Rivian and Nationwide Partner to Streamline Insurance Integration
November 1, 2023 | 10:00 AM America/New_York
The electric vehicle (EV) market has rapidly evolved from a niche segment to a significant force in the automotive industry. As technology improves and consumer attitudes shift, partnerships are emerging to create a more seamless customer experience. Rivian and Nationwide are leading the way by integrating insurance directly into the vehicle purchase process.
The shift towards EVs is undeniable. The International Energy Agency reports that EVs represented 14% of global new car sales in 2022, and this figure is projected to reach 60% by 2030. In the United States, EV sales soared to 750,000 units in 2022, with expectations of surpassing 1 million in 2023. This transformation presents new opportunities for car manufacturers and insurance providers to create value for consumers.
“All major automakers are thinking about insurance in one way or another,” said Angie Klett, senior vice president of Nationwide Corporate Development. “It’s a very active space as people try to find the right fit for their customers. To make it work, you need to meet customers where they are, give them the best experience possible, and continue to meet their changing needs.”
This partnership between Nationwide and Rivian, which began in 2022, is a blueprint for success, designed to create a user-friendly and efficient insurance experience for Rivian buyers.
Building a Digital Insurance Platform
The collaboration began with Nationwide and Rivian working to build a digital insurance platform for EV owners. This platform has evolved to offer advanced features and benefits, including a Driver Assistance Discount and the integration of SmartRide telematics capabilities.
“When we started looking for partners to bring our embedded insurance vision to life, we needed a carrier that had the technological capabilities to deliver the best customer experience possible. Nationwide was way ahead of the curve in that area,” Mike Slattery, the Head of Rivian Insurance, told Nationwide associates in a recent summit.
This integration allows Nationwide to leverage Rivian’s connected car data to offer personalized insurance experiences and discounts based on driving behavior and the use of safety features.
Customer-Centric Approach
Both Rivian and Nationwide emphasize the importance of a customer-centric strategy. This shared value is a cornerstone of their successful partnership.
“Every good partnership starts with an agreement of shared objectives and values but just as important is the understanding that the customer needs to be at the center of everything we do,” said Klett. “Rivian was in lockstep with all of those criteria.”
Customers benefit from this partnership from both financial and safety standpoints; Rivian EVs include advanced safety features like Lane Keep Assist and Driving Assist.
“The Driver Assistance Discount was developed specifically with OEMs like Rivian in mind,” said Sarah Jacobs, Nationwide’s Vice President of Personal Lines Product Development. “Because of the Rivian connected car experience, we know that the driver is using these safety features, which leads to safer driving, which means a lower insurance premium for the customer.”
Building Long-Term Relationships
The partnership aims to build long-term relationships with customers. The goal is to create trust, expand the range of services offered, and support customers throughout all phases of their lives.
“We don’t want a ‘1 and done’ with our customers,” said Klett. “We want to develop a relationship where we can protect their home, their families, their financial well-being as well as their new Rivian. Being integrated into the auto experience helps us do that.
“We’re in the early innings of the embedded experience journey,” adds Claire McDonough, Rivian’s Chief Financial Officer. “There’s so much more we can be doing. It’s an exciting time for auto manufacturers and carriers alike.”
