Nationwide’s venture partnership with Nexar helps create safer roadways
One of many innovation programs as Nationwide prepares for the future
Columbus, OH - Since the announcement to deploy more than $100 million of venture capital in customer-centric solutions, one of many investments delivering value is Nationwide’s partnership with Nexar, a mobility startup focused on promoting safer driving.
A pilot program in New York City used Nexar dashcams in the fleet vehicles of a Nationwide commercial lines client, HASC Center, a non-profit agency that provides services — including transportation services — for children with special needs. During the 16-week program, HASC Center drivers demonstrated significantly safer driving habits by the end of the program, showing a substantial decrease in the key driving behaviors identified as most likely to lead to accidents.
“This partnership with Nexar and the pilot program with HASC Center demonstrates our commitment to innovation by leveraging technology to better protect policyholders, their employees and their clients,” said Tony Fenton, vice president of commercial product development for Nationwide. “The future of safer roads is going to rely on our ability to use technology to predict and prevent collisions, ultimately promoting safer driving. Our investment in Nexar drives that conversation. We’re thrilled to see the results so far, and we’re committed to increasing our research capabilities.”
Nexar is a mobility startup focused on promoting safer driving. Through the application of deep learning and artificial intelligence technologies to millions of recorded driven miles, Nexar provides collision prevention, detection, reconstruction, as well as traffic light prediction and other data products to the insurance and automotive industries. Nexar’s dashcam app connects vehicles to a connected safe driving network, improving the roads for everyone.
The Nexar Pilot Project
During the pilot, Nexar installed its dash-cam technology with the HASC Center in 20 fleet vehicles. Over the course of 16 weeks, the dashcams monitored over 3,000 hours of fleet vehicle operation and more than 20,000 miles of mostly city travel.
The pilot program determined that, collectively, HASC Center’s fleet drivers demonstrated improved driving behavior from the beginning of the trial to the end. For example, hard-braking maneuvers decreased 70 percent from five hard brakes per 100 miles to one-and-a-half hard brakes per 100 miles.
“We were excited to be included in this pilot program,” said Avi Sacks, fleet manager for HASC Center. “At the time Nationwide approached us with the opportunity, we were actively looking for a dashcam solution. Our goal is to ensure the safety of the children we transport around the city on a daily basis. We are committed to making dashcams standard in all of our vehicles because the benefits we experienced through this program dramatically improved safe-driving behaviors.”
A follow-up survey of the pilot showed that 78 percent of fleet managers indicated that dashcam technology had a positive or very positive impact on driver behavior, and 67 percent of drivers reported that they were comfortable with dashcam technology present in their vehicle.
Nationwide innovation update
In addition to the Nexar partnership, Nationwide has also announced the following innovation related efforts over the past year:
• Nationwide’s venture capital team has made eleven investments to date, including Betterview, BlueVine, blooom, Insurify, Next Insurance, Matic and Sure.• In June, Nationwide announced its plans to open a new innovation center in the Arena District near its Columbus-based headquarters. It expects the new center to open in 2019• Nationwide is committed to driving innovation that helps members:o Live comfortably in retiremento Meet their insurance and financial needs in novel and digital wayso Protect their data and digital assetso Protect them in the evolving area of mobility
“As Nationwide nears its centennial in 2026, we’re doubling down on our innovation efforts to prepare for the next 100 years,” said Scott Sanchez, Nationwide’s chief innovation officer. “Investing in Nexar is one example of how Nationwide is helping solve consumers’ protection needs in new and digital ways.”
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.