The new digital insurance platform – Spire to be launched in Q4 2019, can provide auto insurance coverage within 60 seconds, claimed the Ohio-based insurance group


Image: Nationwide to launch a new digital insurance platform called Spire. Photo courtesy of athree23 from Pixabay.

Nationwide is set to launch a new digital insurance platform called Spire with an objective to make insurance buying easy and transparent using a smartphone.

The Ohio-based insurance group will launch the new digital insurance platform in the fourth quarter of this year, starting with Texas. The mobile insurance platform will be rolled out across additional states in 2020.

Initially, Spire will offer auto insurance and in the future is expected to include other products and services designed to help millennials protect various aspects of their lives, said Nationwide.

How the Spire digital insurance platform works

The new digital insurance platform will remove the need for answering dozens of questions to get insurance coverage. Instead, customers can get their auto insurance through the new product within 60 seconds, claimed the insurance group.

The company said that the Spire mobile website will enable customers to apply for auto insurance coverage by taking a scan of their driver’s license and by replying to four easy questions. Nationwide revealed the questions to be – where the vehicle will be parked, how many miles are driven, whether the car is owned or leased, and if the applicant had more than two tickets in the last 12 months.

According to Nationwide, Spire will provide coverage and features that are on par with typical policies, however with an end-to-end digital platform that removes the hurdles faced by many of the present day customers.

The digital insurance platform will also help customers scrap their existing auto insurance policy, manage their coverage with it, file a claim, track their own driving habits, provide proof of insurance, and even get relevant rewards as per their driving behaviour.

Nationwide emerging businesses president and chief marketing officer Terrance Williams said: “Nationwide spoke to millennials from all over the country about their experiences with purchasing insurance. Two themes kept surfacing with the people we spoke with – they feel it takes too long and it lacks transparency.

“Spire’s technology will drastically decrease the amount of time it takes people to get auto insurance coverage so they can get back to doing things they love. It will also ensure their premiums are based on factors that are relevant to their actual driving habits and provide coverage explanations that are easy to understand.”