(Image source: Sure.)
Aiming at the increasingly digital transaction preferences of Millennials and other consumers, Nationwide (Columbus) has announced the launch of a real-time mobile app for renters’ insurance based on technology from Sure (New York). Using the Sure app for iPhone and Android, consumers can purchase renters’ insurance as they shop for an apartment or condo, as well as pay their Nationwide renters insurance premiums, the insurer reports. Nationwide will initially roll out the mobile app for renters in the states of California and Washington.
Nationwide characterizes its launch of the app as news of the first national insurance provider to offer renters’ insurance via a real time mobile app. Nationwide will initially roll out the mobile app for renters in the states of California and Washington.
“This is a good example of an incumbent carrier partnering with an InsureTech player to get new, advanced capabilities faster than it could develop them on its own,” comments Matthew Josefowicz, president and CEO of research and advisory firm Novarica. “As for how ground-breaking it is, there are a lot of app-based and mobile web-based renters’ insurance brokers and carriers, including Lemonade and Sure itself.”
Meeting Consumers’ Emerging Needs
“As consumers value more options to purchase our insurance products, we continue to explore new ways to meet their emerging needs,” comments Mark Pizzi, president and COO of Nationwide’s direct and member solutions business. “Partnering with Sure provides a choice for obtaining renters insurance as a key component to the apartment shopping and living experience. We look forward to protecting what matters most to renters via this new distribution platform.”
A recent survey of more than 1,000 millennials, conducted by Nationwide, indicated that more than half lacked renters’ insurance. However, more than two-thirds of those surveyed indicated they stood to lose more than $5,000 worth of belongings should an unfortunate event occur, while three-fourths did not know the relatively low cost of renters’ insurance.
Fast, Automated, Secure Mobile Experience
“We are confident in our new ways to appeal to millennials and serve to educate them about the importance and accessibility of renters’ insurance,” Pizzi says.
“The new offering on Sure’s platform is designed to enable renters with insurance options through a fast, automated and secure mobile experience,” comments Wayne Slavin, CEO of Sure. “We are proud to offer our customers renters insurance provided by Nationwide. As a Fortune 100 company and A.M. Best, A+ rated carrier, this partnership with will allow us to provide our customers the stability and credibility to protect their most valuable possessions.”
“Like many other modern InsureTechs and previous generations of Insurance Technology companies, Sure seems to have realized there’s opportunity in selling tech capabilities to incumbent carriers as well as trying to sell insurance itself,” adds Novarica’s Josefowicz. “Sure’s original core model is a Digital Distributor—they’re a renters insurance broker for multiple carriers. This appears to be a white-labeled version for a single carrier.”