Why insurer Nationwide is investing $1.5 billion through 2028 on AI and other tech initiatives | Fortune
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Why insurer Nationwide is investing $1.5 billion through 2028 on AI and other tech initiatives | Fortune
"It is also indicative of a strategic pivot of Nationwide's AI Playbook. Four months ago, Fowler says the company's leadership met and wasn't pleased to see dozens of AI use cases had proliferated across the organization. While workers were getting more efficient, it wasn't always clear how they should use their extra time. Ten of Nationwide's C-suite leaders worked collaboratively to identify 18 flagship AI use cases to prioritize across the business."
""We stepped back and we said, 'We've got to get out of experimentation mode,'" says Fowler. A few of the flagship AI use cases that Nationwide will be focusing on include a tool that will automate 80% of pets claims, including the resolution of 25% of those claims with an instant settlement. Fowler says this application of AI will create more capacity for the operations team to hunt down new business."
Almost half of Nationwide's 22,000 employees use Microsoft Copilot and other AI tools daily, with a target of 90% employee adoption by 2026. Nationwide will invest $1.5 billion through 2028 and allocate $100 million annually to advance AI for the next three years. Funds will support AI assistants, training and education, software development, and resilient, secure infrastructure. The commitment marks about a 20% increase over recent annual technology spending and follows $5 billion invested in technology modernization since 2015. Leadership prioritized 18 flagship AI use cases to move the company from experimentation to scaled deployment.
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