Nationwide business life team turns to distribution partners to revamp COLI product
Over the last few years, the Nationwide Business Solutions Group (NBSG) has been on a journey to produce the most innovative corporate-owned life insurance (COLI) registered product.
Back in 2019, the business offered three different registered COLI products, which function as life insurance for employers serving as the purchaser, beneficiary and owner of the policy. Based on direct feedback from brokers, NBSG took all the best features from their products and condensed them into what is now known as the Nationwide Innovator Corporate Variable Universal Life (VUL) product.
Now, NBSG is taking the next step in the evolution of their registered product, turning once again to their partners in the field for their feedback. Throughout 2022, the business spoke with their distribution partners about their needs in the current industry environment. They also discussed changes to the product that would make it even more beneficial for clients.
“We wanted to seek out feedback from those working with the business clients this product was designed for so we could help them meet their goals and objectives,” said Jessica Dowdy, vice president of NBSG. “After 25 years in the market and with more than 60,000 business life insurance policies in force, we know how important it is to partner with financial professionals on all sizes and kinds of cases and on all aspects of the sale.”
As a result, the business has made several enhancements to the Nationwide Innovator Corporate VUL, including a more streamlined, easy to understand, lower cost structure and improved institutional pricing. The VUL continues to feature over 140 investment options, as well as the lowest-cost fund lineup Nationwide has offered in the business life insurance market1. Businesses can also quickly accumulate cash value as a result of the product’s institutional pricing.
And with more than 50 experienced business life insurance specialists on staff, the team has the right people in place to help brokers find the best solutions for their clients, whether it’s the Nationwide Innovator Corporate VUL or another solution in Nationwide’s product suite. Clients benefit from NBSG’s end-to-end service model, which ensures the team partners with clients to meet their needs from initial sales support to ongoing in-force case support. NBSG also provides specialized underwriting, streamlined policy implementation and client-centered service.
“NBSG’s people set us apart from the competition,” Dowdy said. “This team is a dedicated and specialized group of industry experts – and we’re committed to helping our clients now and well into the future through our ever-evolving product suite and our commitment to extraordinary care.”
Visit https://nationwidefinancial.com/products/business-life for more information and resources on NBSG and business life insurance.
1 Weighted average fund expense is an average for the entire lineup and is based on Nationwide and Morningstar® historical data as of May 1, 2022.