Nationwide has worked with independent agents since It now has relationships with more than 11, U. Nationwide also said agents will have control over succession planning, and a choice of what to do with policies at a future date, while diversifying their revenue streams and offering their clients access to industry expertise through multiple carriers. The company has invested in technology to help agents build their business, creating tools like Nationwide Express and the Commercial Digital Storefront with an agent-focused portal rolling out soon.
It also has expanded its suite of telematics, or usage-based insurance products, including SmartRide and SmartMiles, as well as commercial lines telematics solutions.
Independent agency will also allow them to access investment capital and give them more control in and responsibility for the long-term viability of their business. Nationwide will continue to offer direct-to-consumer options for its products, it said. It will create a win-win for our distribution partners, and ultimately, our members.
Its life insurance business saw revenue jump Nationwide had 2, captive agents when it announced the shift in , most east of the Mississippi River and including in Ohio.
The company's insurance is now sold through a network of 11, independent agents. Berven has said the move will help Nationwide streamline and give customers more choice.
But the move wasn't popular among all agents, including at least one who sued claiming the shift could harm retirement benefits and force agents to pay to maintain relationships with their clients. Nationwide now says it has enacted a number of support tools to help the independent agents retain their business in personal and commercial lines.
Easy sell and addition to my agency. Bestow's Term Life Instant Issue is a complete game changer allowing our agency to be well rounded in our day-to-day prospecting and servicing of our policyholders.
The amount of time this product saves our agency is incredible. Our clients are thoroughly impressed by how user friendly it is with applications taking no more than 15 minutes.
More importantly, the Bestow Instant Issue allows the client to be in control of creating their own legacy without feeling pressured.
This is something that we never had before when we worked exclusively with wholesalers. The impact on our agency has been significant. We also qualified for profit sharing this year which greatly impacted our agencies revenue.
I did a ton of research before I even reached out to any of the aggregators, clusters and networks -- I had to learn what the difference was! Smart Choice stood out in a few ways with the cap and being able to write all the major insurance companies. Life insurance offers great commissions. Life allows me to make huge gains in revenue to offset that.
We are consistently presented with markets as they become available rather than having to seek them out on our own. It is nice to have options for our risks, and to know a Smart Choice carrier partner can be trusted. We thought Smart Choice would be fairly hands-off with a basic level of service. One of the most challenging things we face as an independent agency would be the lack of carriers you can acquire if your agency does not have a large book of business.
Smart Choice gets us that access and to over one hundred carriers which means I can offer multiple policies to clients assuring a good fit and a successful sale. If I was making this decision again, I would in a heartbeat! There were some unexpected benefits of working with Smart Choice.
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