Nationwide, one of the largest insurance and financial services firms in the United States, has announced a $1.5 billion investment in technology innovation to be rolled out through 2028. The plan includes allocating $100 million annually over the next three years specifically for advancing artificial intelligence (AI).
The Fortune 100 company said the move aims to accelerate its use of emerging technologies to provide customers and business partners with more personalised and reliable service, while maintaining strong data protection standards.
“The world is in the next industrial revolution. It’s happening now, and it’s powered by artificial intelligence that is transforming how all of us work,” said Nationwide CEO Kirt Walker. “Our modern mutual structure, which combines the long-term vision of a mutual and the agility of a public company, allows Nationwide to capitalize on this revolution. 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 company said its investment will focus on three key priorities: human-machine collaboration, customer-focused AI solutions, and evolving its operating model to adapt to an AI-driven economy.
Under the first pillar, Nationwide plans to enable its workforce to fully integrate AI into daily operations. The company’s goal is for 90% of employees to be actively using everyday AI platforms by next year. These tools, already embedded in various workflows, will allow employees to concentrate on higher-value tasks.
The second focus area involves developing AI tools to help customers solve problems more efficiently. Nationwide said it has already expanded six AI initiatives and identified 18 flagship use cases across its businesses, including telematics-based driver risk scoring and AI-powered claims summarisation. These developments are designed to improve customer experience and operational speed.
The third area will involve reconfiguring the company’s operating model to promote agility in decision-making, enhance productivity, and ensure round-the-clock customer service. This will include training and reskilling employees to thrive in a rapidly evolving technological landscape.
Nationwide has already spent $5 billion on technology modernisation since 2015. Its ongoing AI work is driven by two dedicated teams: a Blue Team and a Red Team. The Blue Team focuses on identifying AI’s benefits and new business applications, while the Red Team evaluates risks, compliance, and potential vulnerabilities.
“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 Nationwide Chief Technology Officer Jim Fowler. “This investment will help Nationwide deliver on its promise to harness AI thoughtfully and boldly, empowering employees to use AI productively and responsibly.”
The investment positions Nationwide to strengthen its technological capabilities while preparing its workforce and customers for the accelerating impact of artificial intelligence across the insurance and financial sectors.
