潘金莲传媒映画

Nationwide Plans 5% Reduction in Employee Headcount

By | July 30, 2024

Insurer Nationwide said late last week that it is reducing its headcount by about 5% over the next year.

“We can’t speculate on the total number of job impacts,” said Nationwide in a statement. “Eligible associates are able to apply for any of the hundreds of open roles we have across the country.”

The Columbus, Ohio-based insurer said its “modernization journey” includes periodic business-strategy updates that can include shifts in staffing, with some areas increasing and others decreasing in headcount. Nationwide added that P/C and supporting functions like technology “will collectively operate with fewer positions.”

“This is due to a variety of factors including associates voluntarily moving to other roles within and outside Nationwide, not filling open roles when possible, slowing business in underperforming lines, and operating model changes,” Nationwide added. Calling staff reductions a “last resort,” Nationwide said impacted employees will get 60-days notice and a severance package.

The upcoming layoffs do not impact the insurer’s financial services business lines, it noted.

An analysis by S&P Global Market Intelligence found nearly 20 U.S. P/C insurers鈥攊ncluding the likes of GEICO, Liberty Mutual, Farmers, and USAA鈥cut at least 6,800 jobs in 2023. Insurtechs like Hippo, Branch, Corvus and Pie had to layoff employees in 2023 as well.

In February, Liberty Mutual confirmed it was eliminating another 250 positions. USAA announced another round of layoffs in April.

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Latest Comments

  • August 11, 2024 at 8:39 pm
    Ben says:
    No surprise, sooooooooo much overhead at HO its just crazy. Fifedom is alive and well at NW. Need job stability ? Find a 'need', create a project team, and analyze it for ... read more
  • August 7, 2024 at 9:31 am
    Andrew G. Simpson says:
    潘金莲传媒映画 Journal welcomes comments from insurance professionals and members of the public relative to the industry. However, as we are a specialized publication, please limit... read more
  • August 6, 2024 at 6:09 pm
    Keen Observer says:
    Not a surprise. Russ Johnson ran AIG North American Casualty into the ground, then he ran QBE MM into the ground and now he is running Nationwide's Commercial and E&S/S o... read more

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