With the unrelenting competitive pressure of today's insurance marketplace, even the largest multiline carriers no longer go it alone. At Columbus, Ohio-based Nationwide, strategic alliances—formalized partnerships with other insurers, with complementary service providers, with affinity groups, and with critical vendors—are now critically important components of the mutual insurer's product, marketing and customer retention strategies.
“Partnering is definitely becoming commonplace, and not just at Nationwide,” said Vicente Rivera, associate vice president of strategic alliance management, Nationwide Direct and Affinity Solutions. “Auto insurers such as Geico and Progressive collaborate with other property and homeowners insurance providers to round out their products. They even extend multiproduct discounts to their customers.”
The need to differentiate and offer more to the customer is the driving force behind today's wave of insurance partnering, said Rivera, whom I met last week in Scottsdale, Ariz., at the annual conference of the Association of Strategic Alliance Professionals.
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