Nationwide investing $1.5 billion in technology through 2028
A total of $300 million will go toward artificial intelligence.
Nationwide, a Fortune 100 company and one of the largest insurance and financial services companies in the U.S., announced last week that it is investing $1.5 billion through 2028 in technology innovation initiatives, with $100 million earmarked for advancing artificial intelligence (AI) each year for the next three years.
“The world is in the next industrial revolution. It’s happening now, and it’s powered by artificial intelligence that is transforming how all of us work,” said Kirt Walker, Nationwide Chief Executive Officer. “Our modern mutual structure, which combines the long-term vision of a mutual and the agility of a public company, allows Nationwide to capitalize on this revolution. We’re using new tools to drive deep partnerships, manage risk more proactively, innovate with agility, and engage our communities – focusing on the benefits for our customers.”
The technology and AI acceleration work will benefit customers and business partners in two ways: making it easier for them to do business with Nationwide through deeper, more customized solutions while also maintaining the company’s reputation to protect their data in today’s high-risk digital security world.
Nationwide’s investment focuses on three priorities:
- Human-machine collaboration: Nationwide empowers employees to leverage AI in their everyday work. The company’s goal is to have 90 percent of employees actively using everyday AI platforms by next year. These tools are embedded across workflows to help employees focus on higher-value work.
- AI tools helping customers solve problems: This investment will enable a better customer experience with the use of new tools, powered by trusted data. Access to everyday AI has and will continue to support customer service and growth. The company has already scaled six AI initiatives and identified 18 flagship use cases across its businesses. These include telematics-based driver risk scoring and AI-powered claims summarization.
- Evolving our operating model: Nationwide will establish an operating model that fuels agility in decision making, improves productivity and speed, and facilitates always-on service to customers. This includes training, support, and reskilling for employees to thrive in an AI-driven economy.
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