“Things are not looking good with Allstate, which has posted its worst auto insurance customer retention numbers in two decades.
In 2020, the company’s auto policy renewals were 87.5%, down from 88% in 2019. It was Allstate’s worst policy renewal rate since at least 2001, investor disclosures noted.”
Moreover, Allstate’s earnings data revealed that there was also a 0.5% decline in policies at year-end, to 21.8 million. The insurer’s renewal ratio in 2020 was 78.2% – its worst quarterly attrition in at least eight years.”
——insurance Business Magazine
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You can only buy other corporations to hide your retention deficiencies for so long..
Constant chasing of “expense ratio”, continuous and daily process redesign, destruction of relationships with their employees, and cult like dedication to losing processes like Shapiro’s “continuous improvement” has made Allstate incapable of serving customers like lower priced competitors...
Wilson/Shapiros ill conceived “transformative growth” was called “exciting times” on employee calls. I am sure the staff of the Titanic felt the same as they pulled out of Southampton on that fateful morning in 2012.