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Nationwide Switching to Independent Agency Distribution Model by 2020

Nationwide Switching to Independent Agency Distribution Model by 2020

The Columbus, Ohio-based carrier, which provides a range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance, sells products through both exclusive and independent agents.Cloud Service The company said the plan is to shift entirely to the independent agency distribution model by July 1, 2020.

Roughly 2,000 existing agents operating under the Nationwide brand will have the opportunity to transition to an independent agency model between now and then, according to the company, which said it already has relationships with more than 10,000 independent agents across the U.S.

We dont anticipate any changes for members, Mark Berven, president and chief operating officer of Nationwide Property & Casualty, said in a statement. Agents will continue to serve members as they have in the past and still have access to Nationwides broad range of insurance and financial services products.

He added that Nationwide is committed to offering members a distribution channel that works best for them, while providing long-term growth opportunities for our agents.Nationwide is not a complete stranger to independent agents as its Allied brand sells through independent agents.According to Nationwide, the company will continue to offer direct-to-consumer options for members who choose to do business online or over the phone.

The shift to using independent agents may have been coming for some time. Berven indicated last year that the carrier was looking at its distribution model during a conversation with InsuranceJournal.tv: What we really began looking at a couple of years ago is what do distribution partners need and what do consumers need, Berven told InsuranceJournal.tv.

A Nationwide spokesman said there are no job impacts related to Mondays announcement.We continually review our business needs and adjust staffing accordingly, spokesman Joe Case stated in emailed comments. Nationwide has hundreds of open positions across the country for which it is actively hiring.

Case said exclusive Nationwide agents will have several options to transition to an independent contract by July2020 and 1, but he didnt immediately offer specifics on what those options are.Asked if the switch was possibly part of a broader company transition, he replied:

Nationwide has been working to provide exclusive agents with more choices so they can grow their business, be successful and maintain long-term viability. Were focused on providing agents withchoice and expertise, ease of use and diversified revenue streams?aall focused on helping them build their businesses. We know that agents are interested in expanding beyond standard personal lines products and placing an increased focus on commercial and financial services products to broaden their offerings.

He added that market dynamics and the desire of agents to shift from traditional exclusive agencies toward more integrated agency models make now an opportune time to move to a fully independent agency model.In moving to an independent model, agents will maintain access to Nationwides breadth of products, while receiving more flexibility to use other carriers, they will be better able to attract and retain commercial lines business and they can access investment capital in their agencies over the long-term, according to Nationwide.

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