Nationwide launches easy, online insurance platform for business owners with fewer than five employees
Launching in Illinois, program with Guidewire will target 18 classes of small businesses, including coffee shops, beauty salons and craft stores
Columbus, OH - Small business is the backbone of America, and many of those companies only have a handful of employees.
From coffee shops and beauty salons to photography studios and craft stores, these small businesses tend to value guidance and validation, be comfortable with online self-service, and seek out convenience and options that allow them to maintain low overhead costs.
That’s why Nationwide partnered with Guidewire to launch a new insurance platform designed to address the specific needs of businesses with fewer than five employees. The platform provides full-service and end-to-end digital capabilities across the entire insurance life cycle.
“We know business owners don’t have time for complicated solutions. That’s why we’re making obtaining insurance easier,” said Mark Berven, president of Nationwide Property & Casualty. “We’ve created a fast, easy, online experience for business owners to get the coverage they need to protect their livelihood. With just a few clicks they’ll be able to complete an online commercial policy purchase within minutes thanks to automated underwriting criteria and the use of pre-filled data options.”
The experience will be customized to each business segment and will be available via mobile or desktop access. Nationwide streamlined the application by minimizing the number of questions required for users to complete the process. In addition, the new offering digitally enables self-service transactions, including:
• Payment processing• Policy information lookup• Policy document lookup• Requests for certificates of insuranceThe pilot includes 18 classes of business:1. Ice cream shops2. Yogurt shops3. Coffee shops4. Barber shops5. Beauty salons6. Photographers7. Real estate agents8. Business/management consultants9. Accountants10. Attorneys11. Veterinarians12. Computer consultants13. Interior decorators14. Dentists15. Chiropractors16. Gift shops17. Clothing stores18. Arts and craft stores
“Consumers expect an experience that is fast and easy,” said Tammy Craig, senior vice president of Nationwide’s Commercial and Agency IT. “Most carriers now provide personal lines products like auto and homeowners online. But no insurer has yet figured out how to sell and service commercial lines for these specific classes of small-business owners through an entirely digital experience — until now.”
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.