Nationwide successfully completes IA transition

Agent and customers
  • More than 99% of Nationwide exclusive agents affirm plans to continue relationship with Nationwide’s independent agency channel
  • Nationwide accelerates transformational efforts to enable Independent Agency (IA) success
  • New capabilities facilitate speed, ease, price stability and competitiveness

Nearly 100 years ago, Nationwide began offering auto insurance to Ohio farmers through exclusive and independent agents, an approach that remained a backbone of the company’s business strategy as it grew to a Fortune 100 powerhouse. As times changed, so did the needs of agents and consumers. Agents wanted more flexibility and choice to grow their business. Consumers began to value more options that they can get from an independent insurance agent.

On July 1, 2020, Nationwide completes its two-year transition to operate as a fully independent agency carrier, with 99% of the company’s formerly captive agents transitioning to Nationwide’s independent agency channel and continuing to partner with the company.

“We’ve made tremendous progress in transforming our business to meet the needs of independent agents and set our former exclusive agents up for success within the independent agent model,” said Mark Berven, President & COO, Nationwide Property and Casualty.

Transforming for success

To address the challenges independent agents are facing in today’s evolving business environment, Nationwide accelerated a variety of transformational investments enabling the speed, ease, price stability and competitiveness needed by the more than 11,000 independent agents the company partners with.

“On the personal lines side, we’re redesigning and simplifying our digital operations, improving our pricing and underwriting sophistication, enabling agents with the tools they need and using data and analytics to enhance customer and agent interactions,” Berven said. “Our commercial lines team is focused on streamlining the cost of acquisition, accelerating small market underwriting, expanding mid-market capabilities, optimizing servicing, enhancing claims effectiveness and completing our commercial lines technology transformation.”

Cutting-edge technology to help agents build their business

Technology investments have enhanced agent self-service capabilities, allowing customers to pay their bills, check their balances and get quotes, highlighted by tools like Nationwide Express and the Commercial Digital Storefront (with an agent-focused portal rolling out soon). To provide agents with new solutions to meet client demands for personalization, Nationwide expanded its telematics suite, including SmartRide® and SmartMiles®, as well as commercial lines telematics solutions.

“We celebrate the exclusive agents who helped us build our business in the past, and we’re excited they are joining us in the independent channel on our journey forward,” Berven added.