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How Nationwide Is Transforming Commercial Lines—and More: Q&A With P/C President and COO Berven
In 2021, insurer and financial services company Nationwide reported the strongest earnings in the Fortune 100 company’s history—$2.8 billion in operating income with sales of over $50 billion, another record number.
Executive Summary
Mark Berven, the COO of Nationwide P/C, talked to Carrier Management about how major investments in technology and talent, which started being made in the mid-2010s, fueled record volume of $19 billion in 2021 and $1 billion in net operating profit. One key to success—a mutual structure that allowed the company to make decisions to modernize faster than public competitors who struggle to get past the lag between spending hundreds of millions of dollars and the ultimate expense savings to come in the future.
Since 2015, Nationwide has taken out over a billion dollars in P/C expenses, with another half billion on deck.Executive SummaryMark Berven, the COO of Nationwide P/C, talked to Carrier Management about how major investments in technology and talent, which started being made in the mid-2010s, fueled record volume of $19 billion in 2021 and $1 billion in net operating profit. One key to success—a mutual structure that allowed the company to make decisions to modernize faster than public competitors who struggle to get past the lag between spending hundreds of millions of dollars and the ultimate expense savings to come in the future.Since 2015, Nationwide has taken out over a billion dollars in P/C expenses, with another half billion on deck.
What wasn’t immediately apparent in a late-February media statement announcing those results was the contribution of property/casualty operations to those numbers—roughly $1 billion in profit, $19 billion in P/C premiums and a 5-point improvement in the combined ratio over the prior year.
