So Much More than home and auto: Ad campaign highlights Nationwide’s thriving financial services business
- New ads featuring Peyton Manning demonstrate how the company is “So Much More” than just a P&C insurer
- Notable shift in advertising strategy driven by growing need from Americans seeking financial security and explosive growth of the company’s financial services business
For nearly 100 years, Nationwide has been known as a leading personal lines property and casualty insurance company – driven largely by general market advertising highlighting home and auto insurance offerings, featuring the famous Nationwide is On Your Side jingle. Not surprisingly, that’s the way most consumers still think of this national insurance and financial services carrier, headquartered in Columbus, Ohio.
What many don't realize is that, over the past decade, Nationwide’s financial services business has quietly transformed into an industry leader with growth driven by a variety of solutions to help individuals and businesses. In fact, as a standalone entity, the company's financial services business alone would rank 129 on the Fortune 500 list based on annual revenue.
This growth has enabled Nationwide to set record top-line sales results the past three years with sustained profitability – even as its giant P&C operation has managed increased weather volatility and inflation. It also coincides with the fact that more Americans will turn 65 this year than at any point in history, leading to significantly increased demand for solutions that can promote retirement security.
That’s why the company is making a significant shift in its advertising strategy with a new national campaign launching this fall featuring NFL legend, Peyton Manning. The campaign highlights how there is “So Much More” to Peyton than just being a great NFL quarterback – just as there is so much more to Nationwide than just home and auto insurance.
“For the first time in our nearly 100-year history, Nationwide’s financial services solutions will be spotlighted in our advertising. That’s a testament to the tremendous opportunity for the financial services industry as a whole to better meet the needs of American retirement savers and the impressive growth our financial services business has experienced over the past decade,” said John Carter, president and COO of Nationwide Financial. “The financial services industry is booming and for good reason – America needs us, and it’s critical that we raise awareness of how we can help more Americans achieve a secure financial future.”
A best kept secret: Nationwide Financial’s explosive growth
As millions of Baby Boomers reach retirement and younger generations start to grasp the importance of preparing for the future, the financial services industry as a whole continues to experience sustained growth. Over the past decade Nationwide Financial has significantly outpaced the industry, doubling sales and growing to over $400 billion in customer assets.
The company’s financial service business, which includes annuities, life insurance, mutual funds, public and private sector retirement plans, securities-backed lending, company- and bank-owned life insurance, medical stoploss, pension risk transfer and other specialty benefits for businesses, is leading the industry in many categories1:
- #1 writer of 457(b) retirement plans
- #1 writer of company owned life insurance
- #1 writer of universal life
- #2 writer of linked benefit long-term care insurance
- #4 writer of traditional variable annuities
- #6 writer of fixed indexed annuities
- 48 Morningstar 4/5 star-rated mutual funds
“There is a huge opportunity for the financial services industry to meet the evolving needs of Americans seeking retirement and financial security. This campaign is built to help us meet that moment.” Carter said. “But we’re not just talking about it – we’re developing new solutions and partnerships to meet the emerging needs of American retirement savers.”
Carter referenced several ways the company is investing in its future:
- Building and cementing partnerships with leading firms and distribution partners to expand reach and help more Americans protect their financial futures
- Leading the industry with a full suite of Protected Retirement solutions helping defined contribution savers turn their savings into a pension-like stream of income
- Introducing CareMatters Together, an innovative solution that combines the benefits of life and long-term care insurance
- Investing millions to modernize technology platforms to better meet the needs of, and deliver a better experience for, consumers and partners.
12023 Nationwide Annual Report