Nationwide Life and Annuity businesses shine in top quartile of J.D. Power 2023 studies
- Nationwide Life’s 49-point improvement is driven by improvements in price, product offerings, and statements
- Nationwide Annuity retained its No. 3 ranking, exceeding the industry average for satisfaction
Nationwide’s life insurance business is on the rise according to the J.D. Power 2023 U.S. Individual Life Insurance Study. Nationwide ranked No. 2 overall. The company’s annuity business maintained its top quartile ranking in the J.D. Power 2023 U.S. Individual Annuity study, showing up at No. 3 following a year of record sales.
Intentional investments propel Nationwide Life
Nationwide Life advanced from No. 6 in 2022 to No. 2 in this year’s study, demonstrating strength and momentum with improved scores in every category, including product offerings, price, statements, interaction, agents/financial advisors, website, call center and communication. Nationwide’s overall satisfaction index score grew faster than the industry, improving 49 points compared to 2022, while the industry as a whole improved by just 16 points.
“Our elevated ranking is a demonstration of the intentional investments we’ve made in transforming our Life business,” said Holly Snyder, president of Nationwide Life. “This includes completing major multi-year technology investments that will enhance the customer and partner experience and the introduction of Life Essentials, a new direct online option for consumers to purchase term life insurance in minutes. It’s also a testament to the tireless work of our Life team and key partners across Nationwide. Intentional actions such as increasing cap and par rates on our Individual Universal Life products, price improvements on several key products and an ongoing focus on reinforcing the value of life insurance have translated to greater value and a better experience for our customers and partners.”
Nationwide Annuity remains among top ranked in the industry
Nationwide’s annuity business remained in the top quartile of annuity providers, showing up at No. 3 in the J.D. Power 2023 U.S. Individual Annuity study. The business improved its satisfaction index score by four points from 2022. The company ranked above the industry average across the five key factors measured in the study – communication, interaction, price, product offerings and statements.
“We continue to drive positive consumer sentiment to hold our top-quartile position through our efforts to expand distribution with new and existing partners, provide diversified product offerings and drive increased consumer value across channels,” said Eric Henderson, president of Nationwide Annuity. “The customer remains at the center of all we do as we continue to focus on creating effortless experiences for financial professionals and their customers.”
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