Jim Fowler (pictured), Nationwide’s chief technology officer since 2018, sees himself as a catalyst, enabler and futurist.
“In the catalyst role I’m here to challenge the business models that we’ve always had in place and to present ideas on how technology is going to change them,” said Fowler (pictured), a former long-time executive at General Electric. “I’m part enabler … here to make sure that the operation of the company runs from a technical perspective, as more of what we do runs on computer systems. And then, [as] a part futurist, [I’m] really starting to paint a picture, looking around quarters [to see] where technology is headed and what it’s going to mean for products and services we provide.”
Fowler is Nationwide’s first CTO, a position that used to be called “chief information officer.” That change, as Fowler recalled, represents a recognition of how increasingly important technology is and will be to the insurer in the years ahead.
“It’s really recognizing that it’s not just about information technology,” Fowler said. “Things like telematics and wearables are a big part of the technology that’s going to create the future for Nationwide.”
Fowler said the “futurist” part of his job is a particular standout for him.
“I’ve been doing this for about 25 years [and] have seen lots of different industries [from] manufacturing through financial services,” he explained. “I’m really interested in where technology is, has been and where it’s going, and I think I can do a really good job of applying an idea or concept back to a business process … I am a good translator there.”
One of the first things Fowler did when he came to Nationwide was to visit the insurer’s in-house museum. As he remembered, the tour was a revelation that the insurer was more receptive to innovation historically than a former outsider may have realized.
“If you go to the museum in our [Ohio] headquarters, you’ll find some of the very first computer chips, some of the very first computer systems are on display there. There’s [also], from back in the 1930s, a box that was a visual display system that our agents would take out to customers,” Fowler said. “Technology has always really been a part of what we do here.”
Fowler said he sees his mission as continuing course rather than starting something new.
“Frankly, the person that came before me [former CIO Mike Keller] really laid out his vision for the future of getting to data systems that would allow us to advance our products,” Fowler said. “I was really just asked to continue that legacy and take us into the next phase of that change.”
As Fowler sees it, carriers increasingly need C-level technology executives because of how much technology now permeates society.
“Technology is changing the way everything works [and] our customers are expecting the same experience they get with an Amazon or an Apple or a Walmart.com when they want service [from] us. They expect that we have the data about them to be able to serve them in the most efficient way possible,” Fowler said. “If we can’t react quickly in the moment in a world that is increasingly becoming more cost conscious, we’re not going to be able to keep up with our peers. Without technology, I don’t think you’ll see carriers still exist if they aren’t making those investments today.”
Technology has multiple roles in insurance, but one of the biggest, according to Fowler, remains driving down expenses on the operations side.
“If we can drive down the operating expense, we can drive down the price,” he said. “The environment that we live in is becoming riskier every day, whether that be weather events or the like. So, the more we can take out of the operating expense, the more we can help control rate increases that come from the increasing risk environment. That’s job one.”
Additionally, technology can also help carriers create products that serve their evolving needs, Fowler noted.
“With our life products today, we can use technology to be able to decide who to underwrite without having to do a blood draw. That means I can potentially buy the product for you in less than 24 hours,” he explained.
Another part of the technology equation for customers is figuring out how to use data about them to better serve them and also anticipate future needs, Fowler noted.
“It’s about how to use the data that is out there that we had about you, that you provided to us, and other data available, to advise you better, to not just sell you a product but to help advise you on what are the products and services you need,” he said.
Over time, Fowler said, he has also become chief translator, with a focus on knowing how to translate technological ideas into practices. It is a key role for someone in his position, he said.
“It’s a two-way discussion. It’s both the understanding of business strategy and in the application of projects to be able to support it, but it’s also educating my business partners on the capabilities available to them to advance their products,” he said. “And I’m in kind of a role switch any time I am talking in a dialogue with one of the business unit leaders to make sure I am playing both sides of that role.”
The end goal: giving customers and agents alike an easy experience.
“Our customers want a frictionless experience in selling and servicing with us [and] our associates want a frictionless experience in their ability to deal with a customer,” Fowler said.
