Bestow and Nationwide Join Forces to Revolutionize Life Insurance Access

Bestow and Nationwide Partner to Transform Life Insurance Accessibility

In a significant industry move, Bestow and Nationwide have teamed up to enhance the accessibility of life insurance through advanced technology and customer-oriented strategies. Their collaboration aims to address the challenges faced by underserved markets while simultaneously modernizing the insurance experience.

Since launching the Nationwide® Life Essentials product in April 2023, this partnership has resulted in a remarkable 20% increase in term life insurance sales for Nationwide. This collaboration marks a pivotal shift in how life insurance products are delivered to consumers, aiming to ensure that families can secure the coverage they need quickly and efficiently.

Bestow's technology platform has proven essential in this initiative by providing a digital-first approach to life insurance. The platform allows users to receive instant quotes and automated underwriting, which negates the necessity for medical examinations. Such advancements enable customers to receive coverage decisions within just a few minutes, significantly speeding up what was once a tedious process.

Notably, the results of this partnership illustrate a growing trend: over 69% of applicants in the last 18 months were first-time life insurance buyers. This statistic highlights how Bestow and Nationwide's strategies have successfully attracted a demographic that has traditionally been overlooked in the life insurance market.

Andrew Burge, Vice President of Life Business Development at Nationwide, emphasizes the significance of this partnership: "Nationwide is dedicated to protecting families and empowering consumers with innovative life insurance solutions. By collaborating with Bestow, we have successfully modernized the customer experience, thus strengthening our market presence and reaching more people who need protection."

The success of this partnership underlines the necessity for collaboration between traditional insurance carriers and technology disruptors. Bestow managed to facilitate the launch of Nationwide® Life Essentials in a remarkable four-month time frame, a feat that demonstrates the agility of both organizations in responding to the evolving needs of the insurance sector. This proactive collaboration has already led to over 30 enhancements in the product and customer experience during the first six months.

Melbourne O'Banion, CEO and co-founder of Bestow, stated that this partnership exemplifies how technology can lead to substantial improvements in customer service within the insurance domain. He expressed enthusiasm for the future, stating, "By merging Nationwide’s expertise with Bestow’s innovative capabilities, we are redefining the life insurance experience, making it more accessible to everyone. We look forward to continuing to create solutions that cater to our customers' needs."

In addition to improving accessibility, the use of artificial intelligence and data modeling has greatly refined the process of matching customers to appropriate life insurance products. This digital evolution minimizes the inefficiencies associated with traditional underwriting, lowers costs, streamlines operations, and ultimately improves customer satisfaction.

As consumers increasingly expect seamless interactions across digital platforms, both Bestow and Nationwide are setting new benchmarks for innovation in the insurance industry. By focusing on customer-centric solutions and leveraging technology, they are not only expanding the reach of life insurance but also reshaping the entire customer journey.

About Bestow

Founded with the mission to enhance efficiency in life insurance, Bestow has developed a comprehensive platform that streamlines the entire value chain for insurers. Their innovative solutions cover all aspects from product development to policy management, empowering carriers to deliver exceptional products and customer experiences. More information about their services can be found at Bestow.com.

About Nationwide

As a Fortune 100 company headquartered in Columbus, Ohio, Nationwide is recognized as one of America’s largest insurance and financial services providers. Offering a wide range of products, including auto, business, homeowners, and life insurance, Nationwide is committed to innovative customer solutions and remains rated A+ by Standard & Poor's. Discover more about their services at Nationwide.com.