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NATIONWIDE FINANCIAL An Operations Strategy Today

Rhodes Baker February, 2000. NATIONWIDE FINANCIAL An Operations Strategy Today. CRITICAL IN SERVICES OR MANUFACTURING. OBJECTIVE. To Define and Describe:. 1. The Scope of Operations Management 2. Where it Fits and how it supports a Successful Business .

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NATIONWIDE FINANCIAL An Operations Strategy Today

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  1. Rhodes Baker February, 2000 NATIONWIDE FINANCIAL An Operations Strategy Today

  2. CRITICAL IN SERVICES OR MANUFACTURING

  3. OBJECTIVE To Define and Describe: 1. The Scope of Operations Management 2. Where it Fits and how it supports a Successful Business ...Through Case Study & Real Applications From Nationwide Financial ...Through People, Process and Technology

  4. AGENDA • I. Introduction: Profile of Nationwide Financial • II. Concepts and • Applications: How We Do It Today • III. Future • Opportunities:2000 and Beyond

  5. I. Introduction: Nationwide Financial Profile A. Nationwide Financial Services Company B. Nationwide Financial Operations

  6. Definition of “Nationwide Financial” A Diversified, Global Financial Services Company: Assets Sales ROE Employees Customers $100+ Billion $16 Billion / 23% 16.5% 4,000 3.7 Million

  7. Primary Businesses • Individual Annuities • 401(k) Pension Plans • 457 Public Retirement Plans • Life Insurance

  8. Rankings 10th Largest Life Insurance Co. (Assets) # 4 in Variable Annuity Sales # 2 in Bank Sold Variable Annuities # 6 in Variable Life Sales # 3 in Number of 401(k) Pension Plans # 1 in Public Sector 457 Assets Under Administration

  9. Channels of Distribution • Stock Brokers • Financial Planners • Independent Brokers and Agents • Bank Representatives • Pension Plan Administrators • Captive Agents • Life Specialists & Producer Groups

  10. Core Competencies • Size, Financial Strength • Product Innovation • Diversity: Product & Distribution • Alliances

  11. Definition of “Operations” All Back Office Administrative and Service Functions Required To Support Products and Services for Customers, Producers and Business Partners

  12. Operations Employees 2,100 Budget $150 Million Support: • 3.7 Million Customers • 100,000 Licensed Producers • 2,000 Broker Dealers & Banks

  13. Operations Annual Service Statistics 9,240,000 3,000,000 3,000,000 2,280,000 168,000 $600,000,000 Voice Response Calls Internet Hits Incoming Calls Outgoing Calls Commission Payments Commission Dollars Paid

  14. AGENDA • I. Introduction: Profile of Nationwide Financial • II. Concepts and Applications: How We Do It Today • III. Future • Opportunities:2000 and Beyond

  15. II. Concepts and Applications A. Linking Strategy to Planning B. Performance Management C. Compensation D. People E. Organization and Process Redesign F. Continuous Process Improvement / Quality G. Technology and Resource Allocation H. Project and Vendor Management

  16. Linking Strategy to Planning • Global Brand • NF’s 6 Goals • Operations Guiding Principles

  17. Global Brand • Ease • Access • Customization

  18. Nationwide Financial’s 6 Goals • SUSTAIN HIGH GROWTH • ATTAIN AND SUSTAIN HIGH PROFITS • CREATE VALUE FOR THE CUSTOMER • MANAGE CAPITAL EFFECTIVELY TO MAXIMIZE SHAREHOLDER VALUE • DIVERSIFY SOURCES OF GROWTH AND PROFIT • ACT IN AN INNOVATIVE AND ENTREPRENEURIAL WAY

  19. Operations Guiding Principles We believe people are our most important asset and critical to our success We make it easier for our customers and producers to do business with us and deliver service that builds life-long relationships. We measure and reward success.

  20. Annual Planning • Budget Planning • Line of Business Objectives

  21. Budget Planning • EPS, ROE, and Sales Targets • Revenue Opportunities • Expenses

  22. Performance Management • Definition • Measurement • Integration • Process

  23. Compensation • Objectives • Compensation Alternatives • Operations-wide Incentive Compensation Program • Self-Funding • Communication Strategy

  24. People • Recruiting • Hiring • Training and Development • Performance Management Process • Retention

  25. Rewards Performance Summary Strategic Performance Planning Business-Focused Development Planning Coaching, Resource Support, and Feedback Individual Performance Summary 7 4 3 Individual Objectives 1 Performance Tracking 6 Development Plan Objectives Assessment Enterprise Objectives & Criteria Business Unit Objectives & Criteria - Salary Mgmt. - Incentive Pay - Dev. Opps. ~ 80% Individual Objectives & Criteria (electronic or form-based) Competency Assessment 2 Performance Tracking 5 Individual Competencies - Enterprise - Business Unit - Job/Technical ~ 20% The Performance Management Process Objectives Competencies

  26. Organization and Process Redesign Organization Functional Vs Teams Centralized Vs Decentralized People Vs Process Integrated Contact Center Process Gold /Platinum Services Dedicated Correspondence Specialists Relationship Managers Top Customer / Producer Direct Routing to “Expert” Groups

  27. Continuous Improvement / Quality • First Time Final • Best at Recovery • Feedback Loops • Learning Centers • Quality Facilitators • Gain/Loss, Suspense

  28. Technology and Resource Allocation • Business Technology Strategy • Resource Allocation Committee

  29. Business Technology Initiatives • Internet and Voice • Producer Automation and Support • Partner Integration • Service Desktop • Data Management Infrastructure • Upgrade Record Keeping Systems

  30. Project and Vendor Management • Business Analysts and Project Managers • Outsourcing and Vendor Management

  31. AGENDA • I. Introduction: Profile of Nationwide Financial • II. Concepts and • Applications: How We Do It Today • III. Future • Opportunities:2000 and Beyond

  32. III. Future Opportunities • Customer / Producer Retention • Business -to- Business and Internet • Alliance and Acquisition Strategy

  33. Customer / Producer Retention (Satisfaction) • Performance Management • Surveys • Competitor Monitoring • Innovation - Products and Services • Technology

  34. Business-to-Business and Internet …The Opportunity Explosive Growth Lower Costs through Self-Service Competitive Advantage Ease, Access, Customization ...The Challenge Funding Environment of Constant Change Integration and Migration

  35. Alliance and Acquisition Strategies • Growth Vs Survival • Integration Vs Independence • Global Vs Domestic

  36. In Summary: Bottom Line Nationwide Financial • Chaos is Constant • People, Process and Technology Drive Success

  37. Questions and Answers Nationwide Financial

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