Results clearly indicate his actions set this place back. Profitability challenges in auto can be traced to significant downsizing of claim professionals in 2020; transition to photo and video estimating at scale of vehicle damages have shops taking advantage of us; reluctance to raise rates timely so he could take market share (units) from industry leaders; writing garbage direct business as other carriers tightened underwriting during inflationary cycle. However, none of those actions done without full support of TW and BOD. They bet the house on Glenn and TG, and 4+ years into the change, nothing but losses and reduction in policies in force now and into the future. If anybody thinks outsourcing or offshoring more claim processes yields a better outcome, you are crazy.
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Look up his Shapiro’s work history. He destroyed liberty mutual the same way and was pushed out. That’s when Allstate was fooled into taking him. He’s a POS.
Watch how well Shapiro does at USAA when he starts in 2 weeks. He’ll be working with REAL management then.
Earnings call…May
…”and our next call is from John at Merrill Ly--h…”
John: “ Only one question….why does Allstate currently s@@k so bad?”
Tommy: “I will ask Mario to dig in a little deeper on your question, but I think that you are definitely on to something John.”
Mario: “Thanks Tom. John, I am glad that the market is noticing. We actually have worked very hard on our su@kage. It is a key component of TG and we feel that it will put us light years in front of our competitors as they have been much too competent in their leadership to speak to America over the last decade…. America has d-mbed down and we feel that with a d-mbed down leadership team, we truly speak to Americans looking for auto insurance.”
Before hiring anyone at director or above, we have all applicants take a test. The higher the su@kage, the higher the placement within the organization…. Do you have a follow up?
Allstate executive level is so clogged with incompetent no talent low testosterone betas and airhead bimbos that I'm surprised we are even operating.
Whether there was something romantic going on or not, it was definitely a hire based on emotion…..
She is way, way, way over her head…as are most of the current executive leaders…
1qgy+1mx36CWU, they are definitely intertwined. She is even on the board of his Kodiak center.
I wish he took her with him…
There is nothing going on between the two. Fact however is that Cheryl B is not SVP level talent. Should have been brought in at non Officer level and proved herself. She does not know Casualty line business and that is major issue given reserve changes/increases and overall Line dysfunctionality.
…”and I’ll teach you, teach you…I’ll teach you the Shapiro slide.”
With Bendtsen still here you can rest assure the ship is sinking just as if Glenn had never left.
If you have ever been around those two it is clear there’s a lot more going on there…
There is room for a digital transformation but it is absolutely not something that you can apply across the board. This is a service business and when you surprise your customer w a lesser service product you will lose them to entities that offer the better experience.
I have had 2 claims w other carriers and it was mind blowing how much more efficient, professional and service oriented they were compared to how the claim would have been handled here.
Former auto dept pushed out the door and went back into the collision repair side. I can confirm the "virtual" settlement process is a loser. Overpayment of claims, supplements, and photo estimate process is taking advantage of the insurance industry at a massive scale. This is within all carriers that decided not to have trained damage appraisers inspect in person and negotiate with shops direct. We all knew this would happen but must not have been a priority by the leadership team.
Not to mention his push into what was thought to be the next big thing (ride sharing insurance). What could go wrong when you have no actuarial experience in this space, desire to compete on price, and essentially insure personal taxis with primarily urban loss exposures. I'm sure TW thought Glenn's Liberty Commercial experience, along with those he recruited here, would build out a successful niche. Wrong. Lost our shirts, continuing to add to reserves, and retreating. Not sure why we continue to waste shareholder money and much needed capital on Avail and Arity. We've made the organization more complex simply because we've been unable to compete in the traditional P&C marketplace.
The kind of business transformation Glenn wanted was destructive and ultimately ruined this company. Customer, employees, and investors wanted none of that. But spineless, gutless, unintelligent leadership in Chicago let it get to this point without getting in Glenn's face and telling him enough is enough. Now that the damage is done there is no one left with the skills, talent, or business acumen within this company to fix it. And no one worth a salt is going to come into this halfway to the bottom Titanic from the outside to try to re-float her.
An alternative POV is Glenn was the right person to lead business transformation, but the forces within an old processing centric organization were too much and the senior leaders not capable to stomach and navigate the kind of change Glenn was driving knowing incremental change is often fleeting when redefining your business. Most senior leaders especially in a risk adverse culture avoid it, not Glenn. Perhaps in retrospect, not pressing further, faster and to a larger degree on digital will be a primary contributor to today’s mess and the missed window of opportunity to dictate the future.
Step 1 is admitting you have a problem or made a mistake.
That will never happen if TW is still at the helm. We need someone from the outside to come in and clean house and rid ourselves of a significant portion of the officer group.
This company is ran by such a gaggle of talentless and unprofessional sociopathic yes men and women. None of them have a single clue how to even start thinking about bringing this company back. And so be it. This terminally ill poisonous cesspool needs to be allowed to die away. It should not exist in any fashion.
Agree. Price of his hire will be paid for years to come. The sycophants that kissed his a?& to get promoted are ill equipped to clean up the garbage. I was extremely close to all key decisions and know the pain we have ahead of us. Sorry state of affairs.