepen our relationship with Nationwide, we will remain focused on delivering value for them and improving the claims experience for their customers.”
In addition to HOVER, Nationwide’s venture capital team has made other several investments, including Deep Sentinel, Planck, Upstream Security, KINETIC, Vesta Health Care, Socotra, Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic, Flo Technologies, Sure and NewRetirement.
The money for these investments comes from Nationwide’s $100 million venture capital investment fund.
Nationwide’s partnerships through venture capital
The company has several notable partnerships within the venture capital portfolio, including:
- In August 2020, Nationwide’s Private Client team launched a Smart Home Solution with Flo by Moen which will give their customers more control in protecting their homes.
- In November 2019, Nationwide announced a three-year commercial agreement with Betterview. Betterview is quickly becoming the platform essential to every transaction around buildings and properties, enabling the insurance carrier to utilize Betterview's predictive roof analytics and risk management platform for commercial property renewals.
- In September 2019, Nationwide launched Spire - a simple, easy-to-understand digital auto insurance platform, built on fair and straightforward principles designed to be convenient and accessible from your phone. Spire chose portfolio company Socotra as the core system to power its new digital insurance platform.
- In May 2019, Nationwide partnered with small business lender BlueVine and launched the “Pitch to Win” small business contest, which awarded more than $100,000 to small business owners.