Few important reason why Allstate is not & will never be #1
In order to become number #1 Allstate will need a #1 leader. It’s time for a change & should start at the top.....
@4npg+16Xuve0f- no it won’t. And if it did which it won’t, it would be a temporary gain before falling back to where it is or lower. The only hope Allstate has of becoming #1 is to buy out all of the competition ahead of them and become the only major carrier. You can’t really think you will be #1 when you treat your workforce like #2. It just won’t happen.
While the companies ethics as of late have been questionable this is false. If you understood the company’s business plan and knew where the other big insurance companies stand then you would understand that Allstate’s surge to the number one spot is inevitable and will happen much sooner than people think. That is all I will say.
Tom salary’s keep going up! Allstate keeps going down...
Allstate will never be #1 because it is a public traded company.
Tom's motivation is primarily to the share holder, not the customer and especially not the employee.
I don't begrudge Tom for his salary, I begrudge him for turning the #3 insurance company into #4 (passed by Geico) and him still keeping his job.
Just think about that during your next PDS. Why is TW still in his job?
Tom keeps his job by using 'smoke/mirrors. He fools shareholders, financial press and Wall street by acting like the company is growing. He will buy Esurance to compete with Geico (fail), he declares war on his own agency force with higher quarterly goals and less commission (agents hate him), he purchases other companies outside of the insurance industry, he hires Shapiro to come in and eliminate thousands of jobs domestically while sending many of those jobs overseas during COVID. Most recently he paid $4 billion for National General in order to gain access to a broader independent agent market. Let's see how that works out.
Meanwhile, TW will go on CNBC and say all the "right" things the whole while doing the opposite. He will fly to AEI on the corporate jet to make a speech in which he tries to portray Allstate as a good corporate citizen. He will pen an editorial in a major publication which makes him look like a friend to the average Allstate employee the whole time he plots behind closed doors with Glenn and company to eliminate them. Oh, and of course, he is quietly moving Allstate out of Illinois and relocating it to Texas. I wonder why. Nothing to see here, move along.
At the end of the year, the Board will simply pat him on the back for trying hard, pay him his massive sum of $16.5 million in bonus/stock/options, increase his salary from $1.3 million to $1.5 million. He can only be removed if shareholders vote him out.
The only one in "Good Hands" is Tom Wilson.
They keep hiring criminals as agency owners and paying big money. Most don’t survive past the 2 year mark without being terminated for fraud.
If you want sources, look it up. All publicly traded companies disclose there CEOs salaries... Tom is overpaid more than 8 times any other insurance co CEO or any other traded co CEO.....
It's not #1 because you have a bunch of id–ts in Chicago running the company. We have a substandard homeowners product. They have field adjusters out there looking for reasons to not pay claims. They have a CAT team based in Mobile who are just as unintellegent as the people in Chicago. You have a 40 year history of making short sighted, knee jerk decisions with rates and underwriting actions. You know why State Farm is #1? They don't make knee jerk decisions. They provide a stable product and, generally, have a much better homeowner product to sell.
Allstate is not #1 because Allstate stopped caring about employees, their product, their agents, and their retirees. The focus is on profit and bonuses. The field leaders do not share with the agents who got them to the bonus level (I've worked for many agents and NEVER did an FSL take the agent to lunch). Allstate stopped inviting spouses to lunches and holiday affairs. Allstate stopped having Summer picnics because of cost. The product in many states, whether it was auto, home, or life was priced higher than the competition only for Allstate ALR to reduce premium on products because their numbers were wrong. They nitpick the agents for every dime they can think to take; laptops, Integrated Services, supplies from CDW, advertising items. Retirees lost pensions that they were promised when they signed on 30+ years ago. There was always enough money to pay the CEO incredible bonuses as the company lost market share, there was always enough money to pay bonus level employees obscene amounts, always enough money to pay Board members additional dollars, but there was not enough to show the Allstate FAMILY that Home Office gave two hoots about the employee or their family. What should have been Thank You's became FU's
sources?