Rivian and Nationwide: Driving the Future of EV Insurance
Traditionally, electric vehicles (EVs) were viewed with a mix of curiosity and skepticism in the U.S. However, as the technology matures, so too has public perception. Data from the International Energy Agency reveals that EVs accounted for 14% of global new car sales in 2022, with projections estimating this figure will reach 60% by 2030. In the U.S. alone, EV sales surged to 750,000 in 2022, and are anticipated to hit 1 million by the close of 2023. This monumental shift in consumer spending is creating fresh opportunities for both automotive manufacturers and insurance providers.
“All major automakers are thinking about insurance in one way or another. 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.”
— Angie Klett, Senior Vice President of Nationwide Corporate Development
The partnership between Nationwide and Rivian is proving to be a model for success.
A Shared Vision for Seamless Integration
The Rivian and Nationwide collaboration commenced in 2022, with the two companies joining forces to develop a digital insurance platform specifically for Rivian’s EV customers.
“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, Head of Rivian Insurance
The partnership has steadily evolved. The introduction of the Driver Assistance Discount in 2022 was followed by the addition of new products in 2023. Nationwide and Rivian are also planning to incorporate SmartRide connected car technology and other advanced telematics features within the next two years.
“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. Rivian was in lockstep with all of those criteria.”
— Angie Klett
Customers are already seeing tangible benefits resulting from the partnership, both in terms of safety and cost savings.
Personalized Insurance and Enhanced Safety
“The Driver Assistance Discount was developed specifically with OEMs like Rivian in mind. 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.”
— Sarah Jacobs, Nationwide’s Vice President of Personal Lines Product Development
Every Rivian vehicle is equipped with Driver+, including advanced features like Lane Keep Assist and Driving Assist, designed to improve safety. This enables Nationwide to provide personalized insurance experiences.
Building Trust and Long-Term Relationships
For both Rivian and Nationwide, the goal is to build strong, lasting customer relationships through personalized auto insurance and embedded insurance programs.
“We don’t want a ‘1 and done’ with our customers. 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. Nationwide and Rivian are committed to improve upon the experience we’ve built so we can quickly evolve to meet our customers’ needs.”
— Angie Klett
This builds customer trust. According to research from Rivian and Nationwide, a well-executed embedded insurance program increases the likelihood of customers purchasing other insurance products.
“We’re in the early innings of the embedded experience journey. There’s so much more we can be doing. It’s an exciting time for auto manufacturers and carriers alike.”
— Claire McDonough, Rivian’s Chief Financial Officer
