(Image source: Spire homepage.)
Nationwide (Columbus, Ohio) has selected Socotra (San Francisco) as the core system to power Spire, Nationwide’s direct-to-consumer digital insurance platform designed to be a convenient and accessible way for millennials to secure insurance coverage using a mobile device.
“We’re always looking for opportunities to bring value to our customers,” comments Scott Sanchez, chief innovation officer at Nationwide. “We’re excited to work with a forward-thinking company like Socotra, which is enabling Nationwide to create an insurance platform as innovative as Spire to better serve the next generation of consumers.”
Nationwide chose Socotra for Spire because its capacity for fast deployment and cost-efficiency for launching new insurance products. Using Socotra’s platform, Nationwide built and deployed Spire in only nine months, the vendor reports.
“Nationwide picked Socotra as the center of Spire’s entire insurance operation,” comments Scott Liles, lead business executive, Spire. “As a technical partner, Socotra helped Nationwide realize its vision by being the core system upon which Spire runs its entire policy admin operation, from quote to claim, creating an ideal insurance product together for the modern-day preferences of consumers.”
Auto Insurance Within a Minute
Using Spire’s mobile website, a customer can purchase auto insurance coverage in less than a minute and without interacting with an agent by simply scanning a driver’s license and answering four questions about driving behavior, according to Nationwide. Spire stresses the use of logical, transparent factors (such as age, payment history, and where and how they drive) to determine customers’ premium and provides coverage explanations that are free of complex industry jargon. Spire eventually plans to include more products and services to provide protection in a manner suited to the emerging consumer’s lifestyle.
“We’re delighted that Nationwide, a Fortune 100 company and insurance industry leader, tapped Socotra to execute a bold vision for the future of insurance for millennials,” comments Dan Woods, CEO, Socotra. “Socotra is the only system with a modern cloud platform, open APIs, and a powerful data model that enabled Nationwide to launch in the time and budget they wanted. This first product is just the beginning for Spire, and for our collaboration with Nationwide.”