Week 1 Assessment Prep

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Mechanical Engineering

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Apr 3, 2024

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Week 1 Assessment Prep Week 1 Assessment Prep: Company Overview Weshonda Moss University of Pheonix ENT/588 Capstone Project Dr. E. Brannon-Little 2/27/2024
Week 1 Assessment Prep Company Overview/Introduction Nationwide Mutual Insurnace Company has been helping people protect what is important for more than 90 years ( www.nationwide.com ). Nationwide has grown from a small mutual auto insurer owned by policyholders to one of the largest insurance and financial services companies in the world. In 1926, Nationwide was formerly known as Farm Bureau Mutual Automobile Insurnace Company, selling its first policy under the name. Within the next two years the company expanded into other states including West Virginia, Maryland, Delaware, Vermont, and North Carolina. From 1933 to 1939, Farm Bureau expanded beyond auto insurance, and wrote its first property insurance policy with the purchase of a fire insurance company (www.nationwide.com). It would be in 1955 that the name would change to Nationwide with the aspiration of eventually selling products from coast to coast. Over the years Nationwide has had major accomplishments, a main objective being the seat belt incentive in 1963 (www.nationwide.com). This incentive provided 50% additional medical benefits to policy holders wearing a seat belt at the time of accident. Establishing the first 24-hour claims reporting service, opening the first full-time corporate blood donation center in the American Red Cross system, opening a Nationwide Arena, opening Nationwide Bank to the public are just a few major accomplishments. To the date, Nationwide is a Fortune 100 company that provides a full range of insurance and financial services for cars, motorcycles, homeowners, pets, and farms, as well as life and commercial insurance (www.nationwide.com).
Week 1 Assessment Prep Business Competitors and their Strengths Some of Nationwide Insurance competitors are Allstate, State Farm, Liberty Mutual Insurance, Progressive, Geico, USAA, New York Life, AIG, and MetLife. For my own personal insurance purposes, I have had Allstate, Geico, MetLife, Progressive and New York Life. All of which have had great incentives. Nationwide earned 4.5 stars out of 5 for overall performance ( Nationwide Auto Insurance Review 2024: Pros and Cons-NerdWallet. (2024). . The bottom line for Nationwide is that the company offers an impressive set of discounts and with the small number of complaints it makes for a solid choice for many consumers. For auto insurance shopping, Nationwide Insurance ranks nationwide number 3 out of 8 companies. PROS: Fewer than expected number of complaints to state regulators for auto insurance Wide variety of options for customers who want to buy multiple products from one company Generous extras for loyal customers such as minor accident forgiveness, pet injury coverage, and car key replacement. Offering gap insurance, vanishing deductible, on your side review, and total loss deductible waiver Loyalty rewards program ( Nationwide Auto Insurance Review 2024: Pros and Cons- NerdWallet. (2024). Organizational Challenge or Dilemma The challenge or dilemma that I choose for is Inflation and its impact on businesses. Inflation includes rising costs and spending cuts; businesses may have to take out loans with
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Week 1 Assessment Prep raising interest rates. Inflation happens when the value of money decreases resulting in the consumer paying more money for the same item than they would have previously. References Nationwide Auto Insurance Review 2024: Pros and Cons-NerdWallet. (2024). Retrieved from www.nerdwallet.com>reviews . Nationwide’s corporate history. (2024). Retrieved from www.nationwide.com .