Off course! The torpedo has hit mid-stern. Throw excess weight overboard (companies, employees, agents). Did Trian already influenced the first sale of a company?
Look! Revenue is up! Don’t look at the loses. Doing the same things over and over again and expecting a different result. Isn’t that still the definition of insanity?
This ship is sinking! Get out fast.
Tom and his compadres have been receiving wonderful bonuses $5 mil and up without offering cost of living raises. Raises for performance go from 6% for kissing a-s and down. Even if you su-k up Allstate is great and get your 6% year after year, you are still never really keeping up. They continually raise insurance benefits until finally rumor has it they sold the benefits portion. Insurance for health will be up in the air; we still have no idea what are plans will look like for next year. It runs out in about 40 days for this year. What are we supposed to do???
Tom, I really hope all those millions you have gotten, at our expense, help you live easy. I truly hope you and your family are never in need. KARMA isn't a great way to go out!
God will be the judge and greed is a sin.
@3rze+1psC60WM,
You dare to speak for employees and say that "We care about the company..."? Apparently you have not read many of the posts on this site by employees who brag about little work that they do and how little they care if the company even survives.
But, that said, I am going to sell all of my Allstate stock (at a nice profit, by the way) and invest the proceeds in cryptocurrency and WeWork stock. A couple of can't miss prospects there.
Keep highlighting mismanagement. I'm sure that TW and the BOD appreciate it.
In response "...to its whining employees, Allstate stock price is up 14% in the last 30 days. As management and the board of directors report to the stockholders, at this rate, it is unlikely that they will start listening to you anytime soon." It may be a good idea to listen to employees. We care about the company and our colleagues. We take the time to highlight mismanagement and plain incompetence in certain areas as it has a material effect on profitability. You do realize that stocks rise and fall on propaganda, expectations, and anticipated macroeconomic conditions by investors(gamblers is more appropriate). The company is bleeding capital, hence the recent sale announcement of the Health company. You will find out in time how stock price behaves when management can no longer hide actual conditions.
Affordable, Simple, Connected. What exactly is ASC and how does it include the agent? If it does...connected means what?
"ASC is hot garbage very outdated and NOT what our customers want."
And despite management not listening to its whining employees, Allstate stock price is up 14% in the last 30 days. As management and the board of directors report to the stockholders, at this rate it is unlikely that they will start listening to you anytime soon.
"ASC is hot garbage very outdated and NOT what our customers want. We have tried and tried to tell TPTB this and they are too obtuse to understand, their egos are getting in the way, or they simply just don't care and are busy donning their golden parachutes for the end. Also those working on implementing ASC are continuing the push for ASC to try to hang onto a paycheck for a while longer. They know this will not work."
Because the people who made the decisions about it based those decisions on old fashioned project milestones that would get them big bonus checks. That and they arrogantly believe they knew better than the market what what the market wanted. They're getting ready to do the same thing with property. These are the people in management who seem to survive lay off after lay off and keep managing the same way.
The average age of an Allstate agent is 56. Most can't wait to get away from this carnival of clowns and are just milking out what they can until they can take TPP. If the P&C industry digs itself out of the hole it's in it could nallow them to hang a bit longer but between these career agents and new hikers who don't stand a chance to succeed I think AS could easily lose 25% of their agency force in 2024.
Whoever is saying scottsdale and Aip will stay is a complete bafoon I'm a senior restoration agent and I've seen less and less people in this building. The work from home people are not coming back. The pushback is so extreme i know 5 of them that will leave for Norton. All this construction could be for americor or whoever needs a physical call center. I feel bad for the new hires but it is what it is.
The fate of aip its a business unit that will get sold if benefits got sold aip most likely will hopefully to a better owner. As far as the rest of allstate assets only the time will tell and I don't know
@zya - Your ego has moved inside of your head. TW and the BOD don't care about your trust or your respect. They report to the stockholders, not to you. You are a commodity who is easily replaceable.
To be fair, this place could survive another 25 years (as they have for several decades) by ensuring profitability through pricing and claims, buying back shares, and paying a modest dividend. There's been no P&C market share growth before National General purchase for 30+ years, yet the stock has done well since the IPO. It's not the most dynamic industry, and treading water would be consistent with history. Nobody wants to buy insurance but it's required. Would not be hard to outplay the 60% of ankle-biter regional companies for quite awhile.
ASC is hot garbage very outdated and NOT what our customers want. We have tried and tried to tell TPTB this and they are too obtuse to understand, their egos are getting in the way, or they simply just don't care and are busy donning their golden parachutes for the end. Also those working on implementing ASC are continuing the push for ASC to try to hang onto a paycheck for a while longer. They know this will not work.
We have very competent IT leadership in the infrastructure, Security and Data/Analytics. The CIO and the DCIOs for the most part are plain incompetent. They will sink the ship with TG/ASC.
It sure is sad and discouraging when employees despises the company they work for.
Message for Train: If Allstate is going to turn this company around they are going to need to start with rebuilding the trust and respect of the employees.
You all are clowns
AllSNAKE better have enough money left to pay me severance when they let me go or else I've waited around for nothing....been with the company too long to quit without seeing if a severance is possible. I'd Sh*t my pants if I quit and find out my unit has been let go with a nice little package in a few months.
It's eerily similar to Sears. Can't find a defensible strategic position. Won't admit any level of failure. Constant churn of small hail mary ideas that are nothing but time sinks. Sell off physical assets. Underpay employees to enable short term profits but ki-l customer loyalty.
On, and the agents? Without their connections no one is going to pay Allstate's high rates.
It is close. The Hail Mary attempt at going to the direct model with ASC product (already not going as well as anticipated and rejected by some states already) and the elimination of the expensive exclusive agencies over the next 2-3 years will be the end of Allstate. This is the last ditch effort to keep this company as a viable insurance carrier. And there is not much confidence from the top down that this will work at all.
Is it really this bad? Is it really so close to final stages?
Tom Wilson and Allstate senior leadership has made monster money and have their golden parachutes to look forward to. The next step in the systematic deconstruction of a failed company is new Private Equity shareholders to pick apart the company and methodically and ruthlessly sell off pieces to the highest bidder until there isn't really anything left, leaving the remaining husk of a company to file bankruptcy and formally close up shop.