I recall that the reason for transformative growth was to have the cheapest rates in the industry. So you have laid off so many dedicated and knowledgeable employees to be replaced with new employees. Or sending work to India. The corner offices have failed. So where is the accountability Lori and Glen. Maybe you need to move on as well.
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I know not everywhere is the same, but of the major insurance companies Allstate is still the cheapest for me, no accident, no tickets. I am glad I don't live in Florida as I heard those rates are pretty high. I was an Allstate employee up to 2 years ago.
@2fog+1jetYMrX The federal government would never approve Allstate being bought, there are only a few carriers that could afford to buy Allstate and the federal government will not let 1 large carrier buy another large carrier.
Allstate is so overpriced and product is garbage coverage. Competitiveness will never happen
Losing over 1000 is the demise of Allstate and the Wilson regime. Take this company behind closed doors and turn off the lights. It’s a loser
There might be some credibility to ALLSTATE being sold. Right now there are 7720 Exclusive agencies. That number is down from 12/21 where there was 9300 EA’s. Word on the street there will be another 1000 agents leaving by the end of the year because Agent termination buyouts will be lowered by Allstate by 10%. I believe the digital footprint will be well in place on 1/23. The digital footprint will make Allstate very attractive to an outside buyer.
BINGO !!
Under the present leadership, Allstate will never have the lowest rates. You have to remember Allstate is a publicly traded company. Their first and foremost obligation is to the shareholders. Allstate’s goal is to operate at a 88% combined ratio. This combine ratio allows them to be profitable and return shareholder equity. However, as you can see in the inflation downturn, this can be a very difficult thing to achieve.
Presently Allstate is attempting to skinny the corporation down. They are doing this by letting many people go and shift work to Pune, India. The agent system is now doomed. In the past Allstate would fire the low producing agents. However, in this purge of agents, they are letting top performers walk out the door.
These facts would lead one to believe that Allstate as we know, it can no longer exist under present management. Moreover, given the fact that Tom Wilson is near retirement age, it would make sense that he is selling the company to Progressive. Progressive desperately needs any fission. Homeowner product. One of the very last things that Allstate does well is their property liability insurance. Progressive could easily fix the Allstate auto product. I believe Progressive would like to emulate Geico’s agent model. The Geico model is having Mega agencies spread very far apart. Tom Wilson is on record, saying that the smaller agency no longer fits into their program and ultimately their program is the progressive merger.
Yep - the Employee Agents (more commonly called Pajama Agents) have been a flop - poorly trained and very unprofessional...
They blew most of the expense savings on the employee agent model. It is a complete disaster. Managers have 10-15 agents reporting to them while the EA side has 70+ agents reporting to each sales leader. Also the employee agents turnover very fast. They get paid salary and benefits and milk the company for a few months before moving on. Trust me, Allstate will never come close to being a low cost insurer. It’s not good n their DNA now or ever
To be fair even though transformative growth was a terrible idea, inflation has been the worst in 40 years so prices for everything are up
Wake up !! Glen(n) is long gone...