Thread regarding Allstate Corp. layoffs

Wall Street not buying Wilson’s BS

Wilson and Shapiro had no answers for the decrease in PIF on the last earnings call...and could give no assurance that plans are in place to stop the deterioration from continuing..
Wall Street is starting to see the “smoke and mirrors.”
Once the RIF is over and there are no more American based jobs that can be cut to try to impress wall street , it will be “sink or swim” for “transformative growth.”
The only talent of Allstate leadership is cutting jobs..there is nothing else up the sleeve except for buying an underperforming carrier now and then to try to hide retention concerns.....

Pull up a chair with a big bag of popcorn...it’s going to be ugly over the next 5 years in the penthouse in Northbrook.

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| 1352 views | | 2 replies (last February 17, 2021) | Reply
Post ID: @OP+19rbKzOG

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That has been the way since Tom Wilson came on board years ago. It’s only gotten worse each year. Consumers are not id–ts. Premiums have gotten ridiculously expensive and god forbid you have a claim because you will get the runaround and they will cheap out. I know I’m shopping around. They only want you to be loyal but it’s just a one way street. No loyalty from the top.

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Post ID: @1bib+19rbKzOG

For $18 million a year in salary and bonuses Mr. Wilson has a fiduciary responsibility to have an answer why Allstate retention numbers hit the dumpster. Several million auto policies were lost in 2020. Here is Tom’s response when he was asked about 2020 retention figures:

Operator

Our next question comes from the line of Michael Phillips from Morgan Stanley.

MichaelPhillips

You guys mentioned the impact on the end of the payment plans and the pandemic and retention and growth in the quarter. I guess, Part A of this, is there any way to quantify that? And what I want to get at is, if so, how much – given that the EA is still in the bulk of your business, how much of was there a drag on retention because of things that you're doing with commissions and emphasis on direct and everything else that's going on? So can we quantify that impact, one and then how much of an impact if everything else was on retention?

TomWilson

Well, Glenn can give you some detailed specifics on the year. Of course, retention is always hard to figure out, because you have a bunch of stuff going on, you have people changing lifestyle, not driving as much, some people shopping more, you have competitive moves, you have things that we did like shelter in place, payback and payment plan forgiveness – not forgiveness, we just let you defer. And so as those things roll through the system, it's hard to do attribution on it. That said, it was down this year, which of course we're focused on. Our Net Promoter Score really peaked throughout the year. We got peaked in about July when we were doing all the shelter in place paybacks, it came down a little bit towards the end of the year, but not anything of any consequence or significance. Glenn, do you want to make a comment about the actual retention numbers?

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