I have a co-worker in UW I’ve known for years and she was advised to begin sending non-renewal notices to ALL current Allstate customers effective 6-1-23 which means the RIF in policies is about to begin to lower the footprint of policies Allstate has. I guess growing the company footprint is no longer the plan and they’re going the other way. This is 100% confirmed and accurate information.
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I think they are referring to CL only. I (NY agent) have been notified that all CL policies will be non renewed. Hartford and NatGen will cherry pick the good stuff according to the release. PL has said there are no non renewals planned except for "normal" underwriting decisions.
No current policies are being renewed, all customers are being dumped so Allstate has less risk on the books as each day goes by.
Sounds like most of the "garbage" put on the books by the CCC folks at the 800 # ...those policies are an absolute mess whenever we run across one in our agency.
So they are saying that 40 percent of business on the books is “poor risk” that needs to be removed from the books and not renewed?????If so, that is a huge admission of incompetence and poor process management on the part of this doomed corporation…That alone should be reason for the BOD to take significant action against this senior leadership team..
OP was spitting truth, per Tommy’s Q1 statement:
“We are purposely reducing Allstate brand auto insurance policies in force to improve profitability”
A 30-40% reduction in total policies is a pretty big deal.
To the last response. That's not bad. Actually it's smart. There are some policies that lose lots of money and keep going
Underwriting here. It is not a non-renewal of ALL Allstate policies but a reduction of at least 30-40% of policies that make up undesirable business. Asking agents to look for expanded market opportunities for this less than desirable business.
Is this state specific? The Department of Insurance would not allow Allstate to do this?
Are you saying Allstate will begin non-renewal of all policies? That makes no sense. Please expand.
So are you saying allstate is non renewing every customers policy?
All in line with preparing for a sale of this company where Allstate will be a little subsidiary of some large parent company…
This has been the plan along…The only thing that will be valuable is the “brand” not the company itself.
A huge fall for the once second largest carrier in the country which prided itself on innovation…
Looking forward to the announcement of the size of the loss this evening. Tom Wilson and his leadership team is a failure…same MO and BS that was pulled with Sears with the same result coming…….
Tommy sure did “transform” this company….not something to be proud of….
But he and the demons surrounding him leave very very wealthy…..the only goal that matters to them…
Underwriting doesn't exist anymore
I can confirm this as well. In Underwriting.
You should get back to work instead of “not believing” the OP.
Don't believe this for a second...