Tomorrow they will announce the biggest underwriting loss in the history of the company. Apparently, the plan the ceo has instilled isnt working. All during the covid era sf was writing any policy that they could. Policies had record growth while staffing had record declines in large part due to Robert Yi’s failed plan under the guidance of the ceo.
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State Farm posts record $6.7 billion loss. SF prices have been taking record new business. I am not with SF but I can say I have watched many auto customers leave other companies to go to SF over the past two years. many of the customers had previous losses.
Multiple different things are already being done about the underwriting losses. This has happened before and it will happen again. But that’s not much fun since it puts a damper on your uninformed outrage, doesn’t it?
The motherfuckers running SF won't learn a thing. They'll retire with their millions and hand off the sh-t show to some other a--holes.
@2uoo- stay asleep at your own peril. Progress stops for no one.
As long as you’re on the “if this was a stock company” train…… there would have been massive layoffs and outsourcing FAR beyond what we have actually seen.
A 131 Billion after the worst result in history is a long way from broke Donnie. But your little sound bite is cutesy wutsey.
Go woke! Go broke!
https://www.wglt.org/local-news/2023-02-27/state-farm-hit-with-record-13-2-billion-underwriting-loss-in-2022
Here we go
Thanks Donnie for your crapaganda.
Globalist groupies in leadership and systems and vendor roles and consultant roles. Get big bucks for exploitation of policyholders and data. Big bonus for bit Tippy and execs. Service terrible. Systems terrible. Sales deceptive. Organization gone to dogs.
Long time SF lovers unite. Winners!!
MT and the whole executive office as robbed SF blind over the last 10 years. Clueless Scam artists! Couldn't run a snow cone stand!
Hubs-Failure
Long Term Growth Locations - Failure
Fire Reorg- Failure
Estimatics Reorg- Failure
Future State Model/Entire Business Model - Failure
Record Growth followed by Record Losses - Failure
Hiring Strategy, no standards - Failure
Agency Model - Failure
Auto U/W automation - Failure
Tipsord - 2020 Bonus $20 million, 2021 Bonus $24.5 million - Success (suckers)
2022 MIP - Failure
Quote and Bind - Failure
2023 - Grow out way to profit - Already a failure! .......
The Underwriting department is a joke.
@1hwj-the most uniformed and consistently wrong comments on the entire site. Simpleton.
Yes, our CEO wanted to save face on our companying achieving the #2 spot. Bought GAINSCO to pad the policy count numbers. Directed people to sell policies regardless. Big EIP bonuses, big executive bonuses, Big losses.
Top it off this guy turned the best insurance company culture into a revolving door of temp workers and metrics. This will be far harder to reverse than fixing UW losses.
If SF was a stock company with the amount of underwriting losses in 2022. A few of the top brass executives would be required to pen their resignation.
92 year old dinosaur living off of past successes decades ago.
Actually, Warren Buffet did get rich while being ethical. He regularly and frequently calls out money managers who twist numbers or provide edited reports. His whole philosophy comes down to being smart, being consistent, and not yielding to the temptation of chasing a quick score.
Warren Buffet didn't get rich by being ethical nor does SF. I'd rather have less cash and a clear conscience.
It’s a very cyclical business. Warren Buffet is a pretty smart cookie, and he says State Farm does it better than anybody. So I’m going with Warren Buffet instead of Petty Betty from Auto Service, or wherever.
HCL will save the day
There is no one in Sr. Leadership with an underwriting background. Not a surprise.
Need to fire more minions-ASAP
I dont know if they will ever learn with the current ceo in place.
Management will never admit their "metrics and models" are set up for their self greed doing the exact opposite of what the business is designed to do. Values create wealth and money does not create values. Someday they will learn.
You have incompetent executive leadership…bean counters running sf….when you add record breaking policies and are extremely understaffed to properly investigate and handle the additional claims this is what you get !
Good! I hope they lose more and more until they realize their most valuable asset is their so called minions. You can eat all the cookies you want until the cookie jar is empty.