Claim trends are so unfavorable, Allstate needed to pour another 500 million into the pot…
Allstate thought that getting rid of hundreds of years of experience to save money in expenses would not have an impact..
Well now Shapiro is seeing claims sitting in desks and not being settled and attorneys and body shops are eating them alive..
Someone will need to be the fall guy and it is not going to be Tommy Boy and Grim reaper SHapiro….
The next high level name to suddenly say farewell may be Brandt…
So much for TG..There has been NO growth to speak of and financials have gone in the wrong direction since the misconceived plan ramped up……
Time for Allstate to buy more of its own stock again to artificially keep the stock stable in an attempt to show that investors are not losing confidence…
Karma may be here for the greedy fools that drive this once proud company into a ditch…
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Stock will continue to tank. Toms TG plan is hitting rock bottom. Time for the board to have Tom step down & fire Glenn……
Allstate is the defendant in a lot more lawsuits relative to its competitors as per this article:
https://www.repairerdrivennews.com/2022/07/21/report-finds-state-farm-allstate-most-hit-by-insurance-litigation-in-2021/
Its a definite sign that the layoffs turnover and claims practices are starting to catch up to them
I find it so interesting that all the amazing talent they have walking out the door hasn't caught up with them yet. Also, the folks being hired are not remotely of the same caliber. Allstate has been great for me and my family, but most of all they allowed me to gain the skills needed to outperform most competitors’ top performers. What a sin, to have done what they have done to people who were and continue to be loyal to the customer and what was once a great company. Maybe a "reassessment" is needed?
Tom Wilson keeps overusing inflationary pressure as his main excuse. He should accepting fault for his poor management inept actions.
At the end of the day they will always blame the exclusive agency force for lack of sales.
Not the CIC or independents. They have been rewarded for writing bad business
Trends in prior and current years are tracking poorly..
Claims severities are rising significantly needing a reassessment in reserving pretty much across the board….
I guess not replacing people and just asking inexperienced adjusters to pick up the slack while holding them accountable to unreasonable metrics is not proving to be a good business decision..
Who would have thought??….
Yeah…
To be a fly on the wall…
Gonna be a lot of “huddle
Meetings” going on…..lol
Heads will roll in Northbrook from this nuclear fallout. Karma wins