Among its 80 embedded insurance partnerships,
"It allows the mortgage servicer or the property management company to not have to call Nationwide, not have to verify things on a one by one basis," she said. "It makes it a better experience for the customer in that their loan may get processed more quickly."
Nationwide also has partnered with electric vehicle manufacturer
"When you get a partner like Rivian that is equally obsessive about the customer experience," Disbrow said, "inside Rivian's experience, you can actually purchase, acquire, do the financing for and get insurance for that particular new vehicle."
Rivian's apps can take financial information entered for a vehicle lease and import it to insurance coverage underwriting without re-keying it. The embedded partnership also creates other opportunities, according to Disbrow.
"Post purchase, the vehicle is sharing telemetrics data with some partners, in this case Nationwide, so that we can offer as-you-drive experiences, or discounts based on driving behavior and or being an electric vehicle," he said. "For other partners like Rivian, when you think about an electric vehicle, there's much more with sensors on the car that can be used. You're not just able to detect the ability for a claim but to revolutionize the way you think about service."
Nationwide set a business strategy to bring coverages to market through partnerships with
Still, partnerships for embedding insurance need flexibility and forethought on how potential insureds will access the coverage, Nickoll said. "People rush right to the APIs and the technology over, 'How is the customer going to get to this? How will the partner activate it with their consumers?'" she said. "Even with an embedded experience, if customers don't know about it, if the messaging isn't clear, you just won't see any results."