Nationwide Private Client Insurance is discontinuing coverage, impacting existing policyholders who will need to seek alternative insurance options, and it is recommended to review and compare insurance policies when seeking alternative coverage.
Nationwide’s Shift in Focus
Nationwide, a longstanding leader in the insurance industry, has recently announced a significant shift in its focus. Departing from catering to high-net-worth insureds, the company is pivoting towards servicing the mass affluent segment, thereby retiring the Private Client brand by the end of next year. This change forms part of a broader strategy to narrow the appetite of Nationwide’s Private Client business. Furthermore, the company is limiting its new Private Client appetite to mass affluent risks over the next several weeks. However, it’s important to note that this decision will not impact Nationwide’s standard personal lines business, small commercial, middle market, farm/agribusiness, E&S/S, or Nationwide Pet policies.
Impact on Existing Nationwide Private Client Insurance Customers
The impending discontinuation of Nationwide Private Client Insurance coverage will undoubtedly impact existing policyholders, who will need to seek alternative insurance options. In light of this change, customers are advised to consult with Castle Rock Insurance to potentially engage an independent broker capable of handling various carriers. While existing auto policies can still be changed, customers buying or renting a new home will have to navigate strict binding requirements.
Steps for Policyholders Affected by Nationwide’s Decision
For individuals affected by the discontinuation of Nationwide Private Client Insurance, the first step is to review and compare insurance policies when seeking alternative coverage. Assistance from Castle Rock Insurance in Colorado is beneficial in helping to navigate the changes and find appropriate coverage options. It is essential for customers to take proactive steps to secure new insurance coverage before the discontinuation comes into effect in 2024.
Understanding Open Enrollment and Finding Alternative Coverage
The Affordable Care Act’s open enrollment period provides an annual opportunity for individuals and families to compare and select health plans, making it possible to find alternative coverage outside of Nationwide Private Client Insurance. Outside of the open enrollment period, individuals can only sign up for ACA-compliant health insurance if they experience a qualifying life event. The availability of alternative coverage options is evidenced by the fact that more than 7.3 million people have selected an ACA Health Insurance Marketplace plan since November 1.
Nationwide’s Future and Implications
Moving forward, Nationwide will begin to migrate all Personal Lines business to a single operating model and platform in late 2024, signaling a considerable transformation in their operations. The changes in Nationwide Insurance’s business practices are in response to inflation and catastrophic weather events, which will affect policy quotes and necessitate more documentation for new personal lines policies. As these changes vary by state and by product, policyholders are advised to stay informed about the evolving landscape of insurance options.