Nationwide has named Roberto Robles leader of Nationwide National Partners, effective Aug. 3, 2026.

In this role, Robles will lead Nationwide’s executive-level relationships with key national property and casualty distribution firms, serving as a connection point between partner leadership, Nationwide business units and the broader enterprise.

“Roberto brings a strong blend of carrier and broker experience, along with a valuable outside-in perspective on distribution and complex risk,” said Russ Johnston, president of Commercial Lines, Excess & Surplus, Specialty. “He is known for building strong partnerships and high-performing teams, and we’re confident his leadership will help strengthen our national partner relationships and support our continued growth.”

Robles joins Nationwide from Willis Towers Watson, where he most recently served as managing director of carrier relationship management. Prior to that, he held senior business development and distribution leadership roles at Sompo and Chubb, where he led national partner relationships, managed large specialty books and helped launch growth initiatives across the business.

With more than two decades of industry experience, Robles brings deep expertise in distribution strategy, partner engagement and complex risk. His appointment reflects Nationwide’s continued focus on strengthening strategic partnerships and making more coordinated, data-informed decisions with key distribution partners.

Robles holds an MBA from Clarkson University School of Business and a bachelor’s degree from St. Lawrence University.

As 2025 closes, the construction industry continues to face headwinds from elevated costs, labor shortages and policy uncertainty. However, signs point to cautious optimism heading into 2026, driven by fiscal stimulus and potential easing of interest rates. The Nationwide Economics team recently released its Year-End 2025 Construction Industry Report, which highlights several key trends:

• Overall Industry Activity: Nonresidential construction slowed in 2025 due to high costs and interest rates – with data centers being a notable exception – but easing monetary policy and reduced uncertainty could revive activity in 2026.
• Labor Market: Labor demand softened while supply shrank due to immigration policy, and hiring is expected to remain constrained in 2026 with continued wage pressure.
• Input Costs: Tariff-related cost increases were modest in 2025 but may rise in 2026 amid trade uncertainty, though federal tax incentives could stimulate demand and domestic production.
• Building Construction: Construction spending stalled across key sectors in 2025, but federal tax incentives and long-term trends may drive a rebound in the latter half of 2026.
• Heavy & Civil Engineering: Infrastructure Act funding supported growth in 2025, but its October 2026 expiration and potential federal spending cuts pose risks to future projects.
• Specialty Trade Contractors: Labor shortages and tariffs raised costs in 2025, but fiscal stimulus and tax incentives may ease constraints and increase demand in 2026.

These trends highlight the need for construction businesses to prepare for continued cost pressures, labor constraints and policy shifts, while positioning for potential growth opportunities as federal incentives and economic conditions improve in 2026. Read on for a deeper look into these trends, or check out the full report below. 

Construction Industry Report - Year-end 2025

Deep Dive
Industry Trends: High costs, policy uncertainty slowed building activity, but may improve in 2026
Investment in residential and nonresidential construction remained sluggish in 2025 due to elevated costs and policy uncertainty, with commercial gains largely limited to education, health care and technology – especially data centers. Construction activity outside of data centers is expected to stay soft into early 2026 as tariffs and consumer demand uncertainty continue to weigh on business investment. However, easing policy uncertainty and federal tax incentives may encourage a rebound in construction spending in the back half of 2026, though reduced government funding poses risks for public infrastructure projects.

Labor: Continued strain on construction hiring
The construction labor market rebounded strongly after the pandemic but has tightened again, with job openings falling due to slower residential and nonresidential activity. Despite easing demand, labor shortages persist, driven by a lack of experienced workers due to widespread retirements. This and impacts from tighter immigration policies continue to push wages higher within that sector. Hiring is expected to remain constrained in 2026 as firms struggle to find qualified workers, even as construction activity begins to recover later in the year.

Input Costs: Tariffs and trade uncertainty keep input costs in focus
Construction material prices remain mostly stable in 2025, with tariff-related increases delayed but expected to rise as inventories deplete. Trade policy uncertainty and tariffs on key imports may continue to push input costs higher in 2026, though federal tax incentives could stimulate demand and domestic production. While these dynamics present cost-related risks, they also offer opportunities for businesses that proactively manage supply chains and financial planning.

Construction of Buildings: Signs point to a slow recovery ahead
Spending and hiring for the construction of new buildings declined in 2025 due to elevated interest rates and policy uncertainty, with manufacturing activity slowing after earlier gains from the 2022 CHIPS Act. While infrastructure construction continues to benefit from prior federal investment, commercial construction remains uneven amid tariff disruptions and mixed demand signals. Looking ahead, improved economic conditions and federal tax incentives could gradually revive building activity in 2026-2027, though reduced government spending may limit infrastructure investment.

Heavy & Civil Engineering: Infrastructure momentum faces uncertain future
Federal infrastructure funding drove strong growth in highways/streets and water/sewage systems, expanding heavy and civil engineering activity despite high labor costs and barriers to entry. While spending is expected to continue into 2026, the Infrastructure and Jobs Act of 2021 is scheduled to expire in October and broader efforts to reduce government spending could slow future project flow. This creates uncertainty for firms relying on public contracts, reinforcing the need for strategic planning and risk mitigation.   

Specialty Trade Contractors: Trade contractors face headwinds, but relief may be ahead
Specialty trade contractors faced rising labor and material costs (copper, steel, plastics) in 2025, driven by worker shortages – especially among electricians – and tariff-related inflation. Residential demand weakened due to elevated mortgage rates, but nonresidential employment continued to grow, narrowing the gap between segments. Looking ahead, stabilizing input prices and federal tax incentives may ease constraints and support a recovery in demand if construction activity picks up in 2026.

Nationwide’s Construction Practice Leader, Tonya Hahn:
As construction businesses close out a year marked by elevated costs, labor shortages, and policy uncertainty, our Economics team’s report signals cautious optimism for 2026. However, persistent risks – from tariff-driven input costs to constrained labor supply and the winding down of infrastructure funding – underscore the critical role of insurance and risk management in helping firms stay resilient. Specialized insurance and risk management advisors are well-positioned to support clients through this transition, offering protection strategies that align with both current challenges and emerging opportunities.

Homeownership has always come with its share of responsibilities, but today’s environment is testing the limits of what many families can manage. Nationwide’s newly released 2025 Homeowners Reportⁱ reveals that rising insurance premiums, inflation, aging infrastructure, and increasingly frequent natural disasters are turning what was once a source of pride into a source of stress.   

In response, insurance agents are stepping beyond their traditional roles, becoming proactive risk coaches who help clients prevent small issues from escalating into costly claims. By leveraging smart technology and personalized guidance, agents are helping homeowners navigate uncertainty and redefine what it means to feel truly protected.  

“Homeowners are juggling optimism with uncertainty,” said Michael Tripp, Senior Vice President of Personal Lines Sales and Distribution at Nationwide. “Agents are uniquely positioned to close that confidence gap by turning insurance knowledge into clear, actionable plans that help families protect their homes, not just insure them.”  

Agents Have a Window into Homeowner Worries 

While 63% of homeowners say they’re confident their coverage would meet their needs in the event of a claim, that confidence is fragile. More than half (57%) worry their policies may not cover certain types of damage or incidents.  

Agents report that clients are most stressed by:  

• Rising premiums (43%)
• Severe weather damage (39%)
• Unexpected repairs (37%)
• Aging home systems (34%) 

In fact, 28% of agents say their clients’ top concern is simply understanding what their insurance does (and doesn’t) cover.  

When asked what would make their insurance feel more emotionally reassuring, homeowners pointed to:  

• Faster claim resolution guarantees (54%)
• 24/7 live emergency support (52%)
• Coverage for temporary housing with added amenities (50%) 

Prevention Is the New Protection 

Agents are redefining what protection is, moving beyond reactive support to proactive risk prevention. According to the survey, 85% of agents now recommend smart-home technology to help reduce risk, including:  

• Smart sensors for smoke and carbon monoxide (62%)
• Smart locks for doors (59%)
• Whole-house water flow sensors (58%) 

“Insurance is more than being there after the loss,” said Tripp. “It’s also helping people prevent damage before it happens. Whether it’s through smart sensors that detect leaks or simple seasonal check-ins, our agents are empowering homeowners to act early and stay protected.”  

Homeowners are taking notice with smart home tech adoption rising, especially among Gen Z and Millennials:  

• 48% of homeowners use a security system or smart surveillance
• Rising to 71% among Gen Z and Millennials
• Millennials now average 4.6 smart devices per household, compared to 3.1 for Gen X and 2.2 for Boomers
• More than one in three (37%) installed safety tech to qualify for an insurance discount, rising to 56% among Gen Z and Millennials 

Still, gaps remain. Only 27% of homeowners own a smart water sensor, despite water damage being one of the most frequent and costly claims. Only 23% own electrical fire monitoring devices.  

That’s a problem, considering how much damage a hidden leak or faulty wiring can cause. The good news is some insurance providers (like Nationwide) are offering devices like Leakbot and Phyn smart water sensors for water detection and Ting for electrical monitoring for no cost to most home policyholdersⁱⁱ—to help catch issues before they become disasters.   

How Agents Are Supporting Homeowners 

Agents have a front-row seat to the evolving homeownership landscape. After years of affordability challenges and housing market volatility, financial stress has overtaken pride of ownership for many.  Nearly half (45%) of surveyed homeowners (57% of Gen Z and Millennials) spoke with an agent in the past year to better understand their coverage.  Agents are seeing dramatic shifts in behavior:  

• 78% report clients attempting to reevaluate their current homeowners policies to reduce premiums
• 76% say clients are requoting through other carriers
• 68% have seen clients cut coverage to save money
• 61% have seen clients increase coverage to reflect rising home equity and repair costs 

As homeowners weigh cost against coverage, agents have become essential guides helping clients avoid short-term savings that lead to long-tern exposure. Leading agents are reframing the conversation, not about cutting coverage but making smarter and more strategic choices. That means reviewing deductibles, updating home values, and comparing exclusions so clients can make informed trade-offs.  

“Protection starts with connection,” Tripp added. “When agents see themselves not as policy sellers but as partners in resilience, that’s when real trust, and real protection, begins.”  

A New Era of Insurance Advisory 

Nationwide’s 2025 Homeowners Report paints a clear picture: the role of the insurance agent is evolving. In a time of rising risk and shrinking budgets, agents are becoming trusted advisors, tech advocates, and resilience partners.  

For independent agents, this shift presents a powerful opportunity to deepen client relationships and lead the way in modern risk management.  

Read the full 2025 Homeowners Survey  

Learn more about Nationwide’s smart home offerings 

ⁱ2025 Homeowners Survey  
Methodology: Nationwide commissioned Edelman Data & Intelligence to conduct a 15-minute online survey among 1,000 U.S. homeowners and 400 independent insurance agents from July 30–August 18, 2025. 

ⁱⁱAvailability varies by state, coverage selections and rating factors. The smart home monitoring system and related support will be supplied by the third-party device provider and maker. Nationwide is not responsible for the system, installation or any home monitoring. To be eligible for this offer, the customer must have an active Nationwide homeowners, condo or tenant policy. 

Smart home is not available in AK, HI, LA, NY and OK. Ting devices are not available in WA. Contact your independent agent to find out about other available discounts. 

Check out the conversations

For more information about Nationwide’s partnerships with Kinetic and how their approach can help businesses prevent workplace injuries, click here.  

Nationwide intends to transfer the underwriting and management of all renewal policy opportunities included in the transaction – currently $1.2 billion in premium – to Ryan Re Underwriting Managers, a managing general underwriter specializing in reinsurance and part of Ryan Specialty (NYSE: RYAN).

“This acquisition accelerates Nationwide’s reinsurance growth and deepens our strategic alliance with Ryan Specialty, through Ryan Re, established in 2019,” said Nationwide CEO Kirt Walker. “Together, we’ve built a strong foundation in specialty reinsurance. This transaction builds on that momentum and broadens the range of opportunities we can bring to market.”

“These renewal rights create new opportunities to grow and diversify our reinsurance portfolio while adding specialized talent to Ryan Re’s team,” said Mark Berven, President of Property & Casualty at Nationwide. “We’re ready to provide Markel’s clients with the solutions and service they’ve come to expect, while delivering new value for broker partners.”

Transaction terms have not been publicly disclosed.

Nationwide plans to delegate the underwriting and management of all renewal policy opportunities included in this transaction – currently $1.2 billion in premium – to Ryan Re Underwriting Managers, a reinsurance managing general underwriter of Ryan Specialty (NYSE: RYAN), expanding the strategic alliance between Nationwide and Ryan Specialty established in 2019.

"By working with two respected names in the industry, this strategic acquisition reinforces Nationwide’s position as a diversified risk partner and creates an opportunity for us to expand our reinsurance footprint,” said Nationwide CEO Kirt Walker. “Nationwide’s collaboration with Ryan Specialty, and Ryan Re in particular, has positioned us to increase our presence in the specialty reinsurance market. This strategic move accelerates this progress, and we’re excited about the diverse portfolio it unlocks.”

“We are confident in our ability to meet the protection needs of Markel’s clients and deliver long-term value to broker partners,” said Mark Berven, President of Property & Casualty at Nationwide. “Our partnership brings the scale, reach and specialized capabilities to offer these clients a broad suite of products, including specialty lines that enhance their options in meaningful ways.”

Berven also noted that the agreement provides the opportunity to strategically expand the team with specialized reinsurance underwriting talent, ensuring the continuation of exceptional service to renewing clients.

Transaction terms have not been publicly disclosed.

The construction industry enters the second half of 2025 facing a complex mix of economic pressures and evolving market dynamics. The Nationwide Economics team recently released its Mid-Year 2025 Construction Industry Report, which highlights several key trends:

• Overall Construction Activity: Spending has leveled off amid high interest rates and policy uncertainty. Nonresidential construction is particularly vulnerable to these headwinds.
• Labor Market: Hiring has slowed, wage growth has normalized and job openings have declined – but labor supply remains a long-term concern.
• Input Costs: Material price inflation has eased but remains elevated. New tariffs and global supply chain disruptions could reignite cost pressures.
• Construction of Buildings: Growth has moderated, especially in commercial and manufacturing sectors. Infrastructure spending remains a bright spot, though future funding is uncertain.
• Heavy and Civil Engineering: Public investment in highways and utilities continues, but political shifts may impact future funding.
• Specialty Trade Contractors: Labor shortages and rising costs challenge profitability, especially in residential trades.

These trends highlight the need for construction businesses to adopt proactive strategies to navigate the uncertainties and maintain profitability. For a deeper look into these trends, read on or check out the podcast below for more commentary.

Deep Dive
Industry Trends: A Plateau in Construction Activity
Construction spending has stagnated over the past year, with both residential and nonresidential sectors feeling the impact of elevated borrowing costs and economic uncertainty. The Dodge Construction Index – a leading indicator of nonresidential activity – has weakened, suggesting continued softness through the remainder of 2025. While government stimulus has supported select sectors like healthcare and education, broader investment remains cautious. Tariffs on imported materials and shifting fiscal priorities further cloud the outlook.

Labor Trends: Cooling Demand, Persistent Shortages
The construction labor market, which rebounded strongly post-pandemic, is now showing signs of cooling. Job openings have declined below pre-COVID levels, and wage growth has returned to historical norms. However, structural labor shortages persist, particularly in skilled trades. Immigration policy and visa restrictions could further constrain labor supply. As construction activity slows, hiring is expected to remain subdued through 2025, especially in residential and commercial sectors.

Input Cost Trends: Stabilization with Upside Risk
After surging in recent years, construction material costs have stabilized. However, prices remain well above pre-pandemic levels. New tariffs on imports from key trading partners – including China, Canada and Mexico – pose a significant risk of renewed inflation. Businesses are responding by delaying projects, reducing loan demand and investing in productivity-enhancing technologies. The uncertain trade environment and potential supply chain disruptions could keep input costs volatile into 2026.

Construction of Buildings: Moderation Across Sectors
Employment in building construction remains positive but has slowed. Manufacturing construction, which surged following the CHIPS Act, has leveled off. Infrastructure spending from the Bipartisan Infrastructure Law continues to support activity, but future funding is uncertain amid shifting federal priorities. Commercial construction – particularly office space – faces headwinds from economic uncertainty and evolving workplace trends. While reshoring could boost manufacturing in the long term, near-term growth is expected to remain modest.

Heavy and Civil Engineering: Infrastructure Momentum with Political Risk
Public investment in highways, water systems and waste infrastructure has grown significantly, driven by recent federal stimulus. However, contract awards have slowed, and proposed budget cuts from the Trump administration could limit future funding. Labor remains a major cost driver, accounting for up to 35% of expenses in this sector. Tariffs on concrete and other materials could further strain margins. Despite these challenges, the sector remains a relative bright spot in the construction landscape.

Specialty Trade Contractors: Labor-Driven Cost Pressures
Specialty trade contractors – especially in residential construction – have seen strong demand but face rising labor costs due to persistent worker shortages. Electricians, the largest trade group, are retiring faster than they are being replaced, exacerbating the talent gap. While material cost inflation has eased, tariffs and supply chain disruptions could drive prices up by 5–10% in the coming year. Nonresidential trades are gaining ground, but elevated interest rates may limit growth opportunities across the board.

Nationwide’s Construction Practice Leader, Tonya Hahn:
The Economics team’s report clearly shows that the construction industry in 2025 is defined by economic, political and operational uncertainty. Businesses face a challenging environment marked by rising costs, labor constraints and uneven demand. In this context, implementing robust risk management programs is more critical than ever. Tailored insurance solutions, proactive loss control and expert guidance can help construction firms mitigate risk, protect margins and position themselves for long-term success.

This partnership comes at a time when regulatory compliance is challenging many businesses: a recent Nationwide survey found that at least 1 in 5 commercial insurance customers feel their business is unprepared to respond to new regulations. Furthermore, rules and standards for propane distributors can vary significantly from one state to another, adding another layer of complexity.

Now, Nationwide customers who work with P3 Propane can benefit from expert resources to help enhance their regulatory compliance and meet critical local and federal requirements and best practices in a more cost-effective way. Nationwide policyholders are eligible for preferred pricing on these services.

“Nationwide is committed to providing our customers with the best tools and resources to ensure their safety and productivity,” said Laramie Sandquist, Nationwide Agribusiness Risk Management leader. “Our partnership with P3 Propane Safety is a testament to this commitment, offering innovative solutions that help fuel distributors navigate complex and lengthy regulations and reduce operational risks. No matter where you’re at with propane safety, P3 will work with you to prioritize areas of improvement and develop a more complete safety and compliance program.”

“Nationwide is a well-respected insurance provider within the propane industry whose core values align closely with ours,” said Jerry Schimmel, vice president of sales at P3 Propane Safety. “We look forward to working together to offer our mutual customers the high-quality care and attention that both P3 Propane Safety and Nationwide are known for.”

Customers interested in learning more about Nationwide’s new partnership with P3 Propane Safety can visit P3Propane.com/nationwide-insurance-partner.

Additional resources for agriculture customers
This new partnership adds to a robust suite of risk management tools and capabilities available to Nationwide’s agriculture insurance customers at a preferred pricing rate, including services tailored for fuel distributors.

In 2022, the insurer announced a partnership with Razor Tracking, offering telematics and fleet management solutions. Razor Tracking’s solutions provide fuel distributors with real-time fleet tracking, driver performance monitoring and vehicle diagnostics, helping to improve driver safety as well as delivery reliability.   

Nationwide customers also have discounted access to SambaSafety’s comprehensive driver risk management solution. SambaSafety centralizes motor vehicle record, DOT and telematics data into a single view, delivering actionable alerts and targeted training to help fuel distributors easily manage driver safety and comply with licensing requirements.  

“Our dedication to risk management and increasing customer access to critical safety services is unwavering,” said Sandquist. “By collaborating with industry leaders like P3 Propane Safety, Razor Tracking, SambaSafety and many others, Nationwide provides our agriculture customers with comprehensive solutions that address their unique needs and challenges.”

To learn more about risk management tools and capabilities for agriculture insurance customers, visit Nationwide’s Agtech solutions webpage.  

Nationwide's survey of commercial property stakeholders, including commercial property owners, new construction builders and business owners, revealed a significant increase in concern about severe weather since 2023. This heightened level of concern is particularly notable among residents in states susceptible to wildfires or hurricanes.

“Our research shows one-third of property owners have faced natural disaster damage in the past five years, and that number jumps significantly to over half in wildfire-prone states and nearly two-thirds in hurricane-prone states,” said Mark McGhiey, Risk Management and Client Services leader at Nationwide. “This data highlights the urgent need for property stakeholders to not only be aware of these risks, but to take proactive steps in mitigating them.”

Property Stakeholders are on high alarm
More than two thirds (67%) of commercial property stakeholders are highly concerned about damages from severe weather and natural disasters, a 5-point increase from 2023, but this rises to 93% (+28 points) and 86% (+16 points) in wildfire- and hurricane-prone states, respectively.

Of the perceived weather risks they face, national property stakeholders are most concerned about damaging winds (88%), flooding (78%), lightning (78%) and tropical storms or hurricanes (75%) – with levels of concern across each having increased more than 10 percentage points since 2023.

Respondents are also more concerned about the impacts of business interruption (41%, +13 points) and structural damage (50%, +8 points) to their company properties compared to 2023.

Businesses are taking on financial risks
Despite their weather concerns, 26% of commercial property stakeholders admit knowingly carrying inadequate insurance coverage to account for severe weather events, an 8-point increase. Most insurance agents also say at least 4 in 10 commercial customers they serve are underinsured for severe weather impacts.

At the same time, property owners are looking for relief on insurance costs. Three-quarters (76%) are actively seeking opportunities to cut costs on their insurance policies and 42% say they’re willing to reduce insurance coverage to shrink premiums.

Stakeholders are also doing less to proactively mitigate risks, suggesting economic uncertainty and increased construction costs are barriers to taking action.

• Only 31% report willingness to invest in measures that improve their properties’ resilience to weather events, a 22-point drop from 2023.
• Those who are willing to improve their properties are open to paying up to $10,000 to do so, down 50% from 2023*.

Protection requires more than a policy
While 95% of national property stakeholders say they have a response plan in place in the event of severe weather damage, 1 in 5 agents (19%) estimate that less than half of their clients have a risk management plan in place to prevent weather disruptions.

The research also suggests agents and carriers can do more to help fill these gaps with customers. Only 34% of agents prioritize sharing carrier-provided risk management resources for their clients related to weather preparation. Another 33% only do so when asked by their customers.

"Protection against severe weather requires more than just insurance policies; it demands a robust business continuity plan. Without a comprehensive approach that includes both, business owners will be stuck in an endless cycle of financial strain and disruption as weather becomes more dangerous and unpredictable across the US, not just on the coasts,” said McGhiey. “It's imperative that property owners, agents and carriers work together to bridge these protection gaps and ensure resilience against future climate risks."

Learn more about weather risks and risk management resources, and view the full findings from Nationwide’s Agency Forward survey here.

Methodology:
Nationwide commissioned Edelman Data and Intelligence to conduct a national online survey of 500 commercial property stakeholders and 400 independent insurance agents from January 24 to February 13, 2025.

*Sample size <100, directional findings only.

Nationwide has tapped Michael Tripp to lead its Personal Lines Sales and Distribution organization. He will report to Casey Kempton, Nationwide’s President of P&C Personal Lines.  

Tripp brings a wealth of knowledge and experience most recently from his time at AmTrust as the head of MidAmerica Region, where he successfully drove significant growth in premium while effectively managing portfolio and profit targets. Prior to that he held positions at Chubb, The Hanover Insurance Group and The Hartford.   

“I’m thrilled to join Nationwide at such a pivotal time for Personal Lines.  As we deepen our commitment to the independent agency channel, my focus is on strengthening distribution, expanding our geographic reach, and driving performance through sharper insights and robust partnerships.  We have the team, the strategy, and the momentum to take this business to the next level.” said Tripp.   

At Chubb, Michael served as vice president, Small Business Sales, and led the Southwest Region as Small Commercial RVP. Prior to Chubb, he held sales leadership positions at The Hanover and The Hartford, demonstrating his ability to drive profitable growth across local, regional and national territories with independent agency partners.  

“Michael is known for his collaborative approach, working seamlessly with product, underwriting, actuarial and field sales teams,” said Kempton. “Tripp has embraced agent feedback to achieve outstanding results. His strategic insights and proven track record will be instrumental as Nationwide elevates our sales strategies and enhances the agent experience.”  

Tripp started his new role on April 28. 

Tonya joined Nationwide in December with more than 30 years of experience in commercial lines insurance managing complex property portfolios, fostering wholesale relationships, and driving underwriting excellence. Under her leadership, the new E&S Brokerage Property unit will focus on providing tailored solutions for hard-to-place property risks across various industries. She will report to David Nelson, Executive Vice President, E&S Wholesale at Nationwide.  

“Tonya’s vision and proven track record make her the ideal leader to launch this important endeavor. This initiative demonstrates our unwavering dedication to empowering businesses to navigate the unique challenges of the E&S property space with confidence and agility,” said Nelson.  

The Nationwide E&S Brokerage Property unit will deliver a comprehensive suite of non-admitted wholesale products and services, designed to address high-risk scenarios requiring specialized underwriting expertise. With a focus on exceptional service and extraordinary care, this new division aims to become a trusted partner for select brokers seeking innovative risk management solutions for their commercial property exposures.  

Prior to joining Nationwide, Tonya served as Regional Vice President for Arch Insurance Company, where she led the Southeast Region E&S Property team. In this role, she oversaw the underwriting strategy and delivery of property insurance products and services through the wholesale distribution channel.  

“Today, industry standard for verifying proper insurance coverage relies on static, paper-based certificates of insurance and places the responsibility on companies to track and validate authenticity on an ongoing basis,” said Rob Chenoweth, vice president of National Technical Underwriting and Automation for Nationwide Small Commercial.  “This can be problematic if a policy is canceled or coverage is reduced, because relevant stakeholders – for instance a general contractor who relies on bonded and insured subcontractors – have no way of knowing this on-demand and could be held liable if an accident occurs. This relationship with TrustLayer is designed to simplify the insurance verification process for our customers and distribution partners and is another example of our commitment to putting them at the center of everything we do.”

Through the partnership, a business or broker partner who is a TrustLayer customer, can now validate on-demand that Nationwide policyholders meet the certificate holder’s contractual insurance requirements. Digital validation stands to reduce fraud and enhance both claims and underwriting processes for Nationwide and other key stakeholders. 

This new relationship is just the latest example of TrustLayer and Nationwide’s industry innovations.

TrustLayer has built a modern technology solution which allows policyholders to validate the insurance of their third parties across any vertical. TrustLayer’s buy-in from insureds and brokers on solving this pain point made the partnership a natural fit.

Meanwhile, Nationwide has served as a leader in providing tech-enabled experiences for its customers and partners. In 2023, the company built the industry’s first commercial lines insurance verification application programming interface (API) with the goal of streamlining the verification process for brokers and risk managers through digital delivery of policy details directly from its policy administration system.

Now, the two leaders have built a better way for businesses to be certain the third-parties they work with have coverage.

“To be truly certain that your partners have the right insurance, you have to go beyond a certificate of insurance,” said John Fohr, Co-Founder and CEO at TrustLayer. “A certificate of insurance only validates coverage at a point in time. To achieve true proof of insurance you must use reliable policy data. Before TrustLayer, companies only validated proof of certificate – not proof of insurance,” he expanded. “I believe this is the way forward – not only for insurance but for licensing, and countless other compliance scenarios where trust must be established between companies. We are fortunate to work with dozens of amazing partners, to reimagine the way companies share and validate information in order to build trust.”

To get started with this new on-demand insurance verification capability, visit trustlayer.io/pages/nationwide.

For more information about integrating with Nationwide’s insurance verification APIs, visit Nationwide's Partnership webpage.

About TrustLayer
TrustLayer is an AI-powered collaborative risk management platform working to digitize the highly manual, error-prone, and paper-based process of insurance verification. With TrustLayer, companies can securely automate the verification of insurance, licenses, and compliance documents of their business partners (i.e., vendors, subcontractors, suppliers, borrowers, tenants, ridesharing, and franchisees) in an easy-to-use digital dashboard. TrustLayer is working with dozens of the largest brokers and carriers in the U.S. to build out a fully digital proof of insurance solution so companies will be able to validate in real-time that their business partners have the correct coverage. The company is backed by leading investors, including Craft Ventures, Abstract Ventures, Box Group, Propel Ventures, Sure Ventures and PruVen Capital, and has also received investments from more than 20 of the top 100 insurance brokers. To learn more, visit trustlayer.io, or follow us on Facebook, Twitter, and LinkedIn.

More than half of SBOs (52%) also admit being personally fooled by a deepfake image or video in the past year, while 9 in 10 say gen AI scams are becoming more sophisticated and that they need help protecting their enterprises from such attacks. Though most SBOs agree that the rise in gen AI technology makes them more likely to purchase cyber insurance, less than half report actually having the necessary coverage.

“As gen AI continues to transform various industries, its misuse in scams presents a significant challenge for small businesses with less resources for cyber defense than larger corporations, making them easier targets for cybercriminals,” said Nathan Lentz, vice president of Small Commercial Sales and Distribution for Nationwide. “While small business owners feel prepared to prevent a cyberattack, they must ensure their preparedness is backed by comprehensive cyber insurance to truly safeguard their operations. Without it, they face potentially devastating consequences to their finances, operations, and customer relationships.”

Nationwide’s survey also provided three key insights for commercial lines agents and their small business owner clients:

1. Small businesses have upped their cybersecurity game, but still need help safeguarding their digital infrastructure

Small businesses have come a long way with cybersecurity since the COVID pandemic, which a quarter of owners say was a catalyst for new ways to breach their systems. Roughly 7 in 10 (69%) are worried about a potential cyberattack on their business – a 16-point increase from 2022 and 31-point jump from June 2020.

Fortunately, two-thirds (65%) of SBOs feel prepared for preventing such an attack – up 17 points from 2022. It’s likely this confidence is due to the actions they’re taking to train workers to defend against cyberthreats:

• 71% provide formal cybersecurity training for employees at least once a year (another 15-point jump from 2022)
• 36% send phishing test emails to employees at least every few months to keep them on their toes.  

However, many also may have learned their cyber lessons the hard way. Nearly a quarter (23%) of SBOs report their business has been a victim to a cyberattack and the vast majority say it jeopardized their company finances and had a moderate or major impact on their customers’ trust.

2. Business owners still vastly underestimate the cost and duration of recovery following an attack

When asked about the possible impacts of a cyberattack on their business, SBOs overwhelmingly underestimated the scope of damage a cyberbreach can bring:

• 81% believe an attack on their business would cost less than $5K in damages and recovery costs.
• Another 1 in 5 (22%) believe they’d be back up and running in a month or less.

In reality, these events can be far more detrimental to a business than SBOs realize: according to Nationwide’s claims data, the average cyber claim for a small business costs $18,000-21,000 while the time for recovery can be as long as 75 days.

3. Owners’ confidence is high, but their plans are lagging – a risky disconnect

Two-thirds of SBOs (66%) are confident in their business’s ability to recover from an attack, a 9-point increase from ‘22, but this confidence may be hubris with only 42% saying they have purchased cyber coverage – a critical backstop in the event of a malicious attack.

Perhaps most concerning, two-thirds (66%) report that they either expect their non-cyber coverages to kick in to cover losses from a cyberattack or that they haven’t taken the time to think about what they would do after an attack.

Further, 7 in 10 (69%) do report having an incident response plan in place for a potential cyberattack, however these plans are only good when they’re kept up-to-date and 3 in 10 (28%) admit theirs is outdated.

Don’t let clients lose their business to a deepfake
As clients rely more on technology and data, it’s crucial for agents to offer counsel on proactive steps they can take to protect their business from cyber criminals and bad actors.

Still, even the best efforts cannot prevent all attacks, which is why having an up-to-date incident response plan and cyber insurance is important to fall back on.

“The time for business owners to figure out how to navigate a data breach is not during the incident – that could be an expensive and potentially business-threatening lesson for owners to learn,” said Lentz. “Our research shows that three-quarters of agents (73%) say their commercial clients consider or purchase cyber insurance because they were either a victim to an attack or witnessed a similar business become a victim. As cyber threats continue to evolve, agents should encourage business owners to take proactive steps to protect their companies. Investing in the right insurance policies can not only mitigate the risks posed by cyberattacks but also ensure that recovery, when necessary, is faster, less costly, and more efficient.”

By encouraging a proactive approach that includes robust security practices, comprehensive cybersecurity coverage, and continuous education, agents can help business owners better protect themselves against the rising tide of cyber fraud.

Nationwide has set a goal of reducing workers’ compensation claims by one million by 2030 by using insurtech solutions, like the ones developed by CompScience, which focuses on true loss prevention by obtaining and analyzing customer information quickly to prevent claims before they occur.   

Artificial Intelligence can discover risks in the workplace   
A game changer in the world of workers’ compensation right now is CompScience and how they are using artificial intelligence (AI). Specifically, computer vision technology that has the potential to detect risk that can be addressed before an accident happens.   

AI-driven computer vision technology can provide unparalleled insights into workplace safety. In this context it can identify potential hazards, ergonomic risks, forklift dangers, and environmental threats that might otherwise go unnoticed—far better than traditional loss control. This level of foresight empowers insurance professionals to offer proactive solutions to their clients.  

Benefits   
While the costs of workplace injuries have been on the rise, technology costs have been steadily falling. Security cameras and AI development have become more accessible and affordable. This convergence of factors creates a unique opportunity to combine workers' compensation with AI.  

Insurance professionals armed with AI technology can partner with their clients to create safer workplaces. By identifying and addressing potential risks before accidents occur, they can reduce the frequency and severity of claims. This, in turn, leads to lower insurance premiums, improved productivity, and a safer work environment for all.  

Results  
CompScience has observed some positive early results, seeing a 16% decrease in overall frequency and a 23% decrease in incidence year-over-year for customers using their program. These early indicators are promising and support the approach of providing safety insights to reduce incident rates and claims. 

Customers have given positive feedback, appreciating CompScience’s non-judgmental and integrative approach. Brokers can help their customers understand risks better and reduce costs, while employers and employees benefit from reduced friction and can allocate resources more effectively. 

The partnership with Nationwide is driven by a shared focus on protection, aiming to engineer risk out of workplaces and create safer environments.  

What’s next  
The focus is on continuing to improve core technology, including faster delivery of insights to customers, adding detectors, exploring new verticals, and expanding lines of business. The goal is to change the mindset of insurance buyers to embrace technology, ensuring safety and allowing people to return home uninjured to their families.  

62% of IAs polled said they are already investing in artificial intelligence technology for their business. More specifically, agents are continuing to embrace the technology as it advances, with 38% of IAs saying they have adopted an AI platform for their business in the past six months.   

“This is an exciting time for insurance agents to leverage Generative AI,” said Chetan Kandhari, Nationwide’s Chief Innovation and Digital Officer. “Today, customers are expecting a high level of responsiveness, hyper-personalization, and the ability to interact across channels. Agents are seeing where Gen AI can save them time and help them be more effective in delivering a great customer experience.”  

Insurance professionals will be looking for ways to use AI in customer service, underwriting, pricing, and sales. The benefits are so prominent that an additional 41% of agents surveyed plan to adopt AI for their business in the next six months, according to Nationwide. Furthermore, 77% reported considering using AI technology to help develop council for their clients, a 15-point jump from 2023.  

“It’s encouraging that agents are willing to incorporate AI technology to streamline their operations,” said Kandhari. “However, it’s important they use the technology in a thoughtful and responsible way, so they maximize the benefits to their business and their customers don’t see any drop off in service.”  

Nationwide offers these recommendations for agents who want to use AI in their business 

1. Clearly identify your business goals. Understanding your business objectives and pain points will help you identify areas where AI can enhance efficiency and customer experience. From there, you can research how AI is transforming your industry and look for successful use cases or emerging trends.  

2. Evaluate your current technology and choose an AI platform that will complement it. To do this, you’ll need to evaluate your needs to define the right platform to solve your business problem. Make sure you’re considering scalability and the ease of integrating the platform with your existing systems. An external vendor can help with evaluating the different platforms available, finding the one that works for your agency, and integrating it into your current system. 

3. Get employee buy-in. This will be key to ensuring your investment in AI pays off. To get employees excited and on board with using the new platform, agency owners must provide their employees robust education and training on the new platform, highlight its benefits with the staff, address any concerns, fears or misconception about using the new technology and celebrate successful uses of AI within the business.  

4. Stay vigilant. Agency owners should mandate that the technology be used responsibly and ethically. Since AI is always evolving, they should keep up to date with changing regulations governing the platform and offer up continuing education to agents so they can remain compliant. 

5. Work with carriers that have extensive experience using AI. Not all carriers are proficient with AI. Legacy carriers like Nationwide are more likely to have the infrastructure and expertise to help agents and agencies navigate the complexities of using the technology to support their customers.  

“Nationwide has been using AI and machine learning for more than a decade,” said Kandhari. “We’re standing by to guide our agent partners on the ways to best utilize this powerful tool to help grow their business and support their clients.” 

Tips and advice for agents on using AI can be found here.  

By the numbers:  One-third of company drivers (34%) “often or sometimes” feel distracted while driving for work purposes – mostly caused by known safety hazards like operating GPS/navigation systems (55%), interacting with radio or music systems (41%), or responding to work related texts (36%).

More than a quarter (27%) also daydream behind the wheel and 13% are checking social media apps.

What you should know: Staffing shortages may be contributing to risky driving behaviors as drivers work longer hours and face challenging deadlines.

• 4 in 10 drivers say their employer is struggling with staffing shortages, leading to increased workloads (61%), longer hours (58%) and more difficulty meeting deadlines (47%).
• Drivers are facing distractions due to work demands:
  • 55% take work phone calls while driving
  • 30% read/respond to work texts while driving
  • Nearly 1 in 5 read work emails (18%) or respond to work emails (16%)

Why it matters: Driver shortages are also fueling concerns about overall workplace standards and practices that could impact the safety of company drivers and the general public on the roads with them.

• 42% of drivers say their employer has reduced hiring criteria
• 39% say employee training has suffered
• 34% say there’s less of a focus on safety

What drivers are saying: 6 in 10 company drivers are worried about their own personal safety and liability behind the wheel – not surprising considering more than half have been involved in or witnessed an accident in the past year.

As a result, 72% want their management to increase the training being provided to drivers to help prevent accidents and improve safety.

Drivers are also overwhelmingly supportive of technology like dash cams and telematics, which they feel can improve their safety on the roads and increase transparency and accountability. Despite this, only 38% of drivers say their employer requires a dash cam or monitors their driving with telematics.

What we’re saying: For businesses with fleet vehicles, a comprehensive safety program is a key piece of the protection puzzle and should include everything from robust hiring and training criteria for drivers, to written policies/procedures that address all sources of distractions, to implementation of technology like dash cams, cell blockers or telematics that can help increase safe behaviors.

“Business owners may have opportunities to elevate the training and safety resources they’re offering for drivers, further demonstrating their commitment to their workers and, in turn, potentially helping with hiring and retaining good drivers in the future,” said Kristina Talkowski, Nationwide’s leader of Middle Market Commercial Lines. “Safe, high quality drivers also welcome technology like dash cams that can help improve safe driving behaviors and stave off legal system abuse that’s negatively impacting insurance customers through higher insurance costs, longer claims resolution times and limited access to coverage.”

Go deeper: View the full survey results  or leverage your carrier’s loss prevention services for business fleets such as educational resources, safety training, and other in-person or virtual services.

“A little bit of proactive effort can save a lot of money for business owners in the long run across Business Auto and Workers Comp costs,” added Talkowski.

Methodology:
Edelman Data and Intelligence (DXI) conducted a national online survey of 400 commercial drivers* and 1,000 general consumers from March 4 – 15, 2024. As a member in good standing with The Insights Association and ESOMAR, Edelman DXI conducts all research in accordance with local, national and international laws and in line with all Market Research Standards and Guidelines.

*Note: Commercial Driver audience does not include long-haul/heavy trucking, tow trucks, app-based delivery drivers (e.g. DoorDash), or large corporate delivery drivers (FedEx, Amazon, UPS, etc.).

A new Defense Base Act (DBA) insurance program has been launched by K2 OCONUS, a division of K2 Insurance Services, with Nationwide’s excess & surplus/specialty business serving as the underwriter for this new partnership. The program will provide Workers’ Compensation coverage for U.S. government contractors working overseas, especially in high-risk areas.

The program is now live and open to U.S. government contractors working abroad in any industry, including construction, engineering, logistics, security, and humanitarian aid.

“New players continue to emerge and present opportunities for Nationwide to expand our Workers’ Compensation offerings. We are pleased to launch this new partnership with K2 OCONUS–the expertise and knowledge they bring towards DBA will help us tap a new market,” said Dale Hoppe, Nationwide’s Vice President who leads the company’s E&S/Specialty WC programs.  

Founded by Defense Base Act insurance industry veteran Chris Leo, K2 OCONUS’ team is made up of former military and Defense Base Act professionals with extensive experience and expertise in field. The K2 OCONUS staff also brings in-depth knowledge of aviation, security operations, and risk assessment, and can tailor the coverage to the specific needs of each client.

“Our entrance into the Defense Base Act insurance market signals a revolutionary approach to a market in need of a contemporary perspective on how our industry can better serve the mission of the customers. Equally, I am honored to be partnered with Nationwide, a leading specialty insurance company that shares our commitment to excellence and client-centric values,” said Chris Leo, CEO and Founder. 

The Defense Base Act (DBA) is an extension of the Longshore and Harbor Workers' Compensation Act (LHWCA). This Act provides disability compensation and medical benefits to employees and death benefits to eligible survivors of employees of U.S. government contractors who perform work overseas. The act provides a means of recovery for insurance carriers that pay claims due to an act of war on offshore workers compensation coverage¹.

Learn more about K2 OCONUS

¹ https://www.dol.gov/agencies/owcp/dlhwc/FAQ/DBAFaqs

Nationwide’s survey polled “commercial property stakeholders” – defined as commercial property owners, new construction builders and business owners – to gain an understanding of their concern around severe weather and their attitudes toward commercial construction standards.

Strong Building Standards are Vital for Protection
Big Picture: Property stakeholders agree on the importance of building code policy and the role it plays in climate readiness. However, many are concerned the current building codes in their region fail to fully account for the climate risks they face, especially in coastal states.

By the numbers:

• Nationally, 84% acknowledge the importance that building codes need to be improved
• In hurricane-prone states, nearly two-thirds (65%) are concerned about outdated building codes
• Virtually all (99%) agree that complying with current building codes is vital to protect their properties against weather

Why it matters: Commercial property stakeholders are increasingly concerned about climate risk and the high costs associated with recovering from severe weather events.

In fact,

• 36% of property stakeholders, and 59% in hurricane-risk states, have suffered damage from natural disasters in the past five years.
• Of those, approximately half (49%) say their recovery took between four to six months and cost between $20,000 and $50,000.

What you should know: Commercial customers say they are willing to invest to better protect their properties from weather damage, especially those in hurricane and wildfire-prone states.

• More than half (53%) say they would be willing to spend more to increase their structure’s resiliency against weather, with a median investment of $20,000.
  • This jumps to 66% in hurricane-risk states and 57% in wildfire-risk states
• Another 52% (66% in hurricane-risk states) report already building/repairing their properties to standards above current code requirements.

What we’re saying: “Climate risk is reshaping the protection needs of businesses, with severe weather being a year-round and widespread concern,” says Mark Berven, President and COO of Nationwide’s Property & Casualty business. “A collective approach involving insurance, proactive risk management, and robust building standards is crucial for resilience as climate impacts persist. Many of our commercial clients are taking extra steps to prepare their properties for severe weather events, but they can’t do it alone. The industry must continue to advocate for strong building codes to safeguard our communities and property investments.”

Nationwide Advocates for the Adoption of Modern Building Codes

As a founding member of the Insurance Institute for Business and Home Safety (IBHS), Nationwide advocates for the mandatory adoption and uniform enforcement of statewide building codes as well as enforceable standards for permits, inspections and building code inspector licensing and training.

IBHS believes strong, enforceable building codes are the simplest and most effective way to help protect property, reduce damage, save lives and lessen the burden for post-catastrophe aid.

“Our research shows the business community is behind these efforts to build more resilient communities, as 97% of those we surveyed agreed that enhancing building standards will help better protect their properties,” added Berven.

Learn More about building codes in your community, Nationwide’s efforts to update local and state building codes, and how the industry can take action together to build a more resilient future.

That's going to be the focus for insurance and financial services giant, Nationwide, according to comments made by Nationwide P&C Business Insurance President Russ Johnston.

Johnston commented recently that the hiring of Kristina Talkowski is a strong signal that his team plans to build out industry specialization as part of Nationwide's middle market strategy moving into 2024.

Both customers and intermediary partners are making specialization a priority. The company is focused on attracting and retaining industry expertise across the country as part of their flexible workplace.

"We want to be in alignment with that trend," said Johnston. "In order to be a world-class protection company, we've got to design solutions and services that are relevant to the end customer. Focusing on industry specialization will allow us to meet and serve the market in a very targeted way. Through strategy refinement, we’ve identified sectors where we can define ourselves in the market and are viable and profitable long-term.”

Johnston believes the approach will allow Nationwide to outperform the industry.

"If we get our underwriting proposition aligned accurately, along with the right claims approach, we should be able to grow this segment faster and more profitably than average industry growth rates."

Talkowski, who began her new role in October, is excited to bring the specialization focus to life as she leads Nationwide’s middle market team. An established and respected leader in the commercial P&C industry, she brings significant experience in delivering specialized solutions for middle market customers.

“Throughout my career I’ve experienced firsthand the benefit of industry specialization to understand the middle market customer needs, drive innovation and evolve as an insurer,” she said. “Joining Nationwide provides me the opportunity to continue focusing on addressing the unique protection needs of middle market businesses with the added leverage of Nationwide's strong brand, great talent and a customer centric foundation.”

The specialization approach is not new to Nationwide. The company has already implemented a similar approach successfully in its E&S operations.

"We have [E&S] capabilities we've not fully leveraged for our standard middle market strategy up until now," Johnston said. "But that will be important to inform our strategy going forward. Our vision is not just to be the traditional property, workers' comp, general liability, and auto player in the middle market. We want to bring all of our capabilities to bear in a way we haven't done until now."

“As a protection company, we’re regularly exploring new ways to offer enhanced protection and peace of mind for our customers. Electrical failures can lead to detrimental impacts for a farm or commercial agribusiness, but more than two-thirds of failures can be prevented by having a routine preventive maintenance program in place¹,” said Brad Liggett, president of Agribusiness at Nationwide. “We’re proud to be the first U.S. insurer to team up with these innovative companies to get their solutions directly into the hands of our customers and partners to help better protect their businesses and livelihoods.”

Teledyne FLIR thermal imaging cameras allow customers to see what’s truly going on with mechanical equipment, electrical boards/panels, insulation, and more, and identify problems before they interrupt business flow. By visualizing heat as an image with measurable temperatures, FLIR’s thermal cameras can help save you money with ongoing preventative maintenance and loss prevention, serve as an integral part of assessing downed equipment, or provide insight on how to correct faulty machinery or wiring. Nationwide’s customers and partners can now access Teledyne FLIR’s range of FLIR thermal imaging devices at a discount. Learn more here.

The PrevTech solution provides real-time electrical monitoring, fault detection and diagnostic services to reduce the risk of fire and operational interruptions. PrevTech’s monitoring services are delivered by a team of technical experts that proactively connects with clients and guides them in the diagnostic and risk mitigation process. Thus, providing peace of mind to business operators. The solution can be adapted to any operation’s needs, no matter the size or type. Visit PrevTech’s site to learn how Nationwide’s agriculture customers can benefit from exclusive preferred pricing.

These new partnerships add to a robust suite of protection solutions Nationwide has made available at preferred pricing to its customers, including HAYTECH bale monitoring probes and Razor Tracking’s fleet management solutions.

“We envision a future where technology and insurance harmonize to shape unparalleled solutions for our customers,” said Maria Cambria, global vice president of marketing at Teledyne FLIR. “This collaboration between Nationwide and Teledyne FLIR represents a commitment to unlocking untapped potential and propelling growth.”

With a shared goal of making farmers more resilient, PrevTech Innovations president and founder, Pierre-Andre Meunier, said the partnership is unique. “Together, we will nurture the direct relationships with farmers by helping them better address electrical hazards, guide them towards risk management best practices, and build a safe, reliable and prosperous future,” he added.

Visit Teledyne FLIR or PrevTech to learn more about how you can incorporate these capabilities into your operation or service offerings for clients.

¹ Recommended practice for electrical preventative maintenance, HSB

Just 19% of small business owners and 39% of mid-market business owners rate business conditions in the U.S. economy positively, down 8 points and 19 points, respectively, since September 2022.

Inflation, interest rates top of mind
Persistent inflation and rising interest rates continue to impact their businesses, with nearly three quarters of small and mid-size business owners citing inflation as their most significant challenge, up 11 points since September 2022.

• Increased interest rates are right behind with 62% of mid-market business owners and 50% of small business owners saying it’s a continued challenge (up 4 points and 15 points, respectively, from fall 2022).

Despite their grim views of the economy, most business owners (small-55%; mid-market-74%) are surprisingly optimistic about their own business operations.

• 74% of mid-market and 55% of small business owners rate their business conditions as good or excellent.

Returning to pre-pandemic practices
Business owners are even reversing some actions taken over the course of the pandemic, including:

Hiring more, laying off less:

• 21% of small businesses owners say they have hired more workers, up 8 points from the fall.
  • Only 6% of small businesses have laid off employees, a drop of 4 points from the fall.
• 42% of mid-market owners have hired new workers, an 18-point jump.
  • 18% of mid-market businesses conducted layoffs within the past 6 months, down 5 points from the fall.

Managing supply chain disruptions:

• 21% of small businesses say supply chain disruptions are among their biggest challenges, a drop of 8 points from the fall.
• 31% of mid-market businesses list supply chain disruptions as one of their biggest challenges, consistent with their responses from the fall.

Staying open longer:

• Only 10% of small business owners have reduced operating hours – down 7 points from the fall.
• 14% of mid-market owners have reduced operating hours, a decrease of 11 points.

These positive indicators demonstrate that business owners may be finding their footing in some areas as they continue to navigate inflation effects and rising interest rates.

• Cutting costs remains a top priority for business owners (63% small business; 49% mid-market) as they hedge where they can to minimize risk.

“Business owners are closely analyzing today’s economic uncertainty, but they’re also confident in their operations as they manage through the conditions to best meet demand and remain competitive,” says Russ Johnston, President of Business Insurance at Nationwide. “As business owners navigate the tight labor market to add staff, get back to traditional operating hours and explore cost-saving strategies, it is imperative that they review risk and ensure the business does not compromise on long-term protection.”

Lingering economic factors: bank failures and continued interest rate pressures
As business owners look ahead, they should also be diligent with their financial planning - especially as worries about the health of the banking system remain and interest rate uncertainty continues.

• The majority of business owners, small (71%) and mid-size (80%), are concerned about the health of American banking institutions following the recent bank failures. Almost 3 in 10 business owners have reevaluated where their business banks.
• Four in 10 small (46%) and mid-sized businesses (40%) feel the Federal Reserve should cut interest rates to ease pressure on the economy, while 13% and 23%, respectively, think the Federal Reserve should be more aggressive in raising rates.

These unknowns mean that businesses could be impacted yet again by heightening interest rates and be forced to halt hiring or lay off workers, reversing the progress they’ve made since emerging from the COVID economy.

“It's understandable for business owners to be focused on getting through today’s inflationary and recessionary environment. However, the past few years have taught us how crucial it is to hedge against risks and prepare for unforeseen threats,” said Juan José Pérez, President of the Nationwide Corporate Solutions organization. “Business owners have enough on their plates today, so we encourage them to partner with financial advisors and other risk management partners who can help them navigate today’s uncertainty and be prepared to take advantage of opportunities to grow their business when the recessionary environment eventually passes.”  

More findings from Nationwide's 2023 Economic Impact survey can be found here.

Survey methodology:
Nationwide commissioned Edelman Data & Intelligence to conduct a 15-minute quantitative online survey among a national sample of 400 U.S. small business owners and 400 mid-market business owners between March 30 and April 28, 2023. As a member in good standing with The Insights Association as well as ESOMAR Edelman Data and Intelligence conducts all research in accordance with local, national and international laws as well as in line with all Market Research Standards and Guidelines.

To meet the demand associated with this shift, Nationwide and Waffle are teaming up to protect Waffle customers’ homes and vehicles in minutes, all online. This partnership makes Nationwide the preferred auto and homeowner insurance carrier for Waffle and will include the direct integration of Nationwide’s auto & home products onto the Waffle platform. Waffle has also been appointed by Nationwide to sell all of its Personal P&C products.

“Nationwide is one of the country’s most prominent carriers and we couldn’t be more excited to partner with their phenomenal team to deliver expectational protection for our customers” said Quentin Coolen, Co-founder & CEO of Waffle. “With this partnership, Waffle is realizing its original goal of protecting every aspect of our customers’ lives - all online.”

Nationwide’s auto and home products will be available through the Waffle platform first to select states¹, with a particular focus on premium coverage. If they qualify, customers will be able to purchase coverage online in a matter of minutes.

“Nationwide recognizes the importance of providing our products and services to customers where they are at and for some, that means offering insurance protection online,” said Lisa Gobber, Vice President of Nationwide PL Alternative Direct Distribution. “We’re excited to be the preferred home and auto insurance carrier for Waffle and provide Waffle’s customers with exceptional insurance coverage.”

To learn more about Waffle, please visit https://www.waffleinsurance.com.

To learn more about Nationwide, please visit https://www.nationwide.com.

¹ Available in OH, WA, AL, IN, TN, WI, ID, IA, NE, NH, ND, SD, immediately, rolling out to additional states this year.

About Waffle
Headquartered in New York, Waffle is an all-in-one consumer InsurTech solution that meets all of your insurance needs in one easy-to-use platform. Available in all 50 States, Waffle provides customers with top-rated insurance products. Investors include Sony Innovation Fund, Barclays, Techstars, BetterLabs Ventures and others. To learn more, please visit https://www.waffleinsurance.com. 

Beginning today, Nationwide’s agribusiness customers have discounted access to HAYTECH, the wireless hay monitoring system. The new partnership marks the first time the HAYTECH technology, an IoT-based solution from Finnish AgTech company Quanturi, is available to customers in the U.S.

“As a company built to serve the agriculture community’s unique needs, we’re constantly exploring new ways to solve challenges facing our customers – whether they run a small hobby farm or a large commercial agribusiness,” said Brad Liggett, president of Agribusiness at Nationwide. “HAYTECH’s unique solution to the issue of hay fires in agriculture is a perfect example of the intersection of industry expertise and technology to provide even deeper protection and peace of mind for our customers. We’re thrilled for Nationwide customers to be among the first in the country to benefit from this new capability.”

To use HAYTECH, customers will install a series of easy-to-spot and long-lasting probes into their operation’s hay bales and stacks, which will regularly transmit temperature measurements to the Cloud and alert operators when concerns arise. Nationwide’s customers who utilize the monitoring system will benefit from:

• Secured hay production – HAYTECH warns producers of unusual temperature rises, enabling them to anticipate fire hazards and minimize the risk of losing haystacks and more. Operators can also use the intuitive interface to monitor their entire storage site regardless of the size of their production.
• Increased income by choosing hay quality –Temperature data allows customers to choose the right hay for the best use, helping to optimize the profitability of their haystacks.
• Reduced safety risks and labor costs – With remote access to all the data needed, the solution also helps to limit dangerous handling and work accidents.
• Simplified hay production certification – Better anticipate selling prices by proactively ensuring hay will meet the requirements of the labels and by bringing a guarantee of traceability to customers.

“We are excited to partner with Nationwide and provide farmers with innovative and best-in-class solutions to prevent hay fires and optimize the quality of hay during storage. Nationwide is a frontrunner in bringing new digital technologies to its customers and we believe that HAYTECH, our real-time hay monitoring will help leaders in Agtech make more data-driven decisions,” said Nadine Pesonen, CEO Quanturi.

To learn more about incorporating HAYTECH, the hay monitoring technology into your operation, contact your Nationwide agent or visit https://haytechsystem.com/nationwide/.

¹ Hay Fires: Prevention and Control, National Ag Safety Database

A new pilot partnership between Nationwide and HomeZada will make HomeZada’s digital home inventory technology available to Nationwide Private Client customers, at no additional charge. Homeowners can upload photos, estimated values, and important property and asset documents. They can securely access those records either online or through the HomeZada app – anywhere and anytime. For an upgrade fee, users will also be able to upload videos, create reports and access the platform’s other features.  

“Many of our Private Client customers have rare artwork, collectibles and other items that mean a lot to them,” said Crissy Seals, Nationwide Private Client’s Director of Risk Solutions. “This HomeZada technology provides our clients peace of mind knowing their valuables are digitally accounted for in a secured, cloud-based environment. That way, if a catastrophic event occurs, our claims team can quickly and easily take care of them.”  

“Empowering homeowners to manage, maintain, improve and protect their home and personal property is our primary mission,” said Elizabeth Dodson, co-founder of HomeZada. “We are excited to work with Nationwide because HomeZada also provides value to insurance companies in providing digital relationships that engage clients in a value-added way that cultivates long term relationships.   

“This pilot is just the latest example of Nationwide working with insurtechs to provide value to its customers to protect what matters most to them,” said Seals.  

Customers can sign up for the free trial at www.homezada.com/nationwide 

A recent survey from Nationwide of risk managers—those charged with identifying, evaluating, and selecting the best techniques to mitigate risk—revealed that cybersecurity takes up a substantial portion of their budgets. 68% expect these budgets will continue to grow in the coming years.

“Nationwide’s previous studies have revealed that consumers as well as small to mid-sized businesses have begun to take cyber threats very seriously,” said Tim Nunziata, Vice President of Cyber Risk for Nationwide Excess and Surplus/Specialty. “Large businesses have always been a target and that’s why many already have teams in place to protect them. As the threats become more frequent and sophisticated, risk managers know they must remain vigilant.”

Large enterprises remain concerned about cyberattacks…
Respondents believe there is a greater risk of their company experiencing a cyberattack since the beginning of the war in Ukraine (57%). 90% say they are concerned about their company falling victim to a cyberattack. But they are preparing, 91% have an incident response plan in the event of a cyberattack.

…because they know they are still on cybercriminals’ radar
68% of those who took part in Nationwide’s survey report their company has been the victim of an attack in the last three years, including almost 1 in 4 (24%) in the past year. 88% say that they’ve experienced an attack at some point in their company’s history.

Those attacks are costly…
Of those who experienced an attack nearly 7 in 10 (68%) report their business operations were impacted and three-quarters (75%) reported a significant or moderate financial impact.

…and recovery can take a while!
71% said recovery from the attack took longer than one month, and more than a third (35%) reported the process taking longer than four months.

Risk managers are on the lookout for common attacks…
They view data breaches (24%), ransomware (13%) and business interruption (11%) as the top cybersecurity threats.

…but there’s a new threat to keep an eye on
The cyberattack of the future? Deepfakes. Despite an increase in companies falling prey to deepfake attacks and even warnings from the FBI, it’s not high on the list of concerns for risk managers. Only 6% of those surveyed say social engineering, impersonation, or other tactics to manipulate employees is their biggest concern.

Companies are turning to insurance experts for help
83% report they are renewing their current cyber policy. 94% of those who did renew that policy said their broker or agent played an important role during the renewal process. Half (53%) of risk managers report their coverage has changed in the past two years, with most reporting that they’ve increased their coverage.

“Agents and brokers can really help clarify the threat landscape, including what is out there and what cyber trends they are seeing,” said Nunziata. “Where they really provide value is making sure a business has the coverage they to protect and mitigate issues.”

For more information on how to protect your company, click here.

For more information on the finding of this survey, view the complete survey results.

Methodology
Nationwide partnered with Edelman Data & Intelligence to conduct a 20-minute national online survey of 500 corporate risk managers employed by mid-sized firms, defined as reporting annual revenue of $250 million to $1.5 billion. The survey was fielded from August 8 - 25, 2022. As a member in good standing with The Insights Association as well as ESOMAR Edelman Data & Intelligence conducts all research in accordance with local, national and international laws as well as in line with all Market Research Standards and Guidelines.

With the new partnership, Nationwide commercial fleet customers will have discounted access to the Idelic Program, the leading driver performance management and risk prevention program, to help them identify risky driver behaviors and coach their drivers to improve safety, resulting in a reduction in preventable crashes and losses.

Idelic’s Safety Suite aggregates fleet data to identify risky driver behaviors. According to Idelic, this data combined with an industry best-practice Driver Safety Playbook, has helped reduce accident rates by more than 52%. Idelic customers are seeing an average reduction of more than 20% within the first year of using the program.

“The power of Idelic’s Safety Suite is clear: motor carriers can harness and leverage large amounts of data already being collected and create actionable insights that reduce risk for their fleet,” said Gary Flaherty, senior vice president of E&S Commercial Auto at Nationwide. “Our partnership extends our already deep reach into the data-driven world that will translate into even safer fleets. Our dedication to protecting businesses with extraordinary care is boldly stated with this new partnership.”

The transportation industry has a multitude of data sources to help improve and evaluate safety, but it has proven to be a significant challenge to use that data effectively to benefit insurance underwriting.

By leveraging the comprehensive data set enabled by Safety Suite®, fleet owners can flag drivers who may be at-risk for a preventable accident. From there, fleets can proactively assign targeted training, track professional development, and improve driver engagement – all of which help reduce accidents and incidents and ultimately achieve lower premiums.

“Idelic’s proprietary AI powered view of driver risk in Safety Suite, coupled with a prescriptive approach to driver coaching through the Idelic Driver Safety Playbook is changing the game for fleets wanting to improve their insurance outcomes.” said Hayden Cardiff, Founder, Idelic. “This partnership with Nationwide demonstrates the value of the Idelic Program as a promising solution for their fleet customers to help lower losses and improve their risk profile at the time of renewal.”

Nationwide’s E&S commercial auto customers will have the opportunity for reimbursement on the cost of Safety Suite at policy renewal. They’ll also benefit from personalized underwriting for their new policy based on a 360-degree view of their fleet’s performance.

To learn how using Safety Suite can help improve fleets’ insurance outcomes, visit the Nationwide partnership page.

After leveraging Betterview property and risk insights for more than 100,000 Nationwide-insured properties, the companies signed a new, three-year partnership extension with plans to further evolve the innovative collaboration with future automation.

“Our budding relationship with Betterview is a testament to the opportunity we saw when making our initial venture commitment in 2018,” said Tony Fenton, Nationwide’s vice president of Commercial Lines Underwriting and Product. “We feel the sky is the limit with this partnership and look forward to the next step in our integration journey as we continue our focus on expertise, technology and world-class underwriting.”

The Betterview platform, which is quickly becoming essential for every transaction around buildings and properties, uses aerial imagery, computer vision detections, and third-party property intelligence to provide P&C insurers with a comprehensive, actionable view of real property risk. The insights on the Betterview platform help insurers to predict and prevent losses, increase underwriting and inspections efficiency, and build a more transparent customer experience.

“This technology is critical to helping us better understand, select and price commercial property risks in an increasingly challenging market,” said Fenton. “It’s easy to see the ways we can incorporate Betterview’s unique data elements to influence our risk selection, location intelligence and catastrophe modeling processes – to name a few.”

The insurer also sees potential to save on future claims through reduced losses and expenses. And for members, in addition to higher quality coverage and more accurate pricing, Betterview’s property insights can enable easier detection of roof concerns and proactive risk mitigation.

“Nationwide has been a tremendous partner and trusted advisor in helping empower Betterview’s growth since we began our relationship in 2018,” said David Tobias, co-founder and chief operations officer at Betterview. “We’ve applied many learnings from the partnership to help grow our capabilities and become the leading platform for understanding property intelligence and risk. We look forward to continuing to evolve our work with Nationwide through automation to further improve underwriting selection.” 

Commercial property insurance can protect your business against everything from a minor hiccup to a major loss. Learn more or start a quote for your business.

To help bring data-driven insights to customers, Nationwide and Razor Tracking announced a new partnership to offer advanced telematics and fleet management solutions at a discount for Nationwide’s agribusiness customers across the country. Nationwide’s agribusiness members will receive preferred pricing on Razor Tracking’s real-time vehicle telematics devices, dash cameras and subscription costs to help optimize fleet safety and performance over the roads and on the farms.

“Vehicle accidents are a leading cause of disruption for farm and agribusiness operations,” said Brad Liggett, Nationwide’s President of Agribusiness.  “Nationwide is always looking for answers to the problems facing our agriculture customers and our partnership with Razor Tracking helps us do that, using high-tech yet cost-effective technology to keep our members and their vehicles safe while also improving productivity for their business.”

With the Razor Tracking technology, operators can use an online portal or mobile app to monitor employee driving and help reduce hazardous behaviors – like high-speed driving, harsh braking and sharp cornering – and generate driver safety scores to coach improved performance and reduce the likelihood of accidents. The devices also send out alerts in the event of an engine failure or overturned vehicle, helping to improve vehicle maintenance and response to accidents.

As fuel prices spike across the country, customers can even leverage the devices to increase fuel efficiency by tracking vehicle locations, route efficiency, idle time and fuel levels – all in real time. Razor Tracking’s clients have shown a 30% increase in productivity in the first 60 days.

“Partnering with Nationwide solidifies the depth of Razor Tracking’s technology and ability to provide an ideal mixed-fleet solution for your agribusiness operation,” said Eric Mauch, Managing Partner of Razor Tracking. “Delivering a comprehensive platform with the latest telematics devices has been the cornerstone of our business, and we look forward to developing the same relationship with Nationwide’s customers.”

Learn how you can incorporate Razor Tracking’s telematics and fleet management solutions into your operation by contacting your Nationwide agent or visiting razortracking.com/nationwide.

The integration of Nationwide’s Insurance Verification Digital Product into Assurant’s patent pending HOIVerify^SM solution will enable the two companies to verify insurance coverage and limits efficiently. Homeowners with Nationwide insurance policies will now have their policy details confirmed securely, conveniently and automatically.  

“Nationwide developed our Insurance Verification technology to drive ease and simplicity for customers and partners - it’s a great fit within Assurant’s insurance tracking ecosystem,” said Angie Klett, Nationwide’s senior vice president of Corporate Development. “Instead of a phone call or email, a customer’s insurance policy is verified within seconds. It’s powerful when you put customers at the center of what you do. You end up solving pain points that make a noticeable difference in their customer journey.”  

Nationwide’s Insurance Verification Digital Product, developed in 2021, is a collection of APIs that allow a verified user to first confirm whether a customer holds a Nationwide homeowners, condo, or renters policy, then enables insurance details to be verified instantly. Digitizing insurance verification during the mortgage loan or renewal process reduces the need for traditionally manual processes and significantly improves the speed of verification. Additionally, it enables property managers to make sure their tenants are adequately protected. 

This integration with Assurant’s HOIVerify^SM will not only speed up the process of tracking homeowners insurance, but also extends more sustainable processes. Assurant estimates that HOIVerify^SM’s transformative technology can eliminate 27 million sheets of paper, and save 2,250 trees, 70 million gallons of water and 459 million watts of energy annually, based on 2021 figures. 

“HOIVerifySM is a digital solution that will allow for Assurant to further modernize the complex homeowners insurance process,” said Dave Madigan, president, Lender-Placed Insurance at Assurant. “This innovative, API-based solution will allow for real-time status updates between Assurant and our partners, creating a seamless experience for everyone.” 

More information about Nationwide’s robust API library, including the Insurance Verification Digital Product, can be found on the Nationwide Partner Platform at developer.nationwide.com. Information about Assurant’s solutions including HOIVerify^SM can be found at assurant.com/hoiverify.

Compared to personal motorists, commercial truck drivers are 23 times more likely to cause an accident when texting at the wheel, seven times more likely when reaching for their electronic devices, and six times more likely when dialing a phone.² While the Federal Motor Carrier Safety Administration has imposed strict mobile phone restrictions for commercial motor vehicle drivers, cell phone use continues to be a common risky behavior in the industry.

To help improve the safety of America’s roadways, Nationwide is teaming up with NoCell to curb distracted driving among trucking fleets.

Nationwide commercial fleet customers will now have access to NoCell’s cutting-edge distracted driving management platform. The technology helps remove distraction risks by disabling disruptive apps and cell phone capabilities while drivers are rolling, enabling employers to more effectively carry out their custom mobile device policies with their fleets. NoCell’s user data shows a more than 70% reduction in phone handling events after 10 days of use with customers.

“Trucking businesses have more advanced technology and safety cultures than ever before to reduce risks for drivers and the motorists around them, but it continues to be a challenge for risk managers to enforce mobile phone policies,” said Gary Flaherty, senior vice president of E&S commercial auto at Nationwide. “We’re thrilled about this new partnership with NoCell to help hone in on those dangerous distraction risks as we deliver extraordinary risk mitigation for our customers complemented by deep industry expertise to protect them mile after mile.” 

Fleet managers will have the ability to choose which apps their drivers have access to while the vehicle is in motion. The NOCELL solution – compatible with both Android and IOS – uses an app on the driver’s device, a non-intrusive NOCELLtag connected to the vehicle, and a back-end system to detect when vehicles are in motion, disable unauthorized mobile phone capabilities, and alert fleet managers when phone handling events take place.

“The commercial driver has never been more important to our economy and country than they are today,” said Sam Inman, CEO at NoCell Technologies.  “We are excited for this partnership with Nationwide and the opportunity to extend the reach and deliver our best-in-class distracted driving mitigation platform to their customers.” 

Visit the Nationwide NoCell partnership webpage to learn more about eliminating distracted driving among your fleet using the NOCELL system. To learn more about Nationwide’s E&S Commercial Auto offerings and expertise, visit the E&S Commercial Auto page. 

¹ National Highway Traffic Safety Administration, Traffic Safety Facts, April 2021

² Federal Motor Carrier Safety Administration and Virginia Tech Transportation Institute study

Nationwide and NeuralMetrics have teamed up to help agents serving small commercial customers save valuable time in the quoting process, improving agents’ profitability as they focus on growing their businesses. Utilizing NeuralMetrics technology, Nationwide has boosted its small commercial quoting tools to enable agents to enter client information just once and leverage pre-fill data to evaluate underwriting exposures and quickly generate a precise quote.

“Small commercial accounts are an important growth segment for many independent agents, but historically many have shied away due to high time commitments and other factors,” said Dawn Thompson, associate vice president of expedited underwriting for commercial lines at Nationwide. “With the NeuralMetrics tool, we’re able to streamline the quoting experience for agents serving small commercial clients, creating more lucrative opportunities to grow their books of business in the small business sector.” 

According to Thompson, the key to the technology’s success is ensuring accurate inputs on the front-end. “When the initial information, like business name and location, is entered accurately and the business is visible online, we’re able to achieve a 70% success rate or higher with bypassing the data entry and classification processes to provide a fast and accurate experience for agents and their customers,” said Thompson.

NeuralMetrics’ Smart Ratio platform uses machine learning to extract actionable information from hard-to-access, unstructured public data.

“Through our partnership, NeuralMetrics had the opportunity to work closely with the Nationwide team and imagine a customer centric experience in small commercial,” said Prakash Vasant, CEO of NeuralMetrics. “Together we were able to build a way for underwriters to automate much of the classification work and improve the transparency to the underlying data source that validates underwriting decisions.”

To learn more about Nationwide’s small commercial insurance solutions, visit Nationwide.com/business.

To help small business owners’ deal with these concerns, Nationwide and Funding Circle are teaming up to improve access to much-needed insurance and capital resources and services for America’s small business owners. The two companies have created a new Partnership Solutions page, a publicly available, easy-to-use resource center that provides all small business owners a wealth of information to sustain, protect, and grow their business.

“Today’s hardworking business owners have a variety of insurance and financial needs. They are looking for innovative ways to have those needs met so they can focus on running their companies,” said Kasey Ketcham, Associate Vice President of Commercial Digital Enablement at Nationwide. “This partnership with Funding Circle is another example of Nationwide’s commitment to addressing the challenges small business owners are facing – offering expert guidance and comprehensive insurance and lending resources hand-in-hand to help them make informed decisions to fortify their business and livelihoods.”

The partnership marks the first time an online lender and leading property and casualty insurer are collaborating to progress access to financial support options for small business owners – many of which have experienced increased hardship during the pandemic and are looking to protect their futures.

“Funding Circle is thrilled to partner with Nationwide to offer essential resources that seamlessly supplement our customers’ business needs and sets them up for success in a competitive market,” said Vipul Chhabra, Managing Director of Funding Circle US. “This first-of-its kind partnership with one of the country’s leading insurance and financial services providers embodies our core values: to truly support small business owners in accomplishing their goals, especially among underserved populations that banks typically are not incentivized to reach.”

Businesses looking for easy-to-understand insurance advice and solutions can visit Nationwide’s Coverage Assistant tool to walk through the type of protection that make sense for their unique business and generate a detailed quote in minutes.

To view the Nationwide and Funding Circle Partnership Solutions resources, now available to all, visit:  https://www.nationwide.com/business/solutions-center/partner-offerings/

The survey highlighted three key themes for agents to prioritize as they engage with clients for 2022 planning:

1. Business owners prioritize speed, ease and industry knowledge from their agents and carriers.
2. Advanced digital tools are simplifying claims.
3. Proactive planning can prevent disruptions.

“While supply chain and workforce challenges will continue for the foreseeable future, agents can help clients now by protecting any new or evolving operations they may have in place, assisting with business planning for future disruptions, and leveraging carrier-supplied risk management resources to help prevent further costly interruptions,” said Peter McMurtrie, president of P&C Commercial Lines at Nationwide. 

Business owners prioritize speed, ease and industry knowledge from their agents and carriers
Though 85% of the anonymous business owners surveyed who filed a claim in the past 12 months report being satisfied with their experience, some owners still struggle with navigating the claims process with their carriers. A quarter were dissatisfied with their claims experience saying it was difficult (25%) or slow (24%), while another 1-in-5 say it was challenging to track the progress of their claim (22%) or that their insurance agent wasn’t helpful (21%).

When it comes to filing a claim, both small and large businesses prioritize speed, ease, and industry expertise. Their top priorities include:

1. Having the claim handled quickly (68% small owners, 37% middle market owners)
2. Industry knowledgeable agent or claims representatives (46% small owners, 37% middle market owners)
3. Access to agent or claims representative by phone (small owners 48%, middle market owners 32%)

Insurers like Nationwide have reduced average claim cycle times for business owners with easy filing online or by phone and dedicated claims experts with deep knowledge in clients’ industries and the challenges they face. Still, carriers have opportunities to provide further educational materials for agents and customers as 42% of agents would like more resources to help their clients better understand the claims process.

Advanced digital tools are simplifying claims
While many business owners still want an agent on hand to help them through the claims process – about half cite their agent’s help as a top reason for their claim’s satisfaction – increasing speed and effectiveness is key to providing them a positive experience. Agents (~85%) reported being twice as likely as their business owner customers (37%) to believe the claims process is fast and easy.

Carriers are using new tools to simplify the claims process for business owners and their agents. Nationwide customers have access to report claims 24/7 online, receive payments digitally or by mail, and utilize solutions like the Nurse Triage Hotline to get qualified medical professional advice after an accident and help determine an effective course of action.

“The survey showed agents feel confident talking clients through filing and tracking claims and have opportunities to build deeper client relationships when they’re prepared to deliver that counsel to business owners in the moment,” said McMurtrie. “Agents who take the time to fully understand clients’ needs and preferences, as well as the carrier-offered claims solutions to address them, will benefit from heightened confidence and smoother experiences for their customers.”

Proactive planning can prevent disruptions
Across the board, business owners are most concerned about the impact employee injuries, cyberattacks, pandemics and natural disasters could have on their companies. Depending on the business size, however, owners’ risk management opinions and actions greatly differ – creating an opportunity for agents to engage with their clients to ensure proper planning.

While nearly 80% of small business owners say risk management is a high priority for their company, more than a quarter (27%) say they have no risk management practices in place at all. Conversely, almost all middle-market business owners (96%) say they prioritize risk management at their business and have practices in place to mitigate risks.

Risk management services business owners are most commonly utilizing include:

1. In-person/on-site services – 33% small business owners, 51% middle market business owners
2. Safety programs/development and training guidelines – 25% small business owners, 54% middle market business owners
3. Online resources, including safety videos and documents – 29% small business owners, 51% middle market business owners
4. Digital risk management tools – 26% small business owners, 42% middle market business owners
5. Virtual/teleconference services – 20% small business owners, 40% middle market business owners

Agents can help business owners mitigate risk
With a lot at stake, it’s important for agents to talk to commercial customers, particularly small business owners, about the claims process and how risk management strategies can serve as crucial safeguards for their business, employees’ safety, and bottom line.

Three points to emphasize with commercial clients leading into 2022 include:

1. Timely claims reporting is critical to getting your company back to work quickly. On average, commercial lines claims are reported 20 days after the event of loss, adding as much as 15% to the life cycle of their claim.

2. Many business disruptions are preventable. Taking time to ensure proper housekeeping, maintenance and business continuity planning is in place can reduce costly disturbances and decrease recovery time if one happens.

3. With the average cost of a fleet accident at approximately $70,000 and auto accidents being the leading cause of work-related fatalities in the U.S.¹, for many organizations, their fleet operations pose their greatest liability and workers’ compensation risk. It is important that organizations establish a formal fleet safety program to protect employees and reduce accident risk.

 “As 2021 comes to a close and business owners report a high level of satisfaction with their agents, independent agents have opportunities during their annual check-ins to open dialogue with clients around risk management and in-person or virtual support available to them, serving as a valuable partner to prepare them for the future,” added McMurtrie.  

Methodology:
Nationwide’s ongoing Agency Forward research series works to track industry trends by surveying independent insurance agents, various business owners, and consumers. Nationwide commissioned Edelman Data & Intelligence to conduct a 20-minute quantitative online survey among a sample of 2,400 U.S. independent insurance agents, small business owners, middle-market business owners, African American business owners and Hispanic business owners between June 22 – July 7, 2021, to gauge business owners’ experiences when filing a claim, understand their priorities when it comes to the insurance claims process, explore their perceptions of risk management for their organization and the steps they’re taking, and understand the challenges facing agents and business owners in today’s environment. As a member in good standing with The Insights Association as well as ESOMAR Edelman Data and Intelligence conducts all research in accordance with local, national and international laws as well as in line with all Market Research Standards and Guidelines.

¹ Bureau of Labor Statistics [2018]. Census of Fatal Occupational Injuries, 2017

“Before, I thought only the younger people want to go digital, but I’ve seen customers of all ages going digital,” said Haith. “We’re learning which of our customers want to be self-sufficient, and which ones want us to handle their needs. We have got to be able to manage both.”

For Marcus and other agents around the country, the challenges of 2020 accelerated the need to adopt digital insurance processes. And while digitization has benefited customers and agents, the journey hasn’t been without a few rough patches.

New research released today by Nationwide shows 93% of agents feel digitization has enhanced their agency’s success, but 8-in-10 also say they have found it difficult to integrate digital tools into their agency. This latest Agency Forward survey* also revealed that while more consumers utilized technology during the pandemic, the agent/client relationship remains vital.

Nationwide’s research uncovered four key themes among consumers and the independent agents who serve them:

1. Agents and consumers find added value using digital tools
2. Agents have experienced some bumps in the road while implementing digital tools
3. Consumers are using digital tools throughout their insurance journey
4. Consumers still think having an insurance agent is important

“Agents want to work with carriers that can help them create a strong digital presence, enhance customer access, provide a better user experience, and assist in retaining customers,” said Beth Riczko, Nationwide’s president of P&C Personal Lines. “During the past year, Nationwide has worked to deploy technology that can help agents who need to sell and serve customers more effectively and has dedicated resources to help them implement and use those digital tools.”

Agents and consumers find added value using digital tools

• More than half of agents (53%) think a digital benefit is providing customers access to an agent 24/7; consumers agree (52%)
• 52% of agents think digital tools provide better customer service; 45% of consumers agree
• 51% of agents think digital tools help retain customers; 55% of consumers believe it provides them faster access to information

Agents have experienced some bumps in the road while implementing digital tools

• Agents see the benefits of digital tools for their agency and clients but, at the same time, 80% feel the digital integration has been a challenge.
  • The greatest challenge is the rising costs for 76% of agents, followed by having the resources to teach agents about the tools (72%), staying on top of and getting clients to use new technology (69%)

Consumers are using digital tools throughout their insurance journey

• Nearly half of consumers associate digital insurance capabilities with online tools or mobile apps that help with filing claims and reviewing policies (48%), compare insurance policies and costs (46%), and make the claims process much faster (46%).
• In fact, 45% of consumers say working with a carrier with strong digital capabilities increases their customer satisfaction.
• The data also show consumers are using digital tools throughout their insurance journey:
  • 48% of consumers have used a customer self-service website
  • 37% of consumers have used mobile apps for customer services and claims
  • 36% have used online mobile tools to quote and compare policies and price

“There are carriers out there that don’t have strong app capabilities, and my production force wants that as they’re trying to sell to clients and prospects,” explains Haith. “Just having options that you can give customers, they want to be able to work with you, the way they want, and if a carrier does not provide the digital capabilities, it is a detriment to them.”

Consumers still think having an insurance agent is important:

• 87% of consumers say an agent plays a critical role to the customer experience
• 88% of consumers still value being able to speak with an agent when they need one
• 57% of consumers prefer to have insurance agents located physically nearby — mostly for accessibility and trust

“While digital tools can make certain parts of the insurance experience easier, sometimes customers need to talk to someone to help them understand the nuances of insurance. That’s when an agent’s personal relationship with a customer can make a big difference,” added Riczko. “We invest in digital solutions that enable our agency partners to strike a balance between in-person support, when it’s needed, and empowering their customers to self-serve, when they choose.”

Agent takeaways:
Nationwide developed Nationwide Express, which helps agents quote multiline policies and complete sales in minutes. In addition, it released "conversational texting," a technology that allows their customers to connect directly to their claims representative from a smartphone. So again, the power is in the customers' hands by allowing them to reach out to their claims representatives from anywhere in the world. It's both technologically savvy and a thoughtful way to respect customers’ time. The contagious nature of COVID-19 also inspired Nationwide to accelerate and expand the use of virtual damage appraisals, using videos, photographs, and drones to assess and settle damages.

*These insights and more were uncovered through Nationwide’s ongoing Agency Forward (formerly Agent Authority) research series, which includes samples of independent insurance agents, various business owners, and consumers. Previous Agency Forward research reports can be viewed on Nationwide’s P&C research page.

Survey Methodology:
Nationwide commissioned Edelman Intelligence to conduct a 20-minute quantitative online survey among a sample of 400 independent insurance agents and 1,000 general consumers between February 5 – February 19 to help position agents and associates as credible and knowledgeable about complex consumer and industry-specific trends. As a member of CASRO in good standing, Edelman Intelligence conducts all research in accordance with Market Research Standards and Guidelines.

Nationwide’s research uncovered three key themes for construction business owners and the commercial agents who serve them:

1. COVID-19 delivered unexpected blows to construction owners and exacerbated existing issues;
2. Pragmatic business owners expect continued challenges, but are overall optimistic about the upcoming peak season; and
3. Agents can increase their value to business owners now and position themselves for long-term growth.

“COVID-19’s impacts have brought new and existing challenges to the forefront for many construction business owners,” said Linda Stueber, Nationwide’s Senior Vice President of Middle Market Commercial Lines. “As the industry recovers, agents can grow their influence by not only counseling clients on their protection needs for changing operations, but also by sharing expertise to help them run their businesses more effectively.”

COVID-19 heavily impacted construction business owners
Like many other industries, the construction industry battled direct and collateral effects from COVID-19:

• 70% of construction owners were negatively impacted by the pandemic, experiencing the biggest hits to total revenue (52%), their company’s ability to bid on new projects (45%), and their workforce/employee headcount (37%).
• The pandemic also emphasized the need for increased planning, as more than 1-in-5 business owners lacked plans to help their businesses operate through economic uncertainty:
  • 27% didn’t have proper plans in place to successfully navigate project site shutdowns/re-openings.
  • 24% didn’t have a business plan to account for a potential recession.
  • 23% didn’t have enough employees or subcontractors to meet project demand.

Business owners share optimism, despite lingering challenges in 2021
Most construction business owners said they accelerated new strategies or re-evaluated areas of their business to account for the pandemic’s impacts – nearly 90% changed their operations for business continuity or increased efficiency. In many cases, the tightening labor market has also forced them to relax screening criteria for new hires. In fact, 70% of business owners said they have, will or may relax new hire screening criteria and drug testing practices to account for a lack of qualified candidates.

Near-term uncertainty is strong among owners as 79% are worried about meeting their 2021 revenue goals and 76% fear lower customer demand due to an economic recession. Despite their concerns, however, 84% of owners are optimistic about the strength of the 2021 upcoming peak season and their business’s preparation to meet increased demand.

• 85% of construction business owners have changed at least one of their insurance policies, but three-quarters are still worried about having the right policies in place to protect their business.
• While concerns remain, owners believe the economy and their company’s performance will increasingly improve over the next year:
  • In the next 6 months, 48% believe the economy will improve and 67% believe their revenue will improve.
  • In the next 12 months, 60% believe the economy will improve and 75% believe their revenue will improve.

Proactive agent outreach can lead to strong, long-term relationships
With the anticipated uptick in business over the next year, construction-focused independent agents have a prime opportunity to proactively reaffirm their ability and counsel business owners through operational changes and new exposures. Even more, assisting owners to implement new plans that protect against future threats, such as increased cyber or COVID-related liability exposures, is essential as the industry begins to rebound.

The survey results also uncovered that construction owners have a high level of trust for their agents, as many reported leaning on their agents to guide them through the challenging market conditions:

• 89% of construction owners trust their insurance agent’s guidance and feel they can build a relationship over time.
• 87% said their agent regularly checks in to make sure their policy is adequate for their needs.
• Half of business owners engaged their agents over the last 12 months to:
  • Discuss or review their coverage (54%)
  • Create a business plan to address COVID-19’s economic impacts (51%)
  • Improve their business’s safety and loss control efforts (50%)

“Construction owners are looking to build long-term relationships with the agents who serve their businesses,” said Stueber. “By opening a dialogue now to hear their client’s business needs and share expertise and counsel in the short-term, agents can build stronger long-term relationships to be prepared to implement that counsel when construction owners are confident their business will improve.”

Business owners shared strong interest in receiving more resources and guidance from their agents, including:

• Regular policy reviews (46%)
• Information on the latest trends in their industry (43%)
• Updates on cyberthreats and cybersecurity measures (36%)

Agent takeaways:

1. Agents serve a vital role in helping construction clients understand the impacts evolving operations may have on their coverage or risk management needs. Nationwide’s Commercial Insight Center helps agents stay up-to-date on complex industry trends and offers resources to educate clients on topics like the importance of finding good subcontractors or benefits of creating an effective risk transfer program.
2. Highlight the importance of business planning with construction clients to prepare for the unexpected. Work with carriers who specialize in construction risks and have dedicated loss control teams to serve the construction industry on-site and virtually. www.mylosscontrolservices.com offers virtual services, guidance for developing business continuity plans, and share-able resources to control exposures, such as strategies for protecting idle construction projects, preventing falls from heights, or dealing with effects of extreme weather patterns.

*These insights and more were uncovered through Nationwide’s ongoing Agent Authority research series, which includes samples of independent insurance agents, various business owners, and consumers. Previous Agent Authority research reports: Agent-customer relationship; Small business owner needs and challenges; Agents' top concerns through the pandemic; Consumer and business owner cyber preparedness; Business’ growing interest in telematics; Consumers’ adoption of telematics.

Survey Methodology:
Nationwide commissioned Edelman Intelligence to conduct a 20-minute quantitative online survey among a sample of 200 U.S. middle market construction business owners between January 5 – January 14 to explore the actions business owners have taken as a result of COVID-19, understand their outlook on the 2021 peak season and the challenges they’re facing, and gauge their experience working with insurance agents and buying or renewing insurance policies. For the purposes of this survey, middle market construction business owner was defined as anyone who self-reported as being a sole or part owner of a construction company with either 25-500 employees or $10M-$500M in revenue or 20+ fleet vehicles. As a member of CASRO in good standing, Edelman Intelligence conducts all research in accordance with Market Research Standards and Guidelines.

“Small commercial customers require swift turnaround and competent advice, so the ability for an agent to quickly compare coverage and pricing options between policies is a must,” he said. “Logging in and out of different carrier websites to rate the same risk causes significant inefficiencies which can be frustrating for both the agent and the client.”

Traditionally, the process of evaluating a business owner’s insurance needs, not to mention actually selling and binding the policies, can be lengthy and tedious. Historically, that process included using multiple systems and manually entering data to gauge carriers’ underwriting appetites and compare different solutions and pricing.

“Independent agents, much like the customers they protect, have heightened expectations with regard to the pace and simplicity of doing business with partners. COVID-19’s impacts and evolving customer demands have only accelerated those expectations,” said Kasey Ketcham, Nationwide’s Associate Vice President of Product and Underwriting Enablement. “As a mutual company, Nationwide has been able to take a long-term view, and these significant technology investments continue to empower us to deliver faster and better products and services that drive value for our agency partners.”

In 2015, Nationwide began simplifying the process for commercial agents with a multiyear, multimillion-dollar transformation of its underlying platforms. In 2020, the company completed a major transition to a fully independent agent distribution model. Today, these decisions have enabled the carrier to completely digitize its commercial product portfolio and double down on bringing best-in-class, agent-centric solutions to market that offer digitally enabled growth opportunities and ease of doing business for agency partners.

Delivering Speed and Ease for Agents

• Nationwide began rolling out its new commercial lines quoting system, ClearQuote, in 2017 to offer automated underwriting for many small business insurance accounts and enable agents to deliver quotes in minutes.
• In October 2019, Nationwide announced a new partnership with IVANS Markets to instantly communicate small commercial appetite and identify new business opportunities with a network of more than 33,000 independent insurance agencies.
• Throughout 2020, Nationwide engaged in integrations with multiple commercial lines acquisition platforms, including IBQ Systems, Semsee, Tarmika and Bold Penguin, to help independent agents quickly generate, compare and deliver quotes for commercial customers.
• This March, Nationwide announced a collaboration with Vertafore, a leader in the insurtech space, to offer its commercial products through Vertafore's Commercial Submissions platform, as well as influence the platform’s design to optimize the agent experience and workflow.

Callister said his agency depends on information flow, and as such, it’s important that they work with carriers that offer digital solutions to facilitate the exchange of information between the insured, the carrier, and the agent.

“Digital solutions help us ensure we’re efficiently matching small commercial clients with the right coverages and carriers. Partnering with carriers who offer these digital solutions to increase efficiencies for agents is vital to this segment of our operations,” said Callister.

Nationwide plans to continue providing value for its 11,000+ independent agent force by meeting them where they wish to do business and offering the innovative solutions their customers need – now and in the future.

"Our company has a rich history of innovation, and that remains unchanged,” said Ketcham. “We continue to seek out opportunities to deliver increased value for our agent partners through the digitization of our product suite, the implementation of commercial telematics, straight through processing, and new product offerings such as cyber.”

Nationwide’s Agent Informational Resources

In addition to delivering speed and ease, Nationwide is also concentrated on helping agents demonstrate their expertise with customers to drive new business, build customer confidence and prevent losses with effective risk management.

These resources, such as the Commercial Insight Center, were designed based on agent feedback and offer timely, concise and industry-specific content to elevate their expertise and help them stay up-to-date on trends and emerging risks as they serve commercial clients.

“Carriers who make the insurance transaction simpler for the agency will be the winners amongst their peers,” Callister added. “Nationwide has made a tremendous investment into API libraries and technology stacks, all of which position it as a strong player in the digital marketplace for agents.”

Nationwide announced that Mariel Devesa has been named Leader of Growth, Expansion and Development (GE&D) for the company’s pet insurance business, the first and largest provider of pet health insurance in the U.S.

In this senior leadership role, Mariel will develop new distribution channels, partnerships and products while building upon Nationwide’s existing capabilities to accelerate growth and diversify Nationwide’s pet insurance business.

Mariel joins Nationwide after more than 10 years as a senior leader of successful innovations at Farmers Insurance and more recently at Phyn property intelligent water systems. She also spent more than 10 years at Deloitte & Touche, Red Bull and Herbalife, where her work focused on streamlining efficiencies and emphasizing the global transfer of best practices.

Mariel earned her bachelor’s degree from UCLA, is a California Certified Public Accountant, and a seven-time national champion windsurfer.

“Mariel joins Nationwide Pet at a time of unprecedented growth and opportunity,” said Heidi Sirota, President and Chief Pet Officer. “Her unique skill set and successful track record will help us to identify and reach uninsured pet parents where they are with meaningful ways to care for and protect their beloved companions.”

The carrier announced that Nationwide Express is now compatible with comparative raters EZLynx and PL Rating, allowing an agent who chooses Nationwide from their rater to now easily bridge to Nationwide Express to close the sale faster.

“Nationwide Express will save agents a ton of time and make the quoting and binding process much simpler,” said Sam Nudelman, Firefly Agency. “I appreciate the way you are asking for our feedback on Nationwide Express. I don’t think there are many other carriers that are going as in-depth in asking for agent feedback on these types of things as Nationwide is right now, and that speaks volumes.”

“This capability is a big deal for our agents to close more sales,” said Jeff Rommel, Nationwide’s SVP Sales & Distribution. “The comparative rater integration with Nationwide Express makes it incredibly easy for agents and provides a fast experience for their customer.”

Nationwide Express now delivers:

• Faster check out – data entered in your comparative rater and what Nationwide can gather from third parties is automatically pre-filled in Nationwide Express
• Simpler multi-lining – it’s always been fast to quote home and auto insurance, now you can add umbrella with just one click
• Easier bind process - close the sale with one payment for multiple products, then any needed trailing documents are sent automatically

“The speed at which we’re enabling an independent agent to sell is unique among carriers, and a big advantage for our agency partners,” Rommel added. “At the end of the day, independent agents are the experts on their customers' needs and Nationwide Express is a great solution to meet those needs.”

N2G will exclusively promote, distribute and administer insurance solutions for multi-national exposures on behalf of both organizations. Business to N2G will be sourced through independent agents, brokers and wholesalers. N2G will leverage Nationwide’s strong U.S. based brand recognition and distribution with Generali’s footprint as a leading global insurer with a large international network and marketing capabilities across the property and casualty spectrum. Utilizing the combined resources of both Nationwide and Generali, N2G will be well positioned to address the needs of multinational organizations with U.S. operations as well as U.S. based clients with complex multinational insurance needs. Nationwide will assume U.S. risk exposures and Generali (directly or through its partners) will assume non-U.S. exposures.

“We are proud to join forces with a strong partner like Generali, combining our trusted customer-focused protection with their existing multinational footprint,” said Mark Berven, President & COO, Nationwide Property and Casualty. “This partnership between two insurance powerhouses will elevate the solutions we can offer to commercial members to help them protect their business across the globe with extraordinary care.”

“This partnership is part of our strategic plan 2021 to be a Life-Time Partner to our customers, offering them innovative and personalized solutions,” Marco Sesana, Country Manager Italy & CEO of Generali Italia and Global Business Lines Generali said. “Today we are proud to announce this joint venture that brings together Nationwide’s brand recognition and distribution with Generali Global Corporate & Commercial’s extensive global network and local knowledge in over 160 countries around the world. N2G will be fully equipped to offer a comprehensive and seamless multinational program to its customers” he added.

Bill Skapof will lead N2G as Chief Executive Officer. Skapof joined Generali in 2015 as Head of GC&C US, Executive Vice President and Chief Underwriting Officer. Skapof is a senior P&C underwriting sales executive with 30 plus years’ experience developing highly successful product, distribution and sales strategies in support of global commercial markets, having established successful multinational capabilities for the most prominent insurance players in the segment.

Backed by Nationwide, rated A+ by both A.M. Best and Standard & Poor’s – and Generali, rated A by A.M. Best and A by Fitch, N2G will be an organization brokers and agents can trust. N2G will be based in New Jersey and focus solely on serving the needs of multinational commercial insurance clients, opening for business in second quarter 2020.

Learn more at: www.N2G.com

About Generali

Generali is one of the largest global insurance and asset management providers headquartered in Italy. It is present in 50 countries in the world, with a total premium income of more than € 66 billion in 2018, serving 61 million clients. Generali Country Italy and Global Business Lines is the largest unit within the Group, leader in the Italian retail insurance market and is amongst the major insurance players worldwide focusing on corporate business. Via its two units, Generali Global Corporate & Commercial and Generali Employee Benefits it caters the needs of medium and large businesses by providing flexible, custom tailored insurance solutions in P&C (property, casualty, engineering, marine, aviation, cyber and specialty risk) and Life, health protection, and pension plans to local and expat employees of multinational companies in more than 160 countries around the world. For more information, visit www.generaliglobalcorporate.com.

Through a partnership with the United States Hispanic Chamber of Commerce (USHCC), Nationwide is launching a new online three-part video series designed to strengthen the operations and growth of small businesses. The Nationwide Business Solutions Series includes an e-workbook to give participants the opportunity to develop a custom execution plan to grow their businesses.

“As the nation’s top provider of small commercial insurance, Nationwide understands small businesses and is committed to providing solutions to help meet their needs,” said Jennifer MacKenzie, Nationwide’s senior vice president of Marketing. “Hispanic business owners are opening businesses at 3 times the rate of all other business owners. The Business Solutions Series will give these entrepreneurs valuable insights and tips on how to take their businesses to the next level in today’s marketplace.”

Launching in January, the Business Solutions Series will help teach small business owners how to leverage social media to drive sales, develop an annual plan and learn how to assess the value and growth potential of the business.

“The USHCC is proud to partner with Nationwide to bring our members across the country the educational tools that they need in order to grow and scale their Hispanic-owned businesses,” said Ramiro Cavazos, USHCC President & CEO. “We are thankful for Nationwide’s commitment to building on the success of Latina and Latino entrepreneurs, and for providing the solutions we need as a community for our small businesses across the country.”

Through the Business Solutions Series, business owners will get valuable insights from successful experts and entrepreneurs, such as:

• Carlos Gil, social media expert and entrepreneur

• Karla Sandoval, entrepreneur coach

• Nick Delgado, president of Black Pen White Board

The strong relationship between the USHCC and Nationwide has enabled the company to retain its connection to small businesses across the country through a shared vision and value system. It is this partnership that makes Nationwide proud to help support entrepreneurs today and in the future. Visit Nationwide’s Business Solutions Center to access additional resources.

About the USHCC

The USHCC actively promotes the economic growth, development, and interests of more than 4.37 million Hispanic-owned businesses, that combined, contribute over $700 billion to the American economy every year. It also advocates on behalf of 260 major American corporations and serves as the umbrella organization for more than 200 local chambers and business associations nationwide. For more information, please visit ushcc.com. Follow us on Twitter @USHCC.

Nationwide has established a telematics partnership program to reduce the cost barriers associated with exploring telematics and fleet management solutions. Now available in New York, New Jersey and Texas, the Vantage 360 Premium Partner Program offers comprehensive fleet management and GPS tracking for qualifying human services organizations at little to no cost.

“Employee and customer safety are top priorities for any business, but for those managing fleet vehicles, the cost of telematics equipment can often prohibit implementing solutions to monitor safe driving and vehicle efficiency,” said Pete Frey, director of Commercial Telematics and Connected Business at Nationwide. “By helping to ease the cost burden for telematics solutions, we feel business owners can more realistically embrace telematics and fleet management and learn from valuable insights that will ultimately help them boost performance and improve the safety of both drivers and customers.”

To kick off the new program, Nationwide has partnered with leading telematics solution providers, Azuga and Zubie, to offer customers advanced telematics systems with fleet management and GPS tracking capabilities.

With the partnership program, human service organizations can:

• Track fleet vehicles in real time

• Find the closest driver to respond to client needs

• Monitor vehicle health and receive immediate notifications of engine or battery issues

• Measure mileage and vehicle utilization

• Monitor driver performance, including hard braking, speeding or rapid acceleration

• Verify arrival and departure from client sites

“At a time when many carriers are limiting insurance coverage, limits and services for human services businesses, Nationwide is elevating its solutions by making it easy to prioritize driver and client safety with telematics,” said Cheryl Tamasitis, associate vice president of Human Services at Nationwide. “We want to give business owners and fleet managers peace of mind with a solution to ensure the safe and efficient use of their vehicles so they can continue to focus on serving those in need.”

Based in Silicon Valley, CA, Azuga is a global provider of connected vehicle and fleet technologies. Azuga’s safety-driven telematics solution uniquely impacts fleet efficiency and driving behavior improvements. Through the company’s work with insurance companies, Azuga has proven the value of telematics by reducing frequency and severity of accidents by as much as 50%.

Zubie, based in Minneapolis, MN, is a telematics provider committed to providing smart, easy and simple solutions for businesses with small and medium-sized fleets. Since 2012, the company’s end-to-end connected-car technology has delivered real-time information about vehicles and drivers to help businesses manage and optimize their fleets.

Nationwide’s Vantage 360 Premium Partner Program builds on its Vantage 360 suite of telematics products. Vantage 360 Fleet, launched in July 2019 and currently available in Arkansas, Illinois, Indiana and South Carolina, is a mobile app telematics solution available for small market customers. Nationwide plans to expand the new Vantage 360 Premium Partner Program and Vantage 360 Fleet to additional states and industry segments in the near future.

For more information on the Vantage 360 Premium Partner Program or to learn about other Nationwide telematics solutions, talk to your local agent who offers Nationwide commercial business products.

Nationwide Express allows agents to quote multiple products in a fraction of the time it used to take – reducing the process by 15 minutes or more. Launching today in 22 states with additional states to be added through 2019, Nationwide Express will be made compatible with comparative raters in 2020.

“We’ve been working to provide agents with industry leading technology that gives them speed and ease to quote faster. Nationwide Express was designed to help agents deliver multi-line quotes and complete new sales with unprecedented speed,” said Shelley Brazeau Temple, leader of Personal Lines Property and Casualty for Nationwide. “We know that speed and value to our distribution partners is the key to success, and Nationwide Express is delivering on both."

How Nationwide Express makes it easier for agents:

• 90% reduction in time to quote

• Quote multiple products (auto, home, renters) in as few as 2 minutes

• Complete the sale in a fraction of the time

• Sell multiple products together and accept a single payment regardless of number of products

• Eliminate hassles with managing trailing documents. Nationwide Express will package relevant documents and email them to customers automatically at the end of the sales process

“With Nationwide Express we can complete the quote and even bind a policy in the time it would take most of our customers to walk to their cars to go grab their lunch,” said Shawn Ruddy, agency owner of Ruddy Insurance Group. “In a world where people think ‘2-day shipping’ can be too long, the Nationwide Express tool gives our agency the edge in an ever changing and challenging industry. Our agency has always done a large amount of personal lines quoting, so this tool could not come soon enough.”

Agents can access Nationwide Express today in AL, AZ, CO, CT, DC, GA, IA, IL, IN, KS, MD, ME, NH, NY, OH, OR, SC, TN, TX, VA, VT and WA. Additional states will be added in the months ahead.

Learn more at: www.nationwide.com/NationwideExpress

Betterview’s predictive analytics for buildings and properties uses proprietary computer vision, machine learning and data science to help predict the likelihood of a claim on residential and commercial roofs.

“Nationwide recognized the potential of Betterview’s insights around roof imagery and the data stream that flows from their machine learning platform, which is why we made our initial investment last year,” said Eric Smith, senior vice president of Commercial Lines at Nationwide. “This three-year agreement will enable us to add Betterview’s predictive analytics into our underwriting operations. Going forward, we’ll be able to leverage our underwriting expertise and talent where it is needed most - on higher-value, more complex accounts.”

Nationwide’s relationship with Betterview began in May 2018 with its initial venture capital investment. The insurance and financial services company later followed up on that investment by participating in Betterview’s Series A investment round along with ManchesterStory, Compound, EMC Insurance and Maiden Re.

Since the release of its risk management platform and predictive analytics last year, Betterview has worked with many P&C insurance company customers, from top ten to small regional carriers.

“We are proud that Nationwide not only saw the value of our predictive analytics to help the P&C insurance industry as a whole but also in applying it to their business to improve their underwriting operations,” said David Lyman, CEO & Co-Founder, Betterview.

“Over the last few months, we have allocated many resources to scale our data science and engineering teams to launch an instant roof risk score and generate insights about each building that is located inside a parcel boundary,” added David Tobias, Betterview COO & Co-Founder. “We are looking forward to working alongside Nationwide to implement our data and analytics into other areas so we can help them provide next-generation experiences to their customers.”

Along with this announcement, Betterview has published a case study about Nationwide’s experience with Betterview. To request a copy, please contact Paul Ptashnick at paul@betterview.com.

About Betterview

Betterview provides property insight and workflow tools for Insurance companies to improve the customer experience by accelerating decisions and improving risk at every point of the life cycle. For more information about Betterview, visit: https://www.betterview.com.

Low unemployment combined with an aging industry workforce means that agents have to work harder to recruit and train staff. It’s a challenge to just keep up, both in terms of time and financial resources, when it comes to recruiting. But attracting new talent is mission critical for long-term success.

Now, qualifying agents who partner with Nationwide are able to use co-op dollars to market to recruits, participate in training programs or pursue industry certifications. Agents can also use co-op dollars for membership and conference fees for Big “I”, Trusted Choice and PIA.

“We’ve been listening carefully to our independent agents and a critical pain point is resources for recruiting and training,” said Shelley Brazeau Temple, president of P&C personal lines at Nationwide. “These are just a few of the new market-leading enhancements we’re making to our co-op program to help our independent agent partners win in the market place, based on their unique needs.”

In the first half of 2019, independent agencies participating in the co-op program saw an 18% lift in average new writings per month compared to non-participating agencies. Nationwide rolled out the enhanced co-op marketing program in July 2019, offering new opportunities to fuel growth for agency partners.

Agent’s brand first

Nationwide’s new co-op program also includes simplified brand guidelines leading with the agency brand first while highlighting the partnership with Nationwide.

“The Nationwide brand needs to be present to be eligible for co-op support, but we are no longer requiring it be 50/50 shared brand visibility with the agency brand,” said Cathy Lanning, senior vice president of marketing for Nationwide.

Centralized customer service

Nationwide is also shifting service support for co-op from an external vendor to its Centralized Sales Support team, providing a one-stop shop to meet the needs of participating agencies.

“Relationships matter when it comes to co-op service,” Lanning added. “Moving support to our Centralized Sales Support team will decrease response times and limit the time it takes an agency to find and identify the right resources for their specific needs. It’s all about making it faster and easier for the agent.”

Co-op allowances are set according to an agency’s level of partnership with Nationwide.

The new co-op materials are available now for eligible agencies. To learn more about the program, visit Nationwide’s agency marketing support webpage.

The commercial digital storefront is a result of Nationwide’s partnership with Columbus-based insuretech company Bold Penguin and is aimed at small business owners who prefer to shop for insurance coverage online.

Now, when small business customers visit Nationwide.com, they will have the option to answer a series of questions related to their business needs and generate a detailed quote in a matter of minutes. They will then be directed to one of three possibilities for binding a policy:

1. Eligible businesses can bind policies online through Nationwide’s Commercial Digital Direct tool, in states where the product is currently available.

2. Businesses with more complex risks will be directed to a Nationwide agent, who will be equipped with the business’s details from the previous step, to complete the binding process quickly and easily.

3. In cases where Nationwide is unable to offer a product that meets the business owners’ needs, they will receive a quote based on solutions available through Nationwide’s brokerage relationships or subsequently Bold Penguin’s Commercial Insurance Center. The tool currently offers coverage across five products with other carriers, including Hiscox and Markel, with plans to add additional carrier products in the future.

“Our digital storefront will serve the needs of micro-business owners who prefer to quote and bind online, providing a fast, easy experience,” said Mark Berven, president and chief operating officer of Nationwide Property & Casualty. “This launch has paved the way for bringing a similar platform to our independent agent partners in 2020, which will speed up the process to help them deliver a better experience for their clients.”

The commercial digital storefront currently supports Nationwide’s Businessowners Policy and workers’ compensation products, with plans to launch business auto and general liability in the coming months. Additional products will also be added in 2020.

“We look forward to incorporating other carriers and adding more business classifications to ensure we can meet the needs of all businesses and agents,” added Berven.

The commercial digital storefront is enabled by Nationwide’s ongoing efforts to modernize its underlying systems to drive business efficiency and growth. It leverages the Commercial Digital Direct platform introduced earlier this year, which allows for customers to quote and bind in a fully digital environment. The platform is currently available in 13 states, with plans for additional states to be added later this year and in 2020.

For more information on Nationwide’s commercial digital storefront or Business Solutions for small business customers, visit www.nationwide.com/business/. Business owners can also access a variety of resources for protecting and growing their businesses with Nationwide’s Business Solutions Center.

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.

*Nationwide received the highest score in J.D. Power’s 2018 and 2019 Small Commercial Insurance Studies of customers’ satisfaction with their insurance provider. Visit jdpower.com/awards.

“Small businesses drive America, and at Nationwide, we’re proud to support them with robust small business solutions and superior service,” said Mark Berven, president and chief operating officer of Nationwide Property & Casualty. “Receiving the highest ranking in J.D. Power’s Small Commercial Insurance Satisfaction Study in 2018 and 2019 reinforces our position as an industry leader and our commitment to helping our members build and protect their businesses.”

With an index score of 868 on a 1,000-point scale, Nationwide scored 24 points above the industry average. More than 3,200 small commercial insurance customers rated companies on five factors: interaction; policy offerings; price; billing and payment; and claims. Nationwide ranked in the top three in all areas. Further, Nationwide customers ranked the company second among participants for overall website experience.

“For more than 90 years, Nationwide has been a leader for small business solutions,” added Berven. “Together with our independent agent partners, we’re thrilled to continue to meet the needs of our commercial lines members.”

Nationwide protects businesses of all sizes with a variety of commercial insurance offerings customized to each member’s unique needs. As a leader in small business insurance, Nationwide serves over half a million small businesses around the world.

The official J.D. Power 2019 Small Commercial Insurance Satisfaction Study press release can be viewed here.

According to Nationwide’s fifth annual Business Owner Survey, 83 percent of small business owners allow and offer employees the option to work securely from a remote location when needed and appropriate. With young business owners (those ranging from ages 18-34), this number jumps up to 95 percent. Yet, only 50 percent of small business owners have updated their remote work security policy in the past year. Failing to continually revise remote work policies in the growing digital workplace could put those business owners at higher risk of a cyber-attack.

“An ounce of prevention” found lacking…

Though remote employees place businesses at risk, many small business owners are not properly mitigating other potential cyberthreats, nor are they adequately protecting their employee platforms. According to the Nationwide survey, only four percent of business owners have implemented all of the cybersecurity best practices and recommendations from the U.S. Small Business Administration. Further, one in five small business owners have not committed their employees to formal cybersecurity training, despite the reality that employees represent one of their largest threats.

“What may seem like a harmless public Wi-Fi network could ultimately pose serious troubles for a business,” says Catherine Rudow, vice president of cyber insurance at Nationwide. “Many employees may not realize the magnitude of risk associated with a cyberattack as they may not have engaged in a formal training process. The scary truth is that many small business owners, even if they are aware of these risks, have not implemented all the proper measures of protection.”

Best practices

For education and cyber-prevention, the U.S. Small Business Administration recommends the following best practices:

• Establish security practices and policies to protect sensitive information

• Educate employees about cyberthreats and hold them accountable

• Require employees to use strong passwords and to change them often

• Employ best practices on payment cards

• Make backup copies of important business data and information

• Create a mobile device action plan

• Protect all pages on your public-facing websites, not just the checkout and sign-up pages

Portrait of the cyberthreat for small businesses 

Nationwide’s Business Owner Survey also found:

• 65 percent of business owners admit they have been victim of a cyberattack; computer virus attacks are the top type of attack reported at 33 percent, phishing is number two at 29 percent.

• 86 percent of business owners believe that digital risk will continue to grow.

• 30 percent of companies with 11-50 employees do not provide any type of formal training on cybersecurity.

• Despite the simplicity of regularly updating software, seven percent of companies still fail to take that step.

• Reputational risk is among the top reasons (45 percent) why business owners would consider investing in or purchasing a cybersecurity policy.

• 35 percent of business owners who have never experienced a cyberattack are unaware of the financial cost to recover, highlighting a dangerous gap in knowledge from the implications.

For more information, visit Nationwide’s cyber risk insurance page. You can also check out Nationwide’s cyber insurance product page.

Methodology

Nationwide commissioned Edelman Intelligence to conduct an online survey between June 6-12, 2019, among a sample of 400 U.S. small business owners. Small business owners are defined as having between 11-500 employees, being 18 years or older and self-reporting as either a sole or partial owner of their business. The margin of error for this sample was +/-4.9 percent at the 95 percent confidence level. As a member of CASRO in good standing, Edelman Intelligence conducts all research in accordance with Market Research Standards and Guidelines.

Nationwide recently recognized the contributions of 17 Iowa and Ohio agriculture teachers with the 2018-2019 inaugural Golden Owl Award. Nationwide established the award to honor teachers and support them with additional resources to assist their continued educational efforts in preparing the next generation for successful agricultural careers.

As a result of the positive response from the communities that Golden Owl Award nominees make a difference in, Nationwide expanded the campaign to include Pennsylvania, Illinois, Iowa and Ohio.

The 2018-2019 Iowa Ag Educator of the Year has already seen a 30-student increase in his agricultural shop class for next fall—at a high school with just over 300 students. Recipient Brad Taylor, a teacher at Roland-Story High School in Story City, Iowa, credits this growth to the recognition he received through the Golden Owl Award.

“I think it’s important to be a role model for the students that we have in our classes so they understand what the opportunities are for their futures,” said Taylor. “This award symbolizes the hard work that individuals have put into agriculture education to help students realize what their full potential is.”

Twenty-six finalists across the four states will receive an individualized plaque and $500 to support their agriculture programs. One finalist from each state will be crowned as his/her state’s Ag Educator of the Year and will receive the Golden Owl Award trophy and $3,000 to help fund future educational efforts.

“We’re proud to recognize outstanding teachers for their dedication to agricultural education in their farming communities,” said Brad Liggett, president of agribusiness for Nationwide. “This award symbolizes the hard work that individual teachers have put into agricultural education to help students pursue their passion for farming.”

The Golden Owl Award raises awareness of the importance of agricultural education and the tremendous contributions of teachers. As the number one farm insurer in the United States¹, Nationwide aims to bring attention to the growing need for agricultural educators. This effort is the result of a partnership between Nationwide, the Ohio FFA, Ohio Farm Bureau, Pennsylvania FFA, Pennsylvania Farm Bureau, Illinois FFA, Illinois Association of Vocational Agriculture Teachers, Compeer Financial, Farm Credit Illinois and the Iowa FFA Foundation. For more information, visit www.goldenowlaward.com.