The company launched its venture team in 2015 under the leadership of
In a conversation with Digital Insurance, Ross and Michael Mahaffey, EVP and chief strategy and corporate development officer for Nationwide, said that the
"We’re pleased with the performance on both of those metrics," says Michael Mahaffey, EVP and chief strategy and corporate development officer for Nationwide, in a call with Digital Insurance. "The pipeline [of insurtechs] is very attractive now, and [we felt] it was the right time to announce more commitment of funds."
To date, Nationwide's venture capital team has invested in 25 companies. It's also helped facilitate partnerships with 31 startups and Nationwide business units. Ross says that the company is a "thematic" investor, focusing on six axes: digital infrastructure, including underwriting, data and analytics, and alternative distribution; home solutions; living in retirement; small- and-medium sized businesses; telematics and fleet management; and cybersecurity and risk.
"We see a boomerang effect coming out of the pandemic" for insurance innovation, Ross says. "We want to get founders we've worked with to talk to the folks we’ve invested in, and we want to get entrepreneurs in front of our business partners [inside Nationwide] and further their strategies."
Among the insurtechs Nationwide has invested in are