“We have had tremendous interest from startups to partner with us and help them accelerate their success – not only through our capital but also our brand and expertise,” said Nationwide CEO Kirt Walker. “Nationwide’s history is built on numerous breakthroughs. We’re excited about the opportunities to identify and accelerate insurtech and fintech solutions that will help better protect people, businesses and futures with extraordinary care.”

Tech startups interested in partnering with Nationwide can visit https://www.nationwide.com/cps/nw-ventures.html for more information.

Nationwide’s venture capital journey
Nationwide’s venture capital investment initiative began in 2015 with the formation of the ventures team. In 2017, Nationwide announced the creation of a $100 million venture capital investment fund, focusing its investments on insurtech and fintech startups that support six thematic areas:

• Digital Infrastructure - Invest in the advancing infrastructure behind the insurance and financial services industries in the areas of underwriting, data & analytics, alternative distribution, and more.
• Home Solutions - Assist our members in better protecting and managing their most valuable assets through alternative data and analytics, risk intervention technologies, and home services solutions.
• Living in Retirement- Deliver products and services to help consumers prepare for and live better in their next stage of life.
• Small-and-medium sized businesses - Enhance current products and solutions that protect small and medium-sized businesses (SMBs) and take the friction out of the value chain while helping them operate efficiently.
• Telematics and Fleet Management - Provide services for consumers or businesses utilizing new types of mobility, vehicle connectivity, and telematics.
• Cybersecurity and risk - Protect businesses and consumers from new and evolving digital exposures, risks, and attacks.

“Nationwide’s initial venture capital investments continue to unlock new sources of value – both to Nationwide and the startups with which we partner,” said Mike Mahaffey, Chief Strategy and Corporate Development Officer. “Our ventures team has developed and implemented a successful strategy of identifying the strongest companies in which to invest – ones that have already begun producing products and solutions to help our customers and distribution partners. These additional funds will enable the venture team to expand and accelerate that work.”

To date, Nationwide’s venture capital team has invested in 25 companies and has helped facilitate 31 partnerships between startups and Nationwide business units.

“Our strong relationships with our business partners give us a clear advantage in our venture capital investments. We focus on startups that can help meet the ever-changing needs of Nationwide’s customers,” said Erik Ross, leader of Nationwide’s venture capital team. “In addition to delivering strong financial returns, the venture capital team has proven to be a trusted partner to Nationwide’s business units, collaborating with great entrepreneurs to bring mutually beneficial partnerships to life. Our business partners and our founders are our customers and best references - we’ll continue to do our best to help them both be successful.”

Nationwide’s venture capital investments include HOVER, Indico, Deep Sentinel, Planck, Upstream Security, KINETIC, Vesta Health Care, Socotra, Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic, Flo Technologies, Vestwell, Snapsheet, Sure, and NewRetirement. 

Nationwide’s Corporate Development mission
In addition to expanding the venture capital fund, Nationwide recently aligned Corporate Development capabilities to include the venture capital, mergers and acquisitions, and strategic partnership teams. These groups look for unique collaboration opportunities that help business units meet new or developing customer needs. These collaborations are enabled by Nationwide’s best-in-class digital infrastructure, which allows Nationwide to provide a unique digital experience for partners and their customers.

Nationwide Pet Rx Express^SM gives Nationwide’s pet insurance members access to affordable pet prescription medicines and introduces a new, expedited, in-store claims experience. Members can log into my.petinsurance.com to sign up for the program and access their digital ID card to present at the Walmart pharmacy. Preferred pricing and the opportunity to have claims for covered drugs processed at the counter of a major retail pharmacy is a first for the pet health insurance industry.

Through this partnership, Nationwide pet insurance members will have access to Walmart’s most commonly prescribed pet-specific medications for chronic disease and flea, tick and heartworm prevention.

“Families deserve the same convenience when tending to their pets’ health as they do their own. Offering on-the-spot claims filing and preferred pricing at a major retail location helps our members save time and money,” said Nationwide Chief Pet Officer Heidi Sirota. “We’re working to make it possible for every American to bring a pet into their family and this first-of-its-kind partnership with the country’s leading pet retailer brings us closer to that goal.”

“Whether our customers are buying prescription pet medicine or an insurance policy, we want to provide an effortless experience and unmatched value,” said Nationwide Chief Strategy and Corporate Development Officer Mike Mahaffey. “Partnering with Walmart to both lower costs and streamline the claims process at the pharmacy counter is a terrific example of innovating to meet our members’ needs, and we’re excited about providing them this convenient, new option when managing their pets’ care.”

“Affordable health & wellness offerings for families is important for the whole family, including family pets,” said Luke Kleyn, Vice President, Health & Wellness, Walmart. “We are proud to partner with Nationwide to further support our commitment of helping people save money and live better, and healthier, in a way that is convenient and accessible.”

Whether picking up pet supplies, filling a prescription with Nationwide, or having pet food delivered with their weekly groceries while arranging a quick dog walk, Walmart is the one-stop pet destination customers can trust for simple, everyday pet needs.

For information about Nationwide’s full range of pet insurance plans and benefits, visit petinsurance.com.

Ross joined Nationwide in 2014 and was charged with spearheading the venture capital investment strategy, including the disbursement of Nationwide’s $100 million venture capital investment fund. Under Ross’s leadership, Nationwide’s venture capital team has invested in 20 insurtech, fintech, cyber security and other developing startups to date. Those investments continue to create value for not only those companies, but also for Nationwide and its members.

“I’m humbled to receive this honor on behalf of my team for the second straight year. I am fortunate to be surrounded by an exceptional group of people. Our team has great support from Nationwide’s senior executives, business leaders, board, and our founders that make our work possible,” said Ross. “They are the real stars…I’m fortunate to be the venture capital team’s coach.”

Nationwide’s venture capital team’s investments include:
Deep Sentinel, Planck, Upstream Security, KINETIC, Vesta Healthcare, Socotra, Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic, Flo Technologies, Sure and NewRetirement. 

Nationwide’s venture capital investment efforts have resulted in several notable partnerships within the portfolio for Nationwide, 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 and 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. 

“As the leader of Nationwide’s venture capital team, Erik has helped position Nationwide as a forward-thinking, innovative company with which entrepreneurs and tech start-ups want to do business,” said Mike Mahaffey, Nationwide’s chief strategy and corporate development officer. “His strategic approach and collaborative spirit continue to support Nationwide’s mission to protect people, businesses and futures with extraordinary care.”

For more information about Nationwide’s venture capital strategy and team, visit https://www.nationwide.com/cps/nw-ventures.html.