rolling out a new, well executed and sophisticated product line as someone mentioned, which is crucial for this company? Without a great new product line, everything is just one big joke. Almost everyone understands how important and necessary this is, except our leadership.
6 replies (most recent on top)
What are you going on about? P&C Insurance is a regulated commodity with the majority of the product being completed defined by regulation. The product itself can't be innovated much. It's probably worth pointing out that regulation is also the only reason a company with stronger big data talent hasn't crushed all the old ones.
What about TG?
Allstate is working on a new product offering(s)
The answer to the question is never more Allstate which is their only solution
Running Allstate like it’s part of a private equity group that’s stripping it down to maximize profit before selling it off in pieces is not a winning move for these clowns
What the previous poster said below. Insurtech innovators are willing to run losses / Combined Ratios > 1 in order to gather data and refine their algorithms and products. Allstate won't use their deep pockets to do this.
The other problem is the agents won't sell innovative products. They're lazy, suspicious (maybe rightly so) and ultimately they are not properly incented.
In order to have an exciting and new product line, Wilson will have to give up margins on the auto product. The share holders own Wilson and have him on a short leash. Shareholders who buy their insurance products from other carriers want margins and share holder equity.
Allstate will continue buy other companies to give the appearance that is growing.