Nationwide Mutual Insurance

Hardware, software, and wearable devices to help prevent and manage the next pandemic.

Infectious Disease Tech

Kinetic offers an injury reduction program that combines cutting-edge technology, advanced data analytics, and proactive safety services to reduce workplace injuries by up to 60%. The program utilizes wearable devices equipped with sensors and artificial intelligence to collect data points and provide actionable insights. This drives behavioral change and fosters a strong safety culture. Kinetic's services are provided through Workers' Compensation insurance coverage or directly to large self-insured enterprises. The company's injury reduction program focuses on monitoring employees' behaviors, alerting them about potential hazards, and teaching proper techniques through real-time instructions and feedback.

Property owners and real estate companies are able to handle larger portfolios while offering faster and cheaper services.

Residential PropTech

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 Hover offers a mobile app that allows homeowners to capture photos with their smartphones which can be transformed into fully-interactive 3D models which can be used to measure, design, and estimate projects while providing professionals with detailed information. The platform also provides insurance professionals' claim cycle workflows with up-to-date photos and detailed property measurements to create accurate claim estimates.&nbsp;
 
 
 In November 2020, Hover raised USD 60 million in Series D funding led by Travelers, State Farm Ventures, and Nationwide. The company plans to utilise the funds to improve its 3D data platform and strengthen its e-commerce efforts.
 
 
 
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Making banking work, without the paperwork

Neobanks

BlueVine offers banking services to small businesses via a web portal and mobile app. The company offers both checking accounts and loans, in addition to direct payment services.The company’s checking accounts, inclusive of a debit card, do not require a minimum deposit or balance and do not charge monthly service fees. The company offers a 2.00% APY on checking accounts with balances up to USD 250,000. Moreover, customers have the option to choose between checking accounts that offer FDIC insurance up to USD 3 million or the standard USD 250,000. Under its credit segment, BlueVine offers invoice factoring, lines of credit, and term loans. Invoice factoring is offered for values up to USD 5 million, with interest rates starting at 0.25% per week. Meanwhile, lines of credit are offered for values up to USD 250,000, with interest rates starting at 4.8% bi-annually, with durations of six months or one year. In addition, it introduced <a href="https://sp-edge.com/updates/23835">BlueVine Premier</a> in November 2023, a new subscription plan priced at USD 95 per month. This plan offers Business Checking account users a high yield, along with 50% discounts on most standard payment fees, priority customer support, and additional benefits such as access to commercial services typically reserved for large corporations.Key customers and partnershipsThe company offers its banking services in partnership with Coastal Community Bank and Celtic Bank.In August 2021, the company ventured into the insurance segment by partnering with Next Insurance, a small business insurance provider, to offer insurance policies to BlueVine’s customers. This includes coverage for general liability, professional liability, and workers’ compensation, among others.As of December 2023, the company served over 500,000 small business owners, managed over USD 1 billion in deposits, and issued USD 14 billion in loans.Funding and financialsIn September 2020, the company received USD 75 million in funding from Atalaya Capital Management, in the form of a revolving credit facility. The funding was expected to be used to further enhance its product offering, particularly within the credit space.

Managing employee health-related benefits

Health Benefits Platforms

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 Beam Dental, now known as Beam Benefits, is a digitally native employee benefits provider. Established in 2012, the company set out to modernize dental benefits. The company&rsquo;s earliest innovation was the Beam Brush, a Bluetooth-connected toothbrush regarded as one of the earliest adoptions of the Internet of Things (IoT) into healthcare and laid the groundwork for the industry's first dental wellness program. Over the years, its offerings have broadened beyond dental care to other ancillary benefits including vision, life, and supplemental health benefits. As of February 2022, the company had more than 400,000 access points, ensuring broad coverage for its members.&nbsp;
 
 
 The company incorporates technology with traditional insurance products to deliver a unique value proposition. It offers a simple, user-friendly platform for members to access their coverage and plan information, file claims, and find dental providers, making dental care more accessible and manageable.
 
 
 Key customers and partnerships
 
 
 Beam's digital-first approach has attracted a diverse customer base across the US. As of 2022, the company was serving over 250,000 individuals across 45 states in the US.
 
 
 The company&rsquo;s expansion and diversification has been supported by strategic partnerships. For example, in October 2017, the company partnered with VSP for vision benefits, a collaboration that enabled its members to sign up for a VSP Vision Care plan and to have access to a network of 38,000 eye doctors for all eye care needs.
 
 
 Funding and financials
 
 
 In September 2023, the company raised USD 40 million. The funding round was led by Georgian, with considerable support from a mix of new and existing investors as well as strategic partners. The proceeds were expected to be directed toward accelerating Beam&rsquo;s growth, particularly through investments in its digital platform. In March 2021, the company secured USD 80 million in an oversubscribed Series E funding round led by Mercato Partners&rsquo; growth equity fund, Traverse, with participation from new and existing investors including Drive Capital, Georgian, Nationwide, and Breakout Capital. This funding has been pivotal in expanding Beam's insurance platform and further automating its underwriting processes. The capital injection also supported the company's goal to broaden its product offerings and extend its reach into more states.
 
 
 
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From counting steps to saving lives and beyond

Wearable Tech

Kinetic offers a tech-driven injury reduction platform that combines wearable devices, advanced data analytics, and proactive safety services to reduce workplace injuries by up to 60%. The company's flagship product is Reflex, a wearable device that vibrates to alert workers when they are performing potentially risky movements or postures, such as bending, twisting, or reaching improperly. This real-time feedback helps foster safer habits and drives sustained behavior change, leading to a reduction in musculoskeletal disorders (MSDs) like sprains, strains, and back pain.
Kinetic's platform utilizes artificial intelligence and sensor technology to collect data points on employee movements and ergonomics. This data is analyzed and presented through dashboards, providing actionable insights to help employers identify areas of concern and implement targeted safety solutions. By proactively addressing ergonomic hazards, Kinetic aims to reduce the frequency of workplace injuries, lost workdays, and associated costs.
The company's services are offered through workers' compensation insurance coverage or directly to large self-insured enterprises. Kinetic has reported successful deployments with several Fortune 50 companies, resulting in significant reductions in OSHA-recordable injury rates (up to 54%), lost workdays (up to 88%), and workers' compensation claims costs (up to 50%). As of 2023, Kinetic's technology has been utilized by over 21,000 workers across more than 150 locations.
In November 2021, Kinetic formed a partnership with Nationwide's E&S/Specialty Division, creating Kinetic Insurance. This partnership allows Nationwide's policyholders to access Kinetic's wearable technology at no additional cost, with the potential for premium reductions based on improved safety outcomes.

Simplifying the insurance experience for businesses using technology

InsurTech: Commercial Lines

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 Next Insurance provides digital insurance solutions tailored specifically for small businesses. The company&rsquo;s product offering includes a range of insurance policies, including general liability, professional liability, commercial auto, and workers&rsquo; compensation. The company leverages AI and machine learning to streamline the insurance process, claiming to process policy requests within 10 seconds. It incorporates factors such as risk level, location, and other business-specific factors to provide policy proposals.&nbsp;
 
 
 In March 2021, Next Insurance acquired AP Intego, a digital agency specializing in small business commercial insurance. The acquisition was intended to expand Next Insurance&rsquo;s reach to more customers in new business classes. In December 2020, the company acquired Juniper Labs, a startup that automates underwriting for sellers insurance to small businesses, to expand its product offering.
 
 
 
 
 Key customers and partnerships
 
 
 As of November 2023, Next Insurance reported around 500,000 active policyholders, spanning a diverse base of small businesses across various industries, from construction and retail to professional services and fitness.
 
 
 In March 2021, Next Insurance partnered with Amazon to offer insurance solutions to Amazon Prime Business members, providing tailored insurance coverage through the platform​​.&nbsp;
 
 
 In September 2023, Next Insurance partnered with Bold Penguin, an integrated digital solution platform that offers commercial insurance. Through this collaboration, independent insurance agents can access Next Insurance's tailored policies for small businesses, expanding the company's distribution channels.
 
 
 In November 2023, Next Insurance partnered with Allstate and Allianz X. The partnership with Allstate provided Next Insurance&rsquo;s products to Allstate&rsquo;s customers and collaborated on developing a new product for commercial auto insurance. The collaboration with Allianz X aimed to strengthen Next Insurance&rsquo;s reinsurance relationship with Allianz X.
 
 
 In March 2024, it partnered with Tensorflight, a property intelligence platform, to leverage Tensorflight&rsquo;s property data and risk models to enhance Next Insurance&rsquo;s underwriting process. 
 
 
 
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Taking commercial activities to new heights

Commercial Drone Tech

Betterview is a property intelligence and risk management platform that leverages artificial intelligence (AI) and computer vision to help insurance companies identify and mitigate property risk. The company's platform analyzes aerial imagery and geospatial data to generate accurate property information, enabling insurers to automate pricing, underwriting, and renewals while focusing strategic action on critical properties.
Betterview's technology offerings include AI-powered detection of over 100 property attributes, predictive risk scores for roof conditions and weather-related perils, a historical image library for change analysis, and rapid post-catastrophe imagery. These solutions empower insurers with efficient underwriting, property condition identification, risk mitigation, and enhanced visualization of properties.
In December 2023, Nearmap, a leading provider of aerial imagery and location intelligence solutions, announced the acquisition of Betterview. This acquisition aimed to integrate Betterview's AI solutions into Nearmap's technology stack, enabling better visualization and interpretation of property data for insurance customers and partners.

InsurTech: Infrastructure

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 Socotra provides a cloud-based platform that allows insurers and managing general agents (MGAs) to monitor and manage policy life cycles from underwriting, policy administration, claims, billing, and reporting. Its platform also includes a unified portal to seamlessly connect agents, brokers, customers, and insurance companies that help automate workflows, accelerate speed to market, increase engagement, and drive revenue. In addition, the company offers turnkey solutions for personal auto and homeowners insurance.&nbsp;
 
 
 It also offers an app marketplace that offers a range of pre-integrated software and data services for insurers. This ecosystem allows insurers to quickly access and implement apps from insurance software providers, which cover various aspects such as underwriting, policy administration, claims, billing, and reporting. The apps also seamlessly integrate with Socotra's platform.
 
 
 Key customers and partnerships&nbsp;
 
 
 The company has partnered with other InsurTechs to improve its offerings such as Gradient AI (in March 2022), a predictive analytics platform for underwriting and claims management, to offer improved risk assessments that could lead to reduced claim expenses, competitive pricing, and reduced turnaround times for users of its platform. In addition, it 
 <a href="https://sp-edge.com/updates/20198">
 collaborated with Tensorflight
 </a>
 (in July 2023), a digital property inspection platform that combines AI with aerial, satellite, and street view imagery, to provide better risk assessment and pricing. The latter would also join its marketplace as part of the partnership.
 
 
 Fundings and financials&nbsp;
 
 
 Socotra&rsquo;s last funding round was in March 2022, when it raised USD 50 million in Series C funding led by Insight Partners. It aimed to channel the funds toward expanding its product portfolio and its geographical presence across Europe and Australia. In addition, the company planned to develop its customer infrastructure and improve its ecosystem via the Socotra Marketplace.&nbsp;
 
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Beam Dental is a digital-first provider of dental benefits for businesses. The company's product experience focuses on ease-of-use and tailored pricing that is fundamentally built on preventive care. Beam incorporates rewards for dental hygiene into policy pricing.

Hover is making the homeowner journey easy, transparent and fun. Starting with the home improvement industry,  we’re answering age-old questions like, “What is it going to look like?” and “What is it going to cost?”, by helping homeowners and pros visualize what’s possible with Artificial Intelligence (AI) and interactive 3D property models. Homeowners, contractors, and insurance professionals all use Hover to get fully measured, accurate, and interactive models of any property—in a matter of minutes, and with just a few snaps of a smartphone camera.

Kinetic creates wearable devices and cloud-based software that reduces workplace injuries, for the industrial workforce. REFLEX, the company's product is a device that employs analytics to provide reminders and notifications to workers once the device detects a high-risk motion such as unsafe postures that could cause injuries in the construction, warehouses, and factories environment. It can also be used as a sensor that detects COVID-19 exposure. In 2014, Haytham Elhawary and Aditya Bansal established Kinetic in New York, New York.

Bluevine is on a mission to enable a better financial future for small business owners through innovative banking solutions designed just for them.  By combining industry-leading technology and security with our team's expertise and care, we help small businesses spend their time on what matters most—the next chapter of their business.  As a dynamic company with massive potential, we’re backed by leading investors such as Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, and nearly 9 years of proven success. Since launching in 2013, we have grown exponentially, amassing over 400,000 customers across all 50 states and providing more than $13 billion in financing to small businesses. Our passion is driven by purpose: to give small businesses the tools they need to succeed and we’re just getting started.

VitusVet transforms the way veterinarians share medical information for the benefit of pets and their people. It helps veterinary practices improve client retention and increase appointment/refill transactions through modern digital tools, including a branded app that allows pet owners to access their entire medical record:  medical notes, lab work, X-Rays, ultrasound images, prescriptions, and others. They charge veterinarians a monthly subscription fee, and their total addressable market (TAM) is $152B derived from veterinary SaaS revenue and prescription drug sales directly to pet owners.

Socotra is a technology platform that builds a modern cloud-based platform for technology-driven insurers. Its platform is built from the ground-up using the latest technologies to be transparent, reliable, flexible, and secure. It aims to provide insurers with a modern, enterprise-grade core system that enables them to rapidly develop and distribute products that better serve their customers. Socotra was founded in 2014 and is headquartered in San Francisco, California.

Next Insurance is an online-based insurance company for entrepreneurs and small businesses. The company's services feature claims investigation as soon as possible, with many being decision within 48 hours that helps its clients to get transparency. They use technology to eliminate agents and other expensive extras and give prices that are incredibly affordable. It also offers policies to a range of small businesses from general contractors to personal trainers.  Next Insurance was founded in 2016 and is headquartered in Palo Alto, California..

Betterview is a property intelligence platform that assists property insurers in analyzing, scoring, managing, and monitoring property risk.  Betterview improves the customer experience by accelerating decisions and improving risk at every point of the lifecycle. Betterview combines geospatial data sources, interprets them using proprietary ML technology, and converts the resulting insights into understandable and actionable insights.

Nationwide Mutual Insurance Company & Affiliated Companies is a group of large U.S. insurance and financial services companies based in Columbus, Ohio. Nationwide has grown from a small mutual auto insurer owned by policyholders to one of the largest insurance and financial services companies in the world, with more than $158 billion in statutory assets.

<div> Nationwide Mutual Insurance Company &amp; Affiliated Companies is a group of large U.S. insurance and financial services companies based in Columbus, Ohio. Nationwide has grown from a small mutual auto insurer owned by policyholders to one of the largest insurance and financial services companies in the world, with more than $158 billion in statutory assets. </div>

Nationwide Ventures

Pet ownership is at an all time high in the United States and the pet care economy is booming.

Pet Care Tech

Companies that provide digital veterinary platforms to connect pet owners directly with online veterinary services.

Companies that provide mobile-based platforms to match pet owners with providers of pet services such as pet boarding, pet sitting, and dog walking.

Startups that offer innovative insurance solutions via digital platforms specialized for pet insurance coverage.

Companies that develop and offer technological solutions, such as self-cleaning tech, smart feeding devices, and interactive toys, to enhance and monitor pets' health and well-being.

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience

InsurTech: Personal Lines

Startups in the automobile insurance space, predominantly providing usage-based insurance using telematics devices and/or smartphone sensors.

Startups that offer homeowners and renters insurance using artificial intelligence (AI) and smart home devices to issue policies and validate claims.

Startups that provide life insurance through digital channels personalized to an individual’s circumstances and replacing traditional practices, such as medical tests, with data-driven underwriting.

Companies that offer personal line covers for travel and pets through digital channels and use technologies such as flight tracking and online claims processing.

Providers of comparison websites and tools for carriers, agents, and insurers to compare and purchase policies.

Companies that provide personalized health insurance to consumers via digital channels and use technology such as wearable medical devices to monitor health and improve user experience and underwriting.

Companies that offer digital-only insurance for personal belongings (bicycles, mobile phones, laptops, and cameras), providing protection against theft, loss, or damage, with financial reimbursement or replacement.

Startups that offer insurance covering financial losses from claims of injury or damage caused by the business’s actions or products, including general, product, and professional liability.

Startups offering auto insurance and usage-based insurance products specifically tailored for businesses, including fleet operators.

Startups that provide coverage to protect physical property, including business buildings, inventory, and contents.

Startups that provide coverage for medical expenses and lost wages incurred by employees injured or falling ill while on the job.

Startups offering insurance covering lost income and additional expenses incurred when a business is unable to operate due to covered perils such as fire, natural disasters, or other disruptions.

Nationwide Mutual Insurance

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