Allstate Brand auto policies declined by 516,000 in the 90 days from YE 2022 to end of Q1 2023. That's a 2.4% decline as new business auto applications down 40% across NY, NJ, and CA, resulting in countrywide app reduction of 22%. Largest impacts likely from the Direct channel, but would value commentary from agencies on overall business conditions. Transition from MOC to Line of Business structure among the many self-inflicted wounds here. Local market knowledge and expertise, particularly in Claims, a major benefit. It may have been modestly more expensive, but far more effective at responding to market conditions. A nationalized approach has proven to be a failure.
Unfortunately, fewer policies will mean people impacts.
11 replies (most recent on top)
I’ve come to the conclusion that no one really knows how to fully execute Transformative Growth. Over the past 5 years, they invested so much money on TG with minimal to no return on investment.
H R Rocks...there's a fine line here: we are not cheering for the company to fail...we are cheering for the current top level management to fail. We need new leaders that know the industry...not someone who caters to the Wall Street investor. The clowns we have now in the "Ivory Tower" are disgraces and have repeatedly proven their transformative ideas are a failure.
Imagine working for a company for 19 years and cheering for it to fail.
That's inspiring
This company trying to grow itself with these bunch of clowns running the show is like trying to watch someone with one leg kick a 50 yard field goal.
Yeah but Allstate’s goal is to grow the policies in force count so stay positive, I’m SURE they have a plan to achieve this!!!
When will the board realize they need to take action or are the paralyzed in their inaction. The writing is clearly printed in boldface type for even the most novice analyst. Wilson has overstayed his welcome.
Good luck with getting severance.
Transformative Disaster is more like it. Rizzo, Wilson, and the BOD should not be allowed to conduct business of any kind in this country. Criminal level incompetence.
Allstate is horrendous…The consumers are getting smarter.
Overpriced…Terrible service..Need to literally fight for the coverage you are paying for…..
I feel the same way. Take my check and just wait it out.
Sink baby sink as far as I'm concerned. I don't care either way. I will muddle through doing what I please each day and getting my paycheck every 2 weeks until it finally crashes and burns. Then I'll take my 19 year tenure worth of severance and start a new chapter. It is all good either way. It is what it is.