Nationwide says its results in the financial services and P&C sectors have allowed it to make investments in its business—among them strategic spends on improving the insurer’s direct channel capabilities.
Mark Thresher, Nationwide CFO, says the Columbus, Ohio-based insurer has increased investments in brand and expansion of the direct channel business into six new states. Year-to-date direct channel premium grew nearly 18 percent over 2012.
Thresher acknowledges agents were “at first all worried” about Nationwide’s direct channel plans, but have since “embraced the fact they get leads generated” from the direct channel. Additionally, he says agents are still playing a role in auto. About 50 percent of new auto businesses started on the Internet. About 35 percent of these customers signed up for a policy online, but the rest still preferred to go to an agent.
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