Nationwide implements new requirements for obtaining coverage
Nationwide has announced specific business actions it is taking to mitigate risk and manage the personal and commercial lines portfolios in the current environment. “Strong headwinds brought on by the economic environment, catastrophic weather events and the impacts of inflation continue to impact the entire insurance industry,” the company shared in an update.
When it comes to new personal lines coverage, pre-quote documentation will be required for some products in select states by the insurer beginning June 14. Some of the required documents include proof of residency (utility bill), photos of the home/vehicle, and more.
This move essentially prevents agents from receiving a quote from Nationwide through comparative raters.
Nationwide is also taking “some actions” to balance risk within its small and middle market commercial lines business.