Since 2015, Nationwide has invested $5B in technology modernization. (Credit: JHVEPhoto/Adobe Stock)
Nationwide is investing $1.5 billion into tech initiatives through 2028, including $100 million annually for advancing AI.
The investment aims to benefit both customers and business partners by making it easier and more secure to do business with Nationwide.
“The world is in the next industrial revolution,” said Kirt Walker, Nationwide’s CEO, in a statement. “It’s happening now, and it’s powered by artificial intelligence that is transforming how all of us work. 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.”
The investment will focus heavily on leveraging AI in the workplace and in customer-facing tools.
The company says it wants 90% of employees to be using everyday AI platforms by next year. AI tools will be embedded across the company’s workflows, so human employees can focus on higher-value work.
AI will also be used to support customer service and growth, the company says. Nationwide has already scaled six AI initiatives, including telematics-based driver risk scoring and AI-powered claims summarization.
Some of the funds will also go toward establishing an operating model that encourages agile decision-making, boosts productivity and facilitates always-on service for customers. That includes creating training, support and reskilling for employees as AI becomes more integrated into the workplace.
“We have been advancing artificial intelligence capabilities for more than 15 years, and we believe that AI should be people-connected and machine-enabled,” said Jim Fowler, Nationwide’s chief technology officer, in a statement. “This investment will help Nationwide deliver on its promise to harness AI thoughtfully and boldly, empowering employees to use AI productively and responsibly.”
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