As technology continues to influence consumer and commercial needs, digital enablement is critical for providing speed and ease of conducting business. Nationwide, recently named No. 1 in Customer Satisfaction for Small Commercial Insurance by J.D. Power,* announced today the launch of a new commercial digital storefront, offering small business owners the ability to generate a quote and bind a policy in minutes, either online or through a Nationwide agent.
The commercial digital storefront is a result of Nationwide’s partnership with Columbus-based insuretech company Bold Penguin and is aimed at small business owners who prefer to shop for insurance coverage online.
Now, when small business customers visit Nationwide.com, they will have the option to answer a series of questions related to their business needs and generate a detailed quote in a matter of minutes. They will then be directed to one of three possibilities for binding a policy:
1. Eligible businesses can bind policies online through Nationwide’s Commercial Digital Direct tool, in states where the product is currently available.
2. Businesses with more complex risks will be directed to a Nationwide agent, who will be equipped with the business’s details from the previous step, to complete the binding process quickly and easily.
3. In cases where Nationwide is unable to offer a product that meets the business owners’ needs, they will receive a quote based on solutions available through Nationwide’s brokerage relationships or subsequently Bold Penguin’s Commercial Insurance Center. The tool currently offers coverage across five products with other carriers, including Hiscox and Markel, with plans to add additional carrier products in the future.
“Our digital storefront will serve the needs of micro-business owners who prefer to quote and bind online, providing a fast, easy experience,” said Mark Berven, president and chief operating officer of Nationwide Property & Casualty. “This launch has paved the way for bringing a similar platform to our independent agent partners in 2020, which will speed up the process to help them deliver a better experience for their clients.”
The commercial digital storefront currently supports Nationwide’s Businessowners Policy and workers’ compensation products, with plans to launch business auto and general liability in the coming months. Additional products will also be added in 2020.
“We look forward to incorporating other carriers and adding more business classifications to ensure we can meet the needs of all businesses and agents,” added Berven.
The commercial digital storefront is enabled by Nationwide’s ongoing efforts to modernize its underlying systems to drive business efficiency and growth. It leverages the Commercial Digital Direct platform introduced earlier this year, which allows for customers to quote and bind in a fully digital environment. The platform is currently available in 13 states, with plans for additional states to be added later this year and in 2020.
For more information on Nationwide’s commercial digital storefront or Business Solutions for small business customers, visit www.nationwide.com/business/. Business owners can also access a variety of resources for protecting and growing their businesses with Nationwide’s Business Solutions Center.
*Nationwide received the highest score in J.D. Power’s 2018 and 2019 Small Commercial Insurance Studies of customers’ satisfaction with their insurance provider. Visit jdpower.com/awards.