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I have a friend that works for Nationwide. I connect you if you want. just send me an e-mail.
New to Forum - Nationwide Question
- Thread starter Quarter Pounder
- Start date
- 414
This is true but I have a steady stream of referrals and centers of influence (mortgage, realtors, cpa's) along with being known in the community as the "insurance guy". If you are just starting out I would recommend Nationwide because you actually own your business and they have good training. The training was a turn off because that's what I consider the last few years but you can def use that starting out.
I wouldn't recommend going indy just starting out but I have 3 years in the business and I am pretty confident I will be more successful with representing mulitple companies. You may find you want to stay with Nationwide if the rates are good in your area. Once you establish a good name for yourself and referral partners you can go indy or just stay put.
I wouldn't recommend going indy just starting out but I have 3 years in the business and I am pretty confident I will be more successful with representing mulitple companies. You may find you want to stay with Nationwide if the rates are good in your area. Once you establish a good name for yourself and referral partners you can go indy or just stay put.
I found this Nationwide review on Glassdoor from an independent agent I thought might be relevant to this discussion. This was originally posted on Glassdoor on 02/2010.
Nationwide Agency Owner - IC: (Current Employee)
“Nationwide needs to repair it's image in the market place.”
Pros
Nationwide Insurance is a nationally known insurance and financial services company represented by 4,000 highly trained, professional insurance agents located throughout the country.
Cons
I've been a Nationwide agent for over 20 years. Over all my years I have never witnessed such an negative attitude towards our long term, profitable clients. There was a time, under different leadship such as John Fisher, when every effort was made by all levels of management to keep profitable long term clients on the books. Policies were very competitively priced with the belief the Nationwide agents would continue to keep our existing clients happy while, at the same time, increase the profitable business on the books. Increasing policy count and happy long term clients would continue to drive the overall cost of auto insurance down. Unfortunately for the clients and agents of this once fine company those days are long gone. Substantial premium increases at every renewal period for too many years are now causing these high quality low loss ratio policyholders with 25, 30 even 40 years of tenure to run, not walk, to the exit door. When calculated on a ratio basis, in 2009 my agency insured 1 new auto for every 5 auto's that cancelled due to premium increases. Nationwide Insurance leadership is mistakenly focused on bringing in new premium at all costs and show's no concern with the loss of the seasoned low loss ratio premium. As a business opportunity, I couldn't recommend Nationwide Insurance to anyone looking to start an insurance agency. Very low opportunity for success right now. Hopefully upper management, particularly at the very top, will realize the company is heading in the wrong direction.
Advice to Senior Management
Mr. Rasmussen, my advice would be to direct Mr. Pizzi to instruct his auto pricing group (Mark Bervin and Mike Lex) to immediately lower the auto insurance rates across the board thereby providing the thousands of agencies a real opportunity to actually "win-back" their prior clients along with dramaticly increasing the production of new premium. Our most profitable group of clients 60 yrs old and higher who, without regard to their loss ratio, are being forced to pay unacceptablely higher premium rates. This needs to be corrected. Mr. Rasmussen, I would also advise you to instruct your upper management to stop reaching out and touching existing Nationwide clients with renewal killing rate increases every 6 months. Lower their premiums and leave them alone for awhile. Then, instead of constantly complaining clients, we would have happy clients who would renew without question while provide us many referrals. The agency staff of every agent would regain that positive attitude they once had years ago. As you know, happy staff makes a more productive staff with resulting higher numbers of auto policies written. Old clients stay and many new clients being added to the books. Result, higher Direct Written Premium each month looking forward. Right now we are losing the Direct Written Premium to non-pay renewal cancellations and there is nothing in the company plans that's going to change that fact. Since we are planning on losing persistancy Direct Written Premium to cancellations wouldn't it make better sense to actually keep the client while losing the Direct Written Premium to lower rates? The client stays on the books, refers his family and friends while the agent will sell more due to the referrals and competitively priced product. As for market advertising, the sad fact is when another auto insurance carriers advertises against their competition, Nationwide isn't even mentioned as a competitor anymore. Nationwide is quickly becoming a non player in the insurance market place. Finally, "The Greatest Spokesman In The World" is a joke. No one understands it and makes Nationwide look ridiculous. You need to axe this ad program immediately and hire a new advertising firm. Let's get serious with advertising. Advertise the added value of having a professional NW agent in the neighborhood who is backed by professional claims representatives. After all, the final sale happens on the street. Let's get back into the game of Lets get back into the game of providing a competitive auto insurance product and keep our existing clients!!
Nationwide Agency Owner - IC: (Current Employee)
“Nationwide needs to repair it's image in the market place.”
Pros
Nationwide Insurance is a nationally known insurance and financial services company represented by 4,000 highly trained, professional insurance agents located throughout the country.
Cons
I've been a Nationwide agent for over 20 years. Over all my years I have never witnessed such an negative attitude towards our long term, profitable clients. There was a time, under different leadship such as John Fisher, when every effort was made by all levels of management to keep profitable long term clients on the books. Policies were very competitively priced with the belief the Nationwide agents would continue to keep our existing clients happy while, at the same time, increase the profitable business on the books. Increasing policy count and happy long term clients would continue to drive the overall cost of auto insurance down. Unfortunately for the clients and agents of this once fine company those days are long gone. Substantial premium increases at every renewal period for too many years are now causing these high quality low loss ratio policyholders with 25, 30 even 40 years of tenure to run, not walk, to the exit door. When calculated on a ratio basis, in 2009 my agency insured 1 new auto for every 5 auto's that cancelled due to premium increases. Nationwide Insurance leadership is mistakenly focused on bringing in new premium at all costs and show's no concern with the loss of the seasoned low loss ratio premium. As a business opportunity, I couldn't recommend Nationwide Insurance to anyone looking to start an insurance agency. Very low opportunity for success right now. Hopefully upper management, particularly at the very top, will realize the company is heading in the wrong direction.
Advice to Senior Management
Mr. Rasmussen, my advice would be to direct Mr. Pizzi to instruct his auto pricing group (Mark Bervin and Mike Lex) to immediately lower the auto insurance rates across the board thereby providing the thousands of agencies a real opportunity to actually "win-back" their prior clients along with dramaticly increasing the production of new premium. Our most profitable group of clients 60 yrs old and higher who, without regard to their loss ratio, are being forced to pay unacceptablely higher premium rates. This needs to be corrected. Mr. Rasmussen, I would also advise you to instruct your upper management to stop reaching out and touching existing Nationwide clients with renewal killing rate increases every 6 months. Lower their premiums and leave them alone for awhile. Then, instead of constantly complaining clients, we would have happy clients who would renew without question while provide us many referrals. The agency staff of every agent would regain that positive attitude they once had years ago. As you know, happy staff makes a more productive staff with resulting higher numbers of auto policies written. Old clients stay and many new clients being added to the books. Result, higher Direct Written Premium each month looking forward. Right now we are losing the Direct Written Premium to non-pay renewal cancellations and there is nothing in the company plans that's going to change that fact. Since we are planning on losing persistancy Direct Written Premium to cancellations wouldn't it make better sense to actually keep the client while losing the Direct Written Premium to lower rates? The client stays on the books, refers his family and friends while the agent will sell more due to the referrals and competitively priced product. As for market advertising, the sad fact is when another auto insurance carriers advertises against their competition, Nationwide isn't even mentioned as a competitor anymore. Nationwide is quickly becoming a non player in the insurance market place. Finally, "The Greatest Spokesman In The World" is a joke. No one understands it and makes Nationwide look ridiculous. You need to axe this ad program immediately and hire a new advertising firm. Let's get serious with advertising. Advertise the added value of having a professional NW agent in the neighborhood who is backed by professional claims representatives. After all, the final sale happens on the street. Let's get back into the game of Lets get back into the game of providing a competitive auto insurance product and keep our existing clients!!
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Try being independent or a broker...
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They told me in my interview that their "preferred" market was drivers with one or two incidents. They aren not competitive with the preferred companies (Erie, Encompass, etc.) but on homes and standard auto they are ok in the DC area.
