Nationwide Switching to Independent Agency Distribution Model by 2020

[jaygreen002]

This seems a quick corporate turnaround for Nationwide

 

[NCAgent828]

Yeah I say the writing in clearly on the wall, I imagine the other bigs are not to far behind. Number 1 how do you get away with considering a 1099 agent captive if they are required to write only your lone product unless they decline on the risk , which is in itself stopping you from actually being an independent contractor , I am surprised they got away with it for so long in the first place, for a while I guess most of the exclusive agents must have been doing ok so not enough fought against it.....Number 2 P&C is out of the bag, how many times as a producer can you tell your client sorry about the increase, it is just a "general rate change" before they quote somewhere else and you lose the policy.....It takes up a huge amount of resources to fight for new business as your are also trying to write new business with ONE carrier...

Does anyone know of an exclusive agency (P&C specifically) thriving in California...I did not say surviving, THRIVING or at least growing at a good percentage...I mean how many people do you have to quote nowadays to get one policy with these exclusive primary carriers..DAUNTING!

I am on my way of removing these shackles!

When I worked for State Farm in SC it was about 10% of clients quoted were bound and that was considered good. Lower commission and they just shut down the agent I worked for because he didn’t write enough life and bank products. What a joke!

 

[rbadoux]

As a MGA, it's been a great season of appointing Nationwide agents. No complaints here.

 

[Championpatriot]

As a MGA, it's been a great season of appointing Nationwide agents. No complaints here.

I bet Rbadoux, I would say your side of the industry will have a lot of new opportunities over the next few years as the insurance business evolves. what MGA do you represent ?

 

[rbadoux]

I bet Rbadoux, I would say your side of the industry will have a lot of new opportunities over the next few years as the insurance business evolves. what MGA do you represent ?

I represent Greenwood General. We are a small MGA here in Altadena, California. We do both casualty and surety for commercial risks.

Contrary to public opinion about Nationwide agents, I've been enjoying their company (and business of course). So far, all have been pleasant to do business with.

 

[Championpatriot]

I must be naive abou tthe public opinion on Nationwide agents..what has the underworld been saying about us

 

[rbadoux]

Many of these are coming from past clients or prospects that did not get the experience they wanted. Many of them cry to Yelp and write bad reviews. Vast majority of these reviews hold no merit at all, but these complaints smother the good deeds that are unnoticed.

Edit* "Complaints" included:

1. Renewal price going up
2. Didn't answer the phone at 7:00 AM to take a claim call
3. Wasn't able to provide any additional discounts
4. Couldn't add another driver that had 2 DUI's and 3 speeding tickets without increasing the premium.

 

[rbadoux]

Here's a crazy example..

 

[Championpatriot]

HAHA.. Thats a funny one! Yeah I myself just provide solid relationship support and have maintained a lot of long term clients this way..The insurance companies themselves are always getting hammered by either upset people once they found out they "thought" they were covered for something they declined coverage for at some point or simply an ignorant statement that insurance companies are "greedy".

 

[TeePee]

I worked for a Captive agency for 22 years and just went to work for an Indy, with 10-15% commissions depending on the company. Today I was appointed with Nationwide and had a little training. The rates are HORRIBLE compared to our companies but they don't have a age of roof limit. Not sure what the commission rate is but I feel this will be interesting