“ We believe that Allstate's (ALL) near-term outlook has weakened and are lowering our EPS estimate for both 2022 and 2023," Heal wrote.
12 replies (most recent on top)
If the goal was truly to have a low cost product, it sure didn’t work. The product is not only expensive, the service of that product is terrible. I work for another carrier and tried calling the other day and ended up having to deal with an employee in India who didn’t know what was going on.
Transformative growth came at the wrong time! It was an ill-conceived plan to begin with. Then Tom & Glenn failed to anticipate how the pandemic changed the horizon. They pushed their plan through, lying and treating their employees like disposable assets, and using cash reserves to buy other companies and manipulate their stock. They didn’t anticipate increased costs and they lowered rates. And now no one wants to work for Allstate claims. Not enough employees increases claims turnarounds which leads to higher costs. Boy did they make a mess of things. As opposed to Progressive who treated employees well during the pandemic and are ahead of the curve as our society has reopened. My advice to all Allstate employees: Make like a rat and jump off the burning ship. And hey you, board members: Ditch TW & GS!
Probably the danger for most companies with the current market and upcoming recession
Hilarious how frontline claim reps have all the answers on how to run the company. Complete joke.
Maybe they should have really thought out moving subro to a vendor. Subro brought in a lot of money now EXL just let's the offers sit because they don't bother returning emails or calls and if they won't respond to offers I seriously doubt they are negotiating with anyone. I guess the thought just anyone could collect money. Now they are in such a mess they are bringing back people they forced to change positions to fix the mess that they made.
The Progressive ad in the middle of all of the Allstate hate somehow is quite appropriate…
Transformative Growth….
Bahahahahahahahaha
Allstate leadership is absolutely clueless……
Time to redesign claim process for the 6th time this year so it looks like something is getting done…….
GS was busy on PL call yesterday tamping down expectations. Strategic error pulling forward under priced auto business, and now in full retreat on marketing spend, fewer agencies, and technology spend. He lowered rates early in 2021 with no indication inflation would abate (it did not), and now is playing from behind. Progressive outplayed us again as their rates and underwriting actions have steadied their profitability. Now they'll smoke us on growth. And he pretty much said don't count on the growth bonus.
Glen better start looking at new job postings…
He has things to do and companies to destroy…
Instead of investing in better technology and wages for their workers Allstate will follow Gordon Gecko's motto of greed is good. The continuous Stock Buybacks may end up destroying this company.
Allstate inflating their own stocks and reporting success to the appeasement of the shareholders is coming back to bite them.