I just recently attended one of their big showcases for agents. They went on talking about how great their financial success has been and that they are operating at far lower combined ratio than their competition, blah blah blah.. Want to expand by 19 billion in the coming decade, blah blah blah.. Cut out 1000 employees a month later. Shocker.
Right before the holidays – way to go Nationwide! Not the best time to pick for layoffs I hope the severance is good for these people! They trusted you and worked hard for you!
Unfortunately my daughter is one of them caught up in the lay off. We already have issues getting things done timely as our underwriter is so busy that my daughter (an underwriter for a different state)would step in and help. So you already have issues and you get rid of help? Doesn’t make any sense to me. Now our poor underwriter won’t have the backup he has had.
Perfect until you need an underwriting decision or some type of service. Our underwriters also go MIA when you need them the most. So AI or no AI their service is far from the best.
But they are providing severance and assistance. I like how technology is how they can eliminate the positions but IT folks are being cut. Thanks for the good job Mr/Miss/Mrs/etc Programmer we can eliminate resources a result of your efforts, by the way here is your termination packet.
Good old Nationwide is on your side. Maybe that should be back side.
They’re on the side of the chiefs who will still get their bonuses and acclaim for “saving the company” during “hard times”.
We just finished reading “Leaders Eat Last” by Simon Sinek. Google his TED talk about Layoffs. It’s all about who unfortunately falls on the wrong side of a spreadsheet, when a company doesn’t meet their arbitrarily set imaginary numbers (paraphrased from the TED talk).
some of the current nationwide employees in Columbus may have been Farmers employees who were victims of them closing that regional branch in the late 90’s early 2000’s — same deal the CEO then came on a whirlwind tour about how great the future looked and the next February they announced that they were closing the regional office there in August as the agents were now inputting the apps and endorsements and most paper docs could be faxed anyplace in the country to be processed, etc etc……
Funny thing is even if the CEO is cut loose, they still get mucho $$$ for severance and can easily live on that, while the worker bees, if lucky- get 2 weeks a year and a membership to COBRA for what 1k a month???
“Nationwide says it is taking advantage of new technologies as it positions the organization for long-term success and growth.” This is the vaguest excuse for someone made a big blunder and let’s hide under the shroud of tech advances. Blunder #2. No matter how great a severance package, that’s what people will remember Nationwide as. bad branding.
Wow, substitute Allstate for Nationwide and it’s the same thing. Except Allstate didn’t mention publically they are closing down the PA branch of Encompass..
I noticed some of those laid off were in P&C. Some new technology in claims is companies that are now writing auto repair estimates based on photos. They write very poor estimates, for which we staff appraisers get to write the very large supplements on nearly every one of them that actually get repaired. Seems to me that companies are taking a chance that the owner may decide to not pursue the repairs and just take the money and run. Some states are outlawing this due to its “bad faith” nature and lure to not completely pay what is entirely owed.
I would like to see all states adopt laws blocking the virtual writing of repair estimates without a physical inspection of the vehicle by a hired professional representative of the company.
I completely agree TJ!! I work for a company doing this and the estimates are “atrocious”. Sad thing is when they (photo estimates) do reach the body shop, we place blame on field staff, body shops for poor cycle time and increased rental exposure. Due to the poorly written estimates. Its a vicious and inefficient cycle.
I know a claims adjustor in MI who works for a large company — he is complaining about how they just keep adding to his work load, yet these pictures you are referring to are seriously messing up the claims process, and costing the company MORE, in many cases, than if they had just let EXPERIENCE do their job! Hello, is anyone out there listening?
I write excess casualty insurance above their Primary and lead XS 5MM or 10MM all the time. To price our layer above theirs we have to price from dollar one up. Their lead XS 5MM or 10MM is typically 25%-35% of our pricing (or 65%-75% discount). In many cases our excess layers are more expensive than their lead layers. I always wondered how they could do that. It appears you can’t. Whether they were killing their own results or screwing over their reinsurers, I don’t know. But that gravy train was destined to stop. Sorry for those buying cheap insurance from them over the past decades, those days are numbered. Prepare yourself for huge increases or non-renewals.
The Blue insurance company. Upper management behave like animals that eat their young. I am not pro union as unions are only in place to enrich them self. That said, if any company deserved a union, it is Big Blue. This from my personal experience
This was coming since 2013. They spent $1,000,000,000.00 on technology to replace staff handling accounts under $10,000.00. On Your Side is only for their stock owners not their employees. Shame on Nationwide. They have a 20/20 plan. Now I have confirmed my theory.
I just recently attended one of their big showcases for agents. They went on talking about how great their financial success has been and that they are operating at far lower combined ratio than their competition, blah blah blah.. Want to expand by 19 billion in the coming decade, blah blah blah.. Cut out 1000 employees a month later. Shocker.
????- and they just royally screwed their agency force. They are sitting on millions. Guess they decided to screw their employees too.
??? the three down votes must be from Nationwide execs
Wow, this announcement right at the beginning of the holidays???
So, are they still on your side?
Rest assured…the boys in the executive suites will be receiving fat Christmas bonuses this year.
Without a doubt
I wonder if Peyton Manning is one of them on the chopping block?
Jim Mora: Layoffs? Layoffs? Don’t talk to me about layoffs! Layoffs?
Manning probably has a guaranteed contract. That is what athletes do.
Nationwide ain’t on your side!
Polar, I don’t see them maintaining their rank of 17 in customer satisfaction, do you? They may be 50 or lower the next time the poll comes out.
Right before the holidays – way to go Nationwide! Not the best time to pick for layoffs I hope the severance is good for these people! They trusted you and worked hard for you!
Unfortunately my daughter is one of them caught up in the lay off. We already have issues getting things done timely as our underwriter is so busy that my daughter (an underwriter for a different state)would step in and help. So you already have issues and you get rid of help? Doesn’t make any sense to me. Now our poor underwriter won’t have the backup he has had.
If they use AI, never ask for a raise, don’t have to do benefits. Agents can’t argue with a robot to get anything written. Perfect, right?
Perfect until you need an underwriting decision or some type of service. Our underwriters also go MIA when you need them the most. So AI or no AI their service is far from the best.
But they are providing severance and assistance. I like how technology is how they can eliminate the positions but IT folks are being cut. Thanks for the good job Mr/Miss/Mrs/etc Programmer we can eliminate resources a result of your efforts, by the way here is your termination packet.
Good old Nationwide is on your side. Maybe that should be back side.
They’re on the side of the chiefs who will still get their bonuses and acclaim for “saving the company” during “hard times”.
We just finished reading “Leaders Eat Last” by Simon Sinek. Google his TED talk about Layoffs. It’s all about who unfortunately falls on the wrong side of a spreadsheet, when a company doesn’t meet their arbitrarily set imaginary numbers (paraphrased from the TED talk).
some of the current nationwide employees in Columbus may have been Farmers employees who were victims of them closing that regional branch in the late 90’s early 2000’s — same deal the CEO then came on a whirlwind tour about how great the future looked and the next February they announced that they were closing the regional office there in August as the agents were now inputting the apps and endorsements and most paper docs could be faxed anyplace in the country to be processed, etc etc……
same old chit different decade
Funny thing is even if the CEO is cut loose, they still get mucho $$$ for severance and can easily live on that, while the worker bees, if lucky- get 2 weeks a year and a membership to COBRA for what 1k a month???
Pretty sad for the employees, they will get a minimal severance, while the big dogs get $$$ in bonus cash
“Nationwide says it is taking advantage of new technologies as it positions the organization for long-term success and growth.” This is the vaguest excuse for someone made a big blunder and let’s hide under the shroud of tech advances. Blunder #2. No matter how great a severance package, that’s what people will remember Nationwide as. bad branding.
Wow, substitute Allstate for Nationwide and it’s the same thing. Except Allstate didn’t mention publically they are closing down the PA branch of Encompass..
Allstate agents had to form a guild/union to deal with management. Allstate agents come and go at an alarming rate. Here today, gone tomorrow.
I noticed some of those laid off were in P&C. Some new technology in claims is companies that are now writing auto repair estimates based on photos. They write very poor estimates, for which we staff appraisers get to write the very large supplements on nearly every one of them that actually get repaired. Seems to me that companies are taking a chance that the owner may decide to not pursue the repairs and just take the money and run. Some states are outlawing this due to its “bad faith” nature and lure to not completely pay what is entirely owed.
I would like to see all states adopt laws blocking the virtual writing of repair estimates without a physical inspection of the vehicle by a hired professional representative of the company.
I completely agree TJ!! I work for a company doing this and the estimates are “atrocious”. Sad thing is when they (photo estimates) do reach the body shop, we place blame on field staff, body shops for poor cycle time and increased rental exposure. Due to the poorly written estimates. Its a vicious and inefficient cycle.
I know a claims adjustor in MI who works for a large company — he is complaining about how they just keep adding to his work load, yet these pictures you are referring to are seriously messing up the claims process, and costing the company MORE, in many cases, than if they had just let EXPERIENCE do their job! Hello, is anyone out there listening?
I write excess casualty insurance above their Primary and lead XS 5MM or 10MM all the time. To price our layer above theirs we have to price from dollar one up. Their lead XS 5MM or 10MM is typically 25%-35% of our pricing (or 65%-75% discount). In many cases our excess layers are more expensive than their lead layers. I always wondered how they could do that. It appears you can’t. Whether they were killing their own results or screwing over their reinsurers, I don’t know. But that gravy train was destined to stop. Sorry for those buying cheap insurance from them over the past decades, those days are numbered. Prepare yourself for huge increases or non-renewals.
The Blue insurance company. Upper management behave like animals that eat their young. I am not pro union as unions are only in place to enrich them self. That said, if any company deserved a union, it is Big Blue. This from my personal experience
This was coming since 2013. They spent $1,000,000,000.00 on technology to replace staff handling accounts under $10,000.00. On Your Side is only for their stock owners not their employees. Shame on Nationwide. They have a 20/20 plan. Now I have confirmed my theory.