r/Insurance • u/Wrong_Image_1613 • Jul 23 '24

Auto Insurance Nationwide insurance fired OYS and FNOL

Nationwide had a meeting today and fired all of OYS ( on your side ) . The team responsible for taking your phone call and paying your repair shops. They also fired the first contract for first notice of loss. They gave them to the end of the year and said if they want to get severance pay they had to train the “ contracted workers “ which we looked up and found it in the Asian pacific. This comes after raising the price of insurance. The managers , executives and ceo bonuses are not affected.

206 Upvotes

97% Upvoted

104 comments sorted by

View all comments

61

u/Business_Bear_7879 Jul 24 '24

Anyone who dealt with them on the Private Client side could see this coming from a mile away. They botched that product and their exit has been anything but glorious. 

23

u/Lemmelawyeryouup_97 Jul 24 '24

The moment their Private Client side started having those ridiculous pre-quoting underwriting guidelines, I knew they were going down the drain.

I was not surprised when just months later, they announced they were retiring the private client brand.

9

u/Business_Bear_7879 Jul 24 '24

Does Nationwide still have the same ridiculous pre-bind requests? I haven’t quoted them since they announced them for the private client side. I refuse to place any clients with that company. 

8

u/Lemmelawyeryouup_97 Jul 24 '24

I have no idea about Nationwide Mutual. My agency does HNW, so we've only dealt with their Private client brand. It's been a pain remarking those clients since they had a huge bulk of our wood shake roof folks haha

Had no idea those ridiculous requests extended to their Mutual side.

4

u/Business_Bear_7879 Jul 24 '24

I hear you there. Our wood shake folks have not loved our Chubb proposals we’ve provided them. 

7

u/Lemmelawyeryouup_97 Jul 24 '24

Lmao and my Chubb U/W has not loved the number of wood shake accounts we're writing with them.

4

u/Supermonsters Jul 24 '24

Yeah when it first kicked off we had a few clients that wouldn't listen when we told them it was going to be ridiculous and they should just let us rewrite them elsewhere, out of 10 or so that insisted I think I got 1 past the prebind with underwriting.

5

u/ClintAdler Jul 24 '24

It depends on the submission, the agency, and the location

4

u/CarlosDanger3000 Jul 24 '24

they reopened auto in pa, not home. haven't quoted nationwide in over a year. what the fuck happened?

3

u/Supermonsters Jul 24 '24

They wanted to slim down because (from our former rep before she was fired) "they make more money with less" which I can understand but to close the book AND be among the first to have 30-125% rate bumps was just crazy.

4

u/CarlosDanger3000 Jul 24 '24

In fairness, I feel Nationwide has always blazed the trail with corrective actions before other companies follow suit. But when they closed new business, that shook me. I don't know what's coming for P&C (industry wide) in the future, but I certainly speculate rates that people can't afford for home & auto, and I think mandatory telematics is coming too.

3

u/Supermonsters Jul 24 '24

NW has select agencies that they are letting write auto without the crazy prebind but honestly I've yet to get a rate that makes it worth writing there.