Posted by (12/21/2018-California)Nation-wide Mutual Insurance Company (Chinese tentative translation:National Life) Issued an official statement regarding some misleading information about the company’s life insurance business that appeared on Chinese social media (WeChat) recently. Nationwide stated,Nationwide has not exited the life insurance business.The following is Nationawide’s advice on this issueAmerican Life InsuranceThe full text of the statement provided by Guidance Network:
WeChat Correction Statement
Nationwide is not exiting the life insurance business
We Chat Article with false information: (translation)
Another large US insurance company announced its withdrawal from the insurance channel
by US-China Exchange Promotion Association
NATIONWIDE, a large US life insurance company based in Ohio, announced last week that it will completely withdraw from the insurance channel in July 2020.
NATIONWIDE is a company with large independent agents and exclusive agents in large US insurance companies. It currently has about 10,000 independent agents and 2,000 exclusive agents. agents or left to other insurance companies. NATIONWIDE reported that the decision was made primarily because of market changes, customer choices and the need for exclusive agents to demand more
From the decision of NATIONWIDE and the decision of VOYA to withdraw from the personal life insurance business at the end of the year, and the series of actions by Metropolis and LIBERTY to sell individual insurance channels in recent years, we can see that the United States is presented as a mature insurance market. T wo major trends: First, the risk channel continues to shrink. Second, more and more companies are trying to reduce costs and meet customer demand for insurance through direct sales channels (D2C).
Revelation: As an emerging insurance market, China may have a rising number of exclusive agents, but it will never grow, it will definitely fall back at a high point, and independent agents will come into being. And to develop, direct sales channels will be further developed. Chinese insurance companies should strategy, carefully study the channels of independent agents in mature markets, and develop relationships with intermediary companies and independent agents.
Nationwide Statement
Nation-wide is committed to the growth of our life insurance and financial services businesses. Our history of strength and stability dates back more than 90 years.
As a Fortune 100 company, we are committed to providing diverse solutions including life insurance, annuities, mutual funds, and retirement plans. We are also a leading United States property and automobile Insurance company. Our property and automobile Exclusive Agents are converting to become property and automobile Independent Agents as part of our company's growth strategy. However, our financial services business has long offered its solutions through advisors and agents and is not impacted by this change.
We are fully committed to continuing to invest in and grow our life insurance business through our deep firm partnerships, including World Financial Group. In fact, Nationwide is in the third year of a five-year plan to invest in our life insurance business with industry -leading new technology to make it even easier for agents and customers to access our competitive life insurance offerings.
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 AM 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.
The following isAmerican Life InsuranceGuidance Network's translation of statement section:
Nationwide statement
Nation-wide Committed to the development of life insurance and financial services businesses.Our strength and robust history can be traced back to more than 90 years ago.
As a Fortune 100 company, we are committed to providing consumers with a wealth of solutions, including life insurance, annuities, mutual funds and retirement plans.We are also a leading American real estate and auto insurance company.Our real estate and automobile exclusive agency brokers are being transformed into real estate and automobile independent agency brokers, which is part of our company's development strategy.However, our financial services business has been providing solutions through financial advisors and brokers for a long time, and is not affected by this change.
We have been committed to continuing to invest and develop our life insurance business through the establishment of deep partnerships. These partners include World Financial Group.In fact, Nationwide is in the third year of a five-year plan. The plan is to invest in our life insurance business with industry-leading new technologies to make it easier for agents and clients to obtain our competitive life insurance. Insurance Products.
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