The word from Bestow and Nationwide Life, who are using tech to streamline Life cover. Here’s the word;
In a transformative collaboration, Nationwide has leveraged Bestow’s technology platform to modernize and streamline term life insurance solutions, delivering substantial benefits to organizations and their customers. Since the launch of Nationwide® Life Essentials in April 2023, this partnership has significantly expanded access to life insurance, particularly in underserved markets, while driving a 20% increase in Nationwide’s term life sales.
Bestow’s cutting-edge, user-friendly platform has enabled Nationwide to reach a broader customer base by providing seamless, fully digital processes that make life insurance more accessible and convenient. Nationwide® Life Essentials delivers instant quotes and automated underwriting, eliminating the need for medical exams and enabling customers to receive coverage decisions within minutes.
These innovations have more than doubled application completion rates, helping families secure the necessary coverage. Notably, 69% of applicants over the past 18 months were first-time life insurance buyers, demonstrating the partnership’s success in reaching traditionally underserved consumers.
Since launch in April 2023, this partnership has driven a 20% increase in term life sales for Nationwide.
“Nationwide is dedicated to protecting families and empowering consumers with innovative, accessible life insurance solutions,” said Andrew Burge, Vice President of Life Business Development at Nationwide. “Our collaboration with Bestow has allowed us to modernize the customer experience, strengthen our market position, and reach more people with the protection they need. This partnership exemplifies how carriers and technology innovators with a shared vision can drive meaningful industry transformation.”
The partnership’s success underscores the importance of collaboration between carriers and emerging technology providers to modernize the life insurance buying experience. Bestow enabled Nationwide to launch Nationwide® Life Essentials in just four months, with ongoing collaboration leading to over 30 product and experience enhancements in the first six months. These improvements highlight the agility and responsiveness of both organizations in adapting to consumer needs and market demands.
“Our work with Nationwide exemplifies how technology-driven partnerships can deliver impactful results for carriers and their customers alike,” said Melbourne O’Banion, CEO and co-founder of Bestow. “By combining Nationwide’s industry expertise with Bestow’s innovative platform, we’ve created a solution that expands access, drives growth, and redefines the life insurance experience. We look forward to continuing our collaboration to develop even more customer-focused solutions.”
By integrating AI and data modeling, Bestow and Nationwide have optimized the matching of customers with suitable solutions, reducing the inefficiencies of traditional underwriting processes. These digital advancements have lowered costs, improved placement rates, and enhanced customer satisfaction. Bestow and Nationwide are expanding access to life insurance and setting a new standard for customer-centric innovation in the industry.
Be the first to comment