Wall Street got a bit ahead of themselves given the estimated quarterly earnings released last night. Despite double-digit auto average premium increases, the loss cost pressure from inflation and sub-optimal claim handling result in a 112.6 quarterly auto combined ratio. Quite an arrogant and uninformed foray into Commercial shared economy business, resulting in another $100 million unfavorable reserve change. While this is a challenging economic environment, the best-in-class Progressive continues to outsmart and outplay Wilson. Board complacency has cost shareholders since putting Wilson in the CEO/Chair role about 15 years ago.
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The Wolf 🐺 checking here! We love Tom Wilson! He is forcing Allstate customers to shop. Tom Wilson is good for business. He is making his high life time value customers to shop. He will tell Wall Street that he is replacing the lost business that is coming off the internet. So please be gentle on TW.
Moreover, welcome to all ex agents that have been let go. Remember, you non-compete is up after 1 year.
Looking forward to the mass exodus of customers when all customer service and 3/4 of claims is overseas vendors and India. The agents will have so much fun too when all agency services for underwriting is 100% automated and ASIC is in the Philippines.
Auto CR of 112.6?
Holy smokes, that's really pathetic.
Hate to see it
Lot of reasons for this happening. One is poor selection of Officers with too many a&& kissers who offer no value. Several need to be impacted by TG RIF actions.
Don't worry, it was Glenn's fault. All is fixed now that he has retired. Quite a bright future ahead.