Jan 23, 2025

News provided by Share this article Share toX DALLAS, Jan. 23, 2025 /PRNewswire/ -- In a transformative collaboration, Nationwide has leveraged   Bestow's technology platform to modernize and streamline term life insurance solutions, delivering substantial benefits to organizations and their customers. Since the launch of  Nationwide® Life Essentials in April 2023, this partnership has significantly expanded access to life insurance, particularly in underserved markets, while driving a 20% increase in Nationwide's term life sales. Bestow's cutting-edge, user-friendly platform has enabled Nationwide to reach a broader customer base by providing seamless, fully digital processes that make life insurance more accessible and convenient. Nationwide® Life Essentials delivers instant quotes and automated underwriting, eliminating the need for medical exams and enabling customers to receive coverage decisions within minutes. These innovations have more than doubled application completion rates, helping families secure the necessary coverage. Notably, 69% of applicants over the past 18 months were first-time life insurance buyers, demonstrating the partnership's success in reaching traditionally underserved consumers. Since launch in April 2023, this partnership has driven a 20% increase in term life sales for Nationwide. "Nationwide is dedicated to protecting families and empowering consumers with innovative, accessible life insurance solutions," said Andrew Burge, Vice President of Life Business Development at Nationwide. "Our collaboration with Bestow has allowed us to modernize the customer experience, strengthen our market position, and reach more people with the protection they need. This partnership exemplifies how carriers and technology innovators with a shared vision can drive meaningful industry transformation." The partnership's success underscores the importance of collaboration between carriers and emerging technology providers to modernize the life insurance buying experience. Bestow enabled Nationwide to launch Nationwide® Life Essentials in just four months, with ongoing collaboration leading to over 30 product and experience enhancements in the first six months. These improvements highlight the agility and responsiveness of both organizations in adapting to consumer needs and market demands. "Our work with Nationwide exemplifies how technology-driven partnerships can deliver impactful results for carriers and their customers alike," said Melbourne O'Banion, CEO and co-founder of Bestow. "By combining Nationwide's industry expertise with Bestow's innovative platform, we've created a solution that expands access, drives growth, and redefines the life insurance experience. We look forward to continuing our collaboration to develop even more customer-focused solutions." By integrating AI and data modeling, Bestow and Nationwide have optimized the matching of customers with suitable solutions, reducing the inefficiencies of traditional underwriting processes. These digital advancements have lowered costs, improved placement rates, and enhanced customer satisfaction. Bestow and Nationwide are expanding access to life insurance and setting a new standard for customer-centric innovation in the industry. About Bestow Bestow built the leading end-to-end platform for life insurers to drive efficiency, reduce costs, and enhance profitability across the entire value chain. From product development and advanced underwriting to seamless policy administration, our solutions enable carriers to deliver exceptional products and experiences to agents and customers. Discover how Bestow is shaping the future of insurance at  Bestow.com . About Nationwide Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance. SOURCE Bestow Inc.