The worst thing about SF is that it's a Mutual Company and there is no one to hold the Executives accountable for their actions. A Mutual Company works when the Executives are in it for the mutual benefit of the policyholders and employees. When you get incompetent and immoral leaders in place (MT, JF, CS, KC) they can abuse the system. They fleece the policyholders and employees out of every penny they can to enrich themselves. Shareholders are not much better but they usually demand a level of competence that we do not have. They make changes when stuff does not work. Shareholders would fire all these incompetent goons and get away from the useless agency model. We have been hiding for a long time behind the SF Mutual Company and MK getting called in front of a congressional panel recently scared the sh-t of some Execs because they saw the possibility of getting found out. It will catch them....they are all crooks! There used to be some honor among thieves. It is ok to lay people off, give them a severance package and then let them draw unemployment while they are looking of a job. There is a right way and wrong way to sc--w people over. State Farm, they just torture employees, make them miserable and try to force them out. They lie, manipulate, con and use every other ba----d arrss tactic to try to destroy people. Run away from this place as soon as you can.
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SF HAS GOT TO BE THE STUPIDEST COMPANY OF ALL TIME. Joining Bud Light and Craker Barrel. Making decisions that are completely destroying the company.
Progressive has surpassed State Farm and Geico will in about 2-3 years and we will be #3! Agreed, shareholders only care about profits but that has nothing to do with this post. Shareholders fire incompetent leaders and change quickly, when they do not want employees they pay/layoff them to leave and move on. Not SF, we have the torture, lie, reassign, bully and abuse method to get people to leave with no severance, no unemployment or extra incentive to leave. Progressive employees also love their Equity Incentive plan! SF makes up the EIP/MIP program and manipulates the results, read the fine print, says at their discretion/subjectivity! A mutual company should never have a CEO that makes the largest cash bonus of any CEO in America while leading a company to a $27 billion dollar loss! That is stealing! As you gave the example....Shareholders would have never let that happen and would have sued to stop it and they would have been successful!
Curious as to why you think all the shareholder companies haven’t
A) Done completely away with agents
B) Surpassed State Farm
You know Allstate tried to funnel profits back into the policyholder protection fund a few years ago, and were sued by the shareholders, right? I don’t recall the exact amount, but they had to pay the shareholders about 3/4 of a billion dollars. Shareholders aren’t worried about customers. They’re worried about their own financial return.
Santa Fe is too!
San Francisco is actually really great