Thread regarding Allstate Corp. layoffs

After 3+ Years of Transformative Growth...

What "growth" have we actually had besides increased offshore contracted labor and higher bonuses for the top 5% of this company that is peddling this tripe? Transformative Growth was implemented in summer 2020 in the middle of a global pandemic and this is all I have seen out of it...

Loss if thousands of American jobs

Stock down from over 150 per share to barely over 100 per share.

Total quarterly losses since 2020 of several billion dollars

Shuttering of many Allstate products and lines

Manipulation of assets and stocks to falsely show gains and profits.

The shamed firing of the mastermind of Transformative Growth

Over 10000 agencies to barely 6000.

Loss of many multi-line loyal customers.

Low balling and lost lawsuits involving claims.

Offshoring of the offshore

Falling morale and caring of employees

Alienation of agencies that make up vast majority of sales.

Hiring of unqualified clown yes men executives that have brought zero to the table.

Further falling behind of competitors in terms of product and technology.

The outright lying to and misleading of employees, investors, customers, the public, and media.

Failed negotiations of sales of billions of dollars of no longer used buildings and infrastructure.

I implore someone from the top level to come out if hiding, be transparent for once, and provide proof (not the regular lip service and word salads) to exactly what "growth" has occurred in the past three years.

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| 1034 views | | 5 replies (last August 17, 2023) | Reply
Post ID: @OP+1o8kSiQ0

5 replies (most recent on top)

Wilson said he was “glad we did TG when we did”. TG is the reason why Allstate has faired so much worse than the competitors in this challenging time. When the dust settles we will see that claims expense cuts created leakage well in excess of the actual cuts, direct business significantly added UW loss, and the new agent compensation gave them almost no flexibility to turn off the spigot when they needed to better protect pricing. The question everyone should be asking themselves is why has no one taken responsibility? Why have the board of directors not fulfilled their responsibility in ousting Wilson? How has vanguard’s leadership team not exerted its shareholder position to change the leadership team? It is one thing for Wilson to execute his vision; and it is another for others to watch it fail, enable the failed vision, and not fulfill their fiduciary responsibility to their constituents. What a s*** show!

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Post ID: @1fdz+1o8kSiQ0

To the OP, that is indeed a great list. Agree that little is transformative with the plan, simply playing catch up to better, more diversified and disciplined competitors. Of course, it's a low bar to succeed in P&C insurance as most companies are ankle biters, and others like State Farm play it safe and don't lean into change.

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Post ID: @tlj+1o8kSiQ0

You’ve all got your eyes open already, but the people that think Allstate is a good company still amaze me. Nothing being done is transformative at all, it’s just another buzzword that leadership can use over and over to justify a lack of real strategy and poor execution.

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Post ID: @ggf+1o8kSiQ0

The most laughable sign of the failure were those awful commercials that started at the same time as TG…I remember the first one with the woman rolling down the hill…
Absolutely terrible..terrible.::
I remember in one of those conference calls Tommy heralded the new commercials as wonderful…😂😂😂
I think they lasted 6 months..,

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Post ID: @tjs+1o8kSiQ0

The most ironic was the firing of “the mastermind of TG”, Glen Shapiro…I start by saying that Shapiro is a total sc-mbag….his love of dogs and his reading to his grandchildren changes none of that. It was easy to see when you met him face to face and when he peddled that it was the adjusters responsibility to find comparative negligence on every case…including rear Enders…He actually said that in an adjuster negligence round table….
All that being said…Shapiros goal in coming to Allstate with an aging CEO and “a new way to do business” was to become the next CEO…He did not just “retire.” He was pushed out as the major sacrifice to the failure of TG in the hopes that it would turn around and Tommy would be its savior….
How awful is a leadership team to see the failure of TG enough to fire its creator….but still double down on it with him gone.???

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Post ID: @sgp+1o8kSiQ0

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