https://www.chicagobusiness.com/insurance/allstate-losing-auto-insurance-customers-fastest-clip-nearly-two-decades
9 replies (most recent on top)
Dont be deceived. State Farm is just as bad. Just manipulates the number one spot. $$$. This world is fake
#1 = Simple fix: Re-Open the APC Auto Company and close AFCIC. If we quoted ten we wrote eight.. ... and renewals stayed steady without roller-coaster rating algorithms. Retention was 93.9% – best ever in the history of the company.
#2- institute immediate retroactive "Special Payment Plan" and allow terminated policies to be reinstated without a lapse. Covid caused the current payment issues – one would think they would want to help fix the problem instead of creating another. 7-10 year clients that terminate due to no fault of their own - they actually mailed the check but it is sitting in a post office somewhere – are reinstated with a lapse which removes about $400 in discounts per policy. A $800 yearly increase for missing a posted payment is driving another segment of our business right out the door and they take all their other policies with them. Wait until you see next quarter results - they will be worse. "Dear Tom, rosin up the fiddle say you can keep playing while Rome burns." UNPRECEDENTED.
Tom Wilson was the final stab that k–led Sears and he is too enthralled in his lust for his yearly millions for doing nothing and his obvious alcoholism that he has no clue what he was even saying on that call. And Glenn Shapiro is nothing but a human guillotine chopping off heads and saving nickels for the company in the wrong, immoral, and borderline criminal ways. Glenn has no idea how to run a successful company and is nothing but a head hunter. All the brown nosing officers and directors are just out for themselves and the bloated paychecks that they don't earn. I wouldn't trust 90% of them to run a lemonade stand in their front yards and make a profit legit. There is nothing more gratifying than watching this company slowly sink like the Titanic even if it will eventually cost me my job. And I am doing every little tiny bit that I can to help that happen while I'm here. Burn baby burn!
Here is a transcript of the call (Allstate's 4th quarter earnings call) that the article linked by the OP is based on: https://www.fool.com/earnings/call-transcripts/2021/02/04/allstate-corp-all-q4-2020-earnings-call-transcript/.
Basically, Allstate is known for and emphasizes their customer retention rate but last quarter's retention rate was the lowest since 2001 (87.5%) which lead to a .5% decrease in number of policies at the end of the year.
On the earnings call, Tom tried to (in my opinion) minimize this stat but it's significant given this is during Allstate's "Transformative Growth Plan" to increase market share. Probably not a good time to be going backwards in stats like retention rate and number of policies in force.
Have to subscribe to read the article. Can you paraphrase please?
Who are these Allstate yes men and Karens Tom is sending in here to try to shame people complaining about layoffs?
iwd+19ga8qEe c-appy things happened to sorry, but your selfish anger is actually hoping that the remaining employees all lose their jobs too. Unhinged
Good. I hope they completely collapse and go out of business or have to sell what is left of the heap to a competitor. I am doing all I can do to spread the word about Allstate's terrible ways and getting everyone I know or find out about to switch carriers. The least I can do for them throwing me out jobless into a plague with a measly mega taxes severance. Screw them and screw everyone that still works for them. They will soon be done and I couldn't smile any bigger
Paywall don't bother