So they said they laid us off bc people are driving less and they gave money back. Makes no sense. If folks are driving less, you saving money. My work load is back to precovid levels, so claims hasn't fell off! You still getting premiums every month. You went out and bought another company with 9k employees. Layoffs again when the merger goes through next April. You say you put a priority on internalized hiring, I have not heard from Allstate. To be honest, why would I want to apply for other jobs. This has pushed me to look into self employment. Financial freedom is working for yourself. I never want to go through something like this again. F#C$ Allstate!
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former Allstater here now at Liberty Mutual, don't believe all you hear in the news, we are taking rate hikes just like we did last year, and don't be surprised if other companies start doing the same since we were told the fires are going to drive our rates up.
In reading the feedback from customers the average covid stipend was under $50. Then their rates increased more than the stipend.
It takes some time before rates change. Until severance payments taper off we aren’t going to see rates to change and be more competitive.
Yeah, they really deceived those of us that were silly enough to believe that ‘transformative growth’ and ‘underwriting transformation’ etc etc, was really a great thing to keep Allstate competitive and think it was a positive thing.
Really it was just a facade they used to only lay you off later.
Transformative growth has been in the works for about 2 years. The "Northbrook Mafia" has this plan well constructed. Moreover, this has been a mandate for Glenn Shapiro since coming to Allstate. TC has been looking to dismantle Northbrook for a long time. TC does not want to pay the high IL property taxes anymore. Wilson does not go to Northbrook on a regular basis, he prefers to work with the Millennials of Arity at the Merchandise Mart in downtown Chicago. The labor rates of the Southern states offers more to the company bottom line.
I’m continually amazed at how so many of you work in this industry but have zero idea how insurance ratings and pricing works.
The media is reporting quotes and facts without opinion. Basically a boring press release. Notice that one article mentioned the quote and the reason for the layoffs to save the insureds more money and the very next line is that Allstate acquired Nat Gen for $4B, that was the writers way of saying BS without actually including their opinion. Any business person with half a brain can figure that out, although it was a blatant lie that or omission that less claims counts with continued premium means big bucks for big blue.
It's a tax break scheme. Allstate will be able to claim "exorbitant losses" and apply for tax relief. Also, it's so their stockholders can buy up stock when it's low and have "more value" because it's going to go back up. It's all more scheming to make a mega rich corporation even more rich.
Allstate repeatedly said that the RIF was due to "transformative growth" and had nothing to do with the pandemic. Now, in the media, they are claiming its related to the pandemic issues. So much for transparency.