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Nationwide Insurance SWOT & PESTLE Analysis

ID : 52945253| May 2021| 21 pages

COMPANY PROFILE -Nationwide Insurance

Business Sector :Financial Services and Banking

Operating Geography :United States, North America

About Nationwide Insurance :

Nationwide Mutual Insurance Company is a group of large U.S insurance and financial services company. Although the company is headquartered in Columbus, Ohio, it has many operating regional headquarters based in Scottsdale, Des Moines, San Antonio, Gainesville, Raleigh, Sacramento and Westerville. The company was started in 1926 and was initially known as Farm Bureau Mutual Automobile Insurance Company. Later, it was renamed as Nationwide with the aspiration of eventually selling products from coast to coast. The company offers insurance for vehicle, property, life and specialty. As of 2021, the company has approximately 32,110 employees in 30 office locations. In 2019, Nationwide was ranked #73 in Fortune 500 list. The company moved to #25 in “Fortune’s 100 Best Companies to Work For” in 2021, up 66 places from #91 on last year’s list.
Nationwide Financial Services, a part of the group, was partially presented on the New York Stock Exchange prior to being repurchased by Nationwide Mutual in 2009. It has retained the majority of NFS common stock since it had gone public in 1997. Nationwide Insurance’s Unique Selling Proposition lies in being one of America’s most diversified insurance and financial services organizations. Nationwide Insurance’s mission statement reads, “We protect people, businesses, and futures with extraordinary care.”

Nationwide Insurance Revenue :


US$ 46.6 billion - FY ending 31st December 2020 (y-o-y decline 5.5%)
US$ 49.3 billion - FY ending 31st December 2019

Competitive Analysis of Nationwide Insurance

SWOT
PESTLE

The SWOT analysis for Nationwide Insurance is presented below in a matrix followed by the detailed analysis report

StrengthsWeaknesses
1. Diversified portfolio of products offered by the bank
2. High credit ratings on its assets signifying strong financials
3. Strong focus on innovation in its products
4. Diverse and inclusive workforce working with fairness and integrity may help it grow sustainably
5. Strong financials and investments has driven growth for the company

1. Pandemic losses hurt the property-casualty bottom line
2. Intense competition can hamper the financials and profit margin for the company
OpportunitiesThreats
1. Digitalization of insurance claiming procedure may increase business
2. Collaboration or investments in fin-tech and third-party apps may help the company grow
3. Growing the existing business in new markets
1. Threat of cyber security and data leaks of clients may hamper the trust of people in the firm
2. Constant changes in regulations by the government may increase operational costs
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Detailed SWOT Analysis of Nationwide Insurance

Strength

1. Diversified portfolio of products offered by the bank: Nationwide Insurance and its allied companies provide a range of offerings for the car, for businesses, for home, for family and for the future benefits. The diversified portfolio allows the company to garner to a wide target audience which also helps in getting higher revenues and profits for the company. With this diversified portfolio of products, the company is not dependent on any single one for its revenues which protects it from external shocks and sudden change in demand patterns and consumer behavior. For ach sector it offers its products, it again has a range of products which gives choice for the clients which is helpful and attracts a wider audience towards the company allowing it to generate higher revenues. With the products offered, the target audience of Nationwide Insurance ranges from the younger generations to the old, from individuals to family. This allows the company to not be dependent on one demographic or one product line for its revenues and be able to grow easily.

2. High credit ratings on its assets signifying strong financials: Nationwide Insurance has $274 billion in total assets which generate $46.6 billion in revenues as of 2020. Its investment portfolio stood at $125.5 billion making it a fortune 100 company operating in the insurance business. Its investment portfolio was rated A1 by Moody’s, A+ by AM Best and A+ by Standard & Poor’s. These high ratings help the company maintain its reputation as the go to company for insurance. The high ratings show that the risk of default for the bank is low allowing more clients to use its services without the fear of the company defaulting on its promises. It ensures that the people trust the company for its services. The high rating put the company is good light and show that its financials are stable and growing strongly as the years pass. It has had these ratings since 2018 showing it has a competent management handling the finances and investments which improves the trust towards the company. This is a strength for the company which it can leverage to attract new clients to take their policies from the company without the fear of any default from the side of the company.

The remaining section under "Strength"is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threats

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Liberty Mutual Insurance
  • GEICO
  • Progressive Insurance
  • Allstate
  • State Farm Insurance
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TABLE OF CONTENTS
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References used in Nationwide Insurance SWOT & PESTLE Analysis Report

1. Nationwide 2020 annual report | About us -https://www.nationwide.com/cps/annual-report/about-us.html
2. Annual report 2020 - https://www.nationwide.com/cps/cps-pdf/Annual%20Report%20NFM-20333AO_ADA.pdf
3. 2021 insurance industry outlook - https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/insurance-industry-outlook.html
4. Top 20 largest US insurance companies 2021 - https://disfold.com/top-us-insurance-companies/
5. 2020 US and Americas Insurance Outlook - https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/insurance/insurance-outlook-pdfs/ey-global-insurance-outlook-us-americas_v2.pdf
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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SWOT & PESTLE.com (2021). Nationwide Insurance SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/nationwide-insurance/ [Accessed 13 Jun, 2021].

In-text: (SWOT & PESTLE.com, 2021)

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Nationwide Insurance SWOT and PESTLE Analysis has been conducted by Mohit Harishchandra Deshmukh and reviewed by senior analysts from Barakaat Consulting.

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