Presenting customers with a range of coverage options will boost satisfaction, and this partnership reflects Nationwide’s insurtech ecosystem strategy, which we will see replicated in the wider US insurance market.
In Q2 alone, B2B insurtech Cambridge Mobile Telematics acquired True Motion to work with 21 out of the 25 largest US auto insurers and reach 20 countries. And Metromile and Hippo partnered to offer consumers a bundled auto and homeowners insurance product.
UK-based Tractable has partnered with 20 auto insurers globally to enhance their claims management with AI. Looking ahead: Incumbents will seek to address their shortcomings by widening distribution through third-party platforms—albeit while surrendering direct customer relationships—and offering more preemptive insurance products. Embedded insurance.
Meanwhile, ONE was launched in 2018 and is the group's customer-facing business: It has 500,000 active policies and 350,000 customers, and provides household, auto, and liability insurance. The raise will support wefox’s ongoing growth by bolstering its tech developments.