Nationwide Completes Transition To Fully Independent Firm Model – Insurance News Net

29June 2020



COLUMBUS, Ohio– On July 1, Nationwide makes history by finishing its 18-month transition to run as a completely independent agency provider. More than 99 % of the business’s formerly captive agents will transition to Nationwide’s independent company channel and continue partnering with the business. Considering that the business made the statement to transition to a

completely independent design in 2018, brand-new written premium driven by independent representatives has increased 35 %. Nationwide boasts more than 11,000 independent agents across the nation that offer individual lines, business lines, agribusiness, excess and surplus and monetary services solutions. Nationwide has dealt with independent agents considering that 1929. This transition comes at an important time for independent representatives. According to a recent Nationwide Representative Authority study, independent agents state that their most significant obstacles are driving brand-new service to keep their agency strong for the future(69 %)and maintaining their portfolio of customers due to the financial effect of COVID-19 (62 %).”In spite of the challenges related to the COVID-19 crisis, we have actually made significant progress in transforming our organisation to fulfill the requirements of independent representatives and set our previous special agents up for success within the independent agent design,”said Mark Berven, President & COO, Nationwide Property and Casualty. Continuing a tradition of meeting the changing needs of representatives and customers Nearly 100 years ago, Nationwide began building its Residential or commercial property and Casualty service offering car insurance to Ohio farmers through unique and independent agents, a technique that remained a backbone of the business’s organisation strategy as it grew to a Fortune 100 powerhouse. As times changed, so did the requirements of representatives and customers. Agents wanted more versatility and option to grow their organisation. Customers started to value more choices that they can receive from an independent insurance agent. To address the difficulties independent agents are facing in today’s progressing company environment, Nationwide sped up a variety of transformational financial investments in both its individual and business lines services allowing the speed, ease, rate stability and competitiveness that independent agents demand.”Nationwide brings the best of both worlds to the table. We have deep experience listening to our members and offer a broad portfolio that is unequaled by other carriers serving the independent agent market,”Berven said.”At the exact same time, we’ve been listening to independent agents to comprehend what they want and require to grow their business.”

“On the personal lines side, we’re redesigning and streamlining our digital operations, improving our pricing and underwriting elegance, making it possible for representatives with the tools they require and using data and analytics to boost client and representative interactions. Our industrial lines group is focused on enhancing the cost of acquisition, accelerating little market underwriting, expanding mid-market abilities, enhancing maintenance, boosting claims efficiency and finishing our business lines innovation transformation.”

Cutting-edge technology to assist agents build their business

Technology investments have actually boosted agent self-service capabilities, enabling customers to pay their expenses, examine their balances and get quotes, highlighted by tools like Nationwide Express and the Commercial Digital Storefront(with an agent-focused website presenting soon). To provide representatives with new services to fulfill customer demands for personalization, Nationwide expanded its suite of telematics, or usage-based insurance coverage products, consisting of SmartRide and SmartMiles, in addition to business lines telematics options.”This transition will supplyour representatives with more versatility and choice to grow their company in the future,

“Berven said.”They will have access to Nationwide’s breadth of items, while getting more flexibility to diversify their revenue streams and have several alternatives to fulfill the needs of their consumers. “”We celebrate the special representatives who assisted us build our organisation in the past, and we’re thrilled they are joining us in the independent channel

on our journey forward,”he added. Source: insurancenewsnet.com

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