COMPANY PROFILE -Nationwide Mutual Insurance Company
Business Sector :Financial Services and Banking
Operating Geography :United States, North America
About Nationwide Mutual Insurance Company :
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 Mutual Insurance Company Revenue :
US$ 52.9 billion - FY ending 31st December 2021 (y-o-y + 13.52%)
US$ 46.6 billion - FY ending 31st December 2020
Competitive Analysis of Nationwide Mutual Insurance Company
The SWOT analysis for Nationwide Insurance is presented below in a matrix followed by the detailed analysis report:
| Strengths | Weaknesses |
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
|
| Opportunities | Threats |
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 Mutual Insurance Company
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: In 2021, total investments increased to $130.8 billion, up from $125.5 billion in 2020. The investment portfolio made the company be a part of Fortune 100 in 2020. It received an A1 rating from Moody’s, A+ from AM Best and A+ from Standard & Poor’s. The high ratings of the company’s books help in maintaining its reputation as a go to company for insurance. It also means that it has a low risk of default which allows more clients to use its services. This leads to more trust on the company for it services. Nationwide Insurance has had these ratings since 2018. This reflects that the company has a competent management handling the finances and investments which improves the trust towards 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.
The PESTLE analysis for Nationwide Insurance is presented below in a table followed by the detailed analysis report:
| Political | Economical |
1. Impact of Russia-Ukraine crisis on world economy
2. Impact of Biden Administration on the economy
| 1. Adverse impact of COVID 19 on US economy |
| Social | Technological |
1. Ageing population would need insurance products in the future
2. Rising disposable income may lead to expenditure in insurance products
| 1. Rise of fintech firms and their offerings in the insurance space
2. Digitalisation of the insurance sector
3. Risk of cyberattacks and data leaks
|
| Legal | Environmental |
| 1. Insurance legislations and regulations in USA need to be adhered | 1. Climate change and environmental hazards affecting the insurance claims |
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Detailed Pestle Analysis of Nationwide Mutual Insurance Company
Political
This section is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
1. Rise of fintech firms and their offerings in the insurance space: Insurtech firms combine the knowledge of the insurance sector with technology industry to make solutions which would help the insurance companies to become more successful and more efficient. Some of the Insurtech companies leverage new age technologies like data science and artificial intelligence to reduce the repetitive processes and be more efficient. Banks are starting to partner with fintech firms to be able to operate at lower costs and upgrade their technologies. According to a report by McKinsey Global Institute, 75% of Insurtech business has primarily served retail clientele. The Generation X demographics and the millennials are preferring mobile channels for their financial transactions. Companies like Next Insurance, Haven Life, Zipari and Metromile are offering competitive products which could take away the market share of the existing companies. Thus, these companies need to innovate their product lines or try to acquire some of the budding startups in this space to remain competitive and provide new age products which leverage the digital technology.
The remaining section of “Technological” is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
- Liberty Mutual Insurance
- GEICO
- Progressive Insurance
- Allstate
- State Farm Insurance
On purchase the Nationwide Mutual Insurance Company SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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| Nationwide Mutual Insurance Company Covid-19 Impact Analysis |
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| Nationwide Mutual Insurance Company BCG Analysis |
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| Nationwide Mutual Insurance Company Segmentation, Targeting and Positioning (STP) Analysis |
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| Nationwide Mutual Insurance Company Ansoff Matrix Analysis |
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Check Out Analysis of Other Relevant Companies
References used in Nationwide Mutual Insurance Company SWOT & PESTLE Analysis Report
1. Nationwide 2021 annual report | About us - https://www.nationwide.com/cps/annual-report/index.html
2. Annual report 2021 - https://www.nationwide.com/cps/annual-report/index.html
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/
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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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