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Nationwide Insurance Company
By
Management Analysis Report
Principles of Management, MGMT
4/17/08
Executive Summary
Nationwide Mutual Insurance Company has demonstrated over the years for strong leadership in the Insurance market. They tend to be a leader more than a follower in their business decisions. Nationwide deals through human resources that have appoint more that 36,000 employees. Nationwide Mutual Insurance Company has offices throughout the US. The company is a leading US property/casualty insurer. In addition to personal and commercial property/casualty coverage, life insurance, and financial services, Nationwide also offers such specialty lines as professional liability, workers' compensation, agricultural insurance and loss-control, pet insurance, and other coverage. The company sells its products through such subsidiaries as ALLIED Group, Nationwide Agribusiness Insurance, Gates McDonald, and Scottsdale Insurance. Nationwide Financial returned more than $650 million to shareholders through dividends and share repurchases.
The last 80 years Nationwide Mutual Insurance Company has gone from a small auto insurer for Ohio farmers, to one of the largest insurance and financial services companies in the world with more than $157 billion in statutory assets. Nationwide also has sponsored or has been known as the city of Columbus, Ohio.
Nationwide Mutual Insurance Company is a diversified company which always helps out the community. They sponsor a disaster relief fund that associates, agents and retires have generated millions of dollars to support unexpected disasters. Overall, it is proven that Nationwide Mutual Insurance Company is very focused on running a successful business.
Table of Contents
1. Mission Statement…………………………………………………4
2. Major Goals………………………………………………………..4
3. Organizational Structure………………………………………….5
4. SWOT Analysis………………………………………………….....5
5. One Major Opportunity and One Major Threat………………...6
6. Key Performance Metric…………………………………………..6
7. Ethics………………………………………………………………..7
8. Diversity…………………………………………………………….7
Mission Statement
At Nationwide®, we're working hard every day to meet the insurance and financial needs of our customers, at every stage of life. Whatever happens.
You can count on it. With more than $157 billion in statutory assets, Nationwide is one of the largest insurance and financial services companies in the world.
We offer a full range of insurance products and financial services for your home, car, family and financial security.
We support diversity and inclusion. Our workforce and business practices reflect this. Our associates have a variety of skills, experiences and backgrounds much like our customers.
We understand you, because we are you. And that makes it easier for us to provide you with the insurance products and financial services you value.
Simply put®, Nationwide is On Your Side®.
(Nationwide Insurance, About Us, 2008, http://www.nationwide.com/about-us.jsp?NWOssQLPos=1&NWOssQL=mission+statement )
Major Goals
• Growing their revenue
• Invest in more marketing and advertising to reach more and more consumers to deliver and “On Your Side” experience
• Strengthen their culture to focus on customers
• Investing heavily in becoming more competitive in serving
targeted segments of customers and realigning
their distribution methods to meet their needs.
Organization Structure
Nationwide is geographically home based in Columbus, Ohio. The company has offices all over the United States. A majority of the offices are in the east and central southern parts of the United States with only one office out west in Texas. Nationwide Enterprise is the group of other companies that Nationwide own all over the United States. Nationwide does insurance, financing, and banking.
SWOT Analysis
Strengths
• Ranked #104 on the Fortune 500
• Appoint 36,000 employees
• More than 16 million policies in force
• # 1 Philanthropic for United Way
Weakness
• Commodity Market
• Ranking over other companies
• Owned by Stockholder which is a disadvantage for raising capital
• No business on West coast except Texas
Opportunities
• Strong Surplus Opportunity
• Large enough to diversify the Market
• Nation company gives latitude to move in and out of the market based on Market opportunity
• Merge with Credit Union and bank
Threats
• Market distribution of commodity
• Direct Markets
• Glass Steagall Act
One Major Opportunity and One Major Threat
Major Opportunity- Merge with Credit Union and bank
Nationwide completed the merger of the Nationwide Federal Credit Union with Nationwide Bank, which accelerated the bank’s road to profitability. They also completed the acquisition of a mutual funds business, now called Nationwide Funds Group. These are major steps in Nationwide’s efforts to be a more complete financial services product provider and strengthen their competitive position.
Major Threat- Direct Markets
Direct insurance is the preferred method used by most people now. Personal-lines direct insurance is rapidly taking market share. People are using this which seems to be easier to people seeking to buy insurance. Direct Market is fast and easy but one will not be able to receive the human interaction.
Key Performance Metric
Factor 2006 2007 % Change
Sales Revenue ($mil.) 22,139 22,797 3.0
Gross Profit ($mil.) 1,994 2,110 5.5
Gross Profit (% of Sales) 11.10 .09 ----
Source:
http://vocuspr.vocus.com/vocuspr30/Newsroom/ViewAttachment.aspx?SiteName=NationwideNew&Entity=PRAsset&AttachmentType=F&EntityID=112800&AttachmentID=f663c41d-48f7-4b2a-aa27-3e942e0a895f
This Data indicates That Nationwide Insurance Company experienced an increase in both sales revenue and gross profit from 2006 to 2007.
NATIONWIDE INSURANCE AGENCY CODE OF ETHICS
As a Nationwide Insurance agent, I will:
CONDUCT myself at all times with integrity, dignity, and truthfulness in order to earn recognition as a trusted and valued advisor and provider of exemplary customer service.
PLACE the direct and indirect interests of my clients and policyholders first and above any personal gain.
RESPOND to my customers’ and clients’ needs, providing full and accurate disclosure of all information and analysis which will enable them to make the most informed and appropriate decision possible.
MAXIMIZE the absolute suitability of all product and service recommendations by being sensitive to a customer’s or client’s risk tolerance.
PROTECT the confidentiality of the agent-customer relationship, both business and personal.
IMPROVE professional knowledge and competence through continuing education and personal development.
COMPLY at all times with the letter and intent of the law and insurance regulations.
This Code is based on the belief that through our words and actions we will bring honor to ourselves, our profession, and our companies.
Source: http://www.nationwide.com/pdf/Agency_Code_of_Ethics_050906.pdf
Diversity/Our Philosophy
It's simple. An inclusive and diverse work environment fosters the innovation, pride, risk taking and quality customer service needed to support a great company. It's fundamental to our business strategy and helps us enhance our overall performance by:
• Understanding the global market we serve
• Providing the most effective products and services to our customers
• Relying on diverse suppliers through our Supply Management Services
• Becoming an integral member of the communities where we're located
• Attracting and retaining the best associates
True diversity is greater than gender or race. It's all-inclusive. We want our associate population to mirror our customer population. So, we seek out a winning combination of academic backgrounds, ages, cultures, life circumstances, religions, thinking styles and interests. We want to pursue, develop and champion unique, talented and diverse associates at all levels.
This way, we can better serve our broad customer base with associates who represent our society.
Source: http://www.nationwide.com/about-us/diversity-philosophy.jsp
Sources
WWW.Hoovers.com
http://vocuspr.vocus.com/vocuspr30/Newsroom/ViewAttachment.aspx?SiteName=NationwideNew&Entity=PRAsset&AttachmentType=F&EntityID=112800&AttachmentID=f663c41d-48f7-4b2a-aa27-3e942e0a895f
WWW.Nationwide.com
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