Does anyone really think that Allstate will ever successfully defeat Geico on their home turf???
It will never happen....EVER!!
Geico will improve their price structuring as necessary to offset anything that Allstate does in lowering price....AND Geicos claim service is light years ahead of Allstate currently...literally light years...
Claim service, user friendliness of the app and internet site, advertising.....etc...
In order to try to mimic Geicos success, Allstate has literally destroyed their ability to give any type of decent customer service and Allstate is now bleeding customers at an unprecedented clip...moving to carriers with a lower price and significantly better service across the board...Allstate will be out of the top 5 nationally within 2 years....count on it...
This “transformative growth” bulls@@t is literally laughable....
Tommy and Glenn against the minds of Buffett and other proven success stories like Progressive...
Who are YOU going to bet on??
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And Geico is doing field inspections. Imagine an auto company going out and putting eyes on vehicles. Like stated the geico app is user friendly, not waiting forever to reach someone and you actually get help.
Allstate s—s at investments, retention and rates.
In order for “transformative growth” to be successful, 3 things must happen.
1–The top line MUST grow substantially to offset the proposed cuts in premium to compete with geico, progressive and the rest..which means the retention of current customers must be high..
2-Allstate MUST be able to cut costs to the extent needed to compete with their lower priced competitors.
3-In order to retain customers who have a claim (20 percent of PIF exposed in any given year), Allstate must be able to give customer service that at the very least is equal to the service being given by lower cost competitors.
If any of these 3 things fails to happen, TG falls like a house of cards...
We are already seeing the bleeding of customers in large part based on continued high premium charged to long term customers and the significant deterioration of customer service at Allstate across the board....
Over the next 5 years, we will likely see Allstate made irrelevant as a major insurance carrier....
I look forward to watching..