SAN FRANCISCO, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Nationwide Mutual Insurance Company, one of the largest insurance and financial services companies in the U.S., has chosen Socotra as the core system to power its new digital insurance platform, Spire℠. Spire is Nationwide’s digital insurance platform designed to be a convenient and accessible way for millennials to secure insurance coverage using a mobile device.
“We’re always looking for opportunities to bring value to our customers,” said Scott Sanchez, chief innovation officer at Nationwide. “We’re excited to work with a forward-thinking company like Socotra, which is enabling Nationwide to create an insurance platform as innovative as Spire to better serve the next generation of consumers.”
Nationwide chose Socotra for Spire because it is the only core system that enables the fastest timelines on deployment and is the most cost-efficient solution to launch new insurance products. Using Socotra’s platform, Nationwide built and deployed Spire in only nine months, a timeline that’s far more accelerated compared to current industry standards.
“Nationwide picked Socotra as the center of Spire’s entire insurance operation,” said Scott Liles, the lead business executive of Spire. “As a technical partner, Socotra helped Nationwide realize its vision by being the core system upon which Spire runs its entire policy admin operation, from quote to claim, creating an ideal insurance product together for the modern-day preferences of consumers.”
Using Spire’s mobile website, a customer can purchase auto insurance coverage by simply scanning a driver’s license and answering four questions about driving behavior. The entire process takes less than a minute and does not require the customer to engage with an agent. Spire also ensures that customers’ premiums are based on logical, transparent factors (such as age, payment history, and where and how they drive) and provides coverage explanations that are free of complex industry jargon. Spire eventually plans to include more products and services that will help today’s consumers protect other aspects of their lives.
“We’re delighted that Nationwide, a Fortune 100 company and insurance industry leader, tapped Socotra to execute a bold vision for the future of insurance for millennials,” said Dan Woods, CEO of Socotra. “Socotra is the only system with a modern cloud platform, open APIs, and a powerful data model that enabled Nationwide to launch in the time and budget they wanted. This first product is just the beginning for Spire, and for our collaboration with Nationwide.”
About Socotra
Founded in 2014 and based in San Francisco, Socotra’s mission is to provide insurers with a modern, enterprise-grade core system that enables them to rapidly develop and distribute products that better serve their customers. The result is a flexible, radically open, cloud-native solution that unifies underwriting, policy management, claims, reinsurance, reporting, and more. To learn more, visit www.socotra.com.
About Nationwide
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.
About Spire
Spire is a simple, easy-to-understand digital insurance platform, currently offering auto insurance to protect millennials. It is designed to be convenient and accessible from your phone. Spire combines the recognition and credibility that Nationwide brings with auto insurance that fits how millennials are living today. Spire will first be available in December 2019 in Texas with additional states to launch in 2020. For more information about Spire, please visit www.SpireInsurance.com.
Media Contact:
Natalie Johnson
natalie@bulleitgroup.com