Nationwide to invest $1.5B to accelerate technology and AI innovation

Nationwide is investing $1.5 billion through 2028 in technology innovation initiatives, with $100 million dedicated for advancing AI each year for the next three years.

The insurer aims to make it easier for customers and partners to do business through more customized solutions, while maintaining strong data protection. Three focus areas guide the plan: equipping 90% of employees to use AI in daily work, scaling AI tools for customer service and claims, and evolving operations for faster, more agile decision-making.

Since 2015, Nationwide has invested $5 billion in technology modernization. The company has two purpose-driven teams exploring AI capabilities: a Blue Team and a Red Team. The Blue Team creates and tests the benefits of AI such as added efficiency, customer service opportunities and new use cases to help its businesses support customers. The Red Team considers compliance, risks and vulnerabilities.

“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. 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.” – Nationwide CEO, Kirt Walker.

“We have been advancing artificial intelligence capabilities for more than 15 years, and we believe that AI should be people-connected and machine-enabled. This investment will help Nationwide deliver on its promise to harness AI thoughtfully and boldly, empowering employees to use AI productively and responsibly.” – Nationwide Chief Technology Officer, Jim Fowler.