Thread regarding Allstate Corp. layoffs

Post ID: @1bgn+19NP6AqA.. You must be drinking a c-ap load of TW kool aid. Get some knee pads also. Drink it up.

@1bgn+19NP6AqA A newer post on this board talks about the sales agent t–d that no one wants. ALL thought they were going to exploit the unemployed right now. The delusional powers to be, also thought people cared about the name Allstate.

1woe+19NP6AqA
Sorry to burst TC’s bubble, but based upon your post and the companies hyperbole, wouldn’t these folks do better as Used Car Salesmen? Inquiring minds want to know.

A previous commenter mentioned that 78% of ALL stock is owner by institutional investors. It will be very interesting to see how that group reacts to a sustained decrease in market share (Ex acquisitions). The pain could become much more real if they sell even a small percentage of their overall holdings, because much like Pokemon Cards, stock is only worth what the next guy will pay you for it, and once the ship is in trouble, who in their right mind would spend real dollars to get on board?

YUP - THIS IS GOING TO WORK —
Tempe, AZ–The world isn’t standing still, and neither is Allstate. We’re moving quickly, looking across our businesses and brands and taking bold steps to better serve customers’ evolving needs. That’s why now is an exciting time to join our team. As a leader in a corporation with 83,000 employees and agency force members, you’ll have a hand in transforming not only Allstate but a dynamic industry. You’ll have opportunities to take risks, challenge the status quo and shape the future for the greater good. You’ll do all this in an environment of excellence and the highest ethical standards – a place where values such as integrity, inclusive diversity and accountability are paramount. We empower every employee to lead, drive change and give back where they work and live. Our people are our greatest strength, and we work as one team in service of our customers and communities.

Job Description

Do you want a career in sales without having to work in an office? The Allstate Outside Sales Associate – Entry to Mid-Level is a remote position where you use your knowledge and skills to attract and generate new customers. As an Allstate employee, you help us bring our products and services to the customer – whether virtually or in-person.

Job Responsibilities

· Closely work with Allstate in developing your plan to sell new policies and retain existing business

· Establish a target customer base by using our best practices in sales and customer relationship-building

· Utilize your community connections to generate a network of referrals

· Regularly meet with potential and current customers in your community through in-person meetings

Job Qualifications

Education and Experience

· You are very interpersonal and have experience working with customers face-to-face

· You are actively involved in your community

· You have outside sales experience

· You enjoy and thrive in a commission-based selling environment

I was pleased to cancel all of
Mine..

It has been recently stated that there are over 1,000 agencies up for sale across-the-country. Ailstate is losing customers and AGENTS at an alarming rate. TC claims they can have some 32 year old sell the product out of his parents basement over the internet. If true, then why did Esurance make NO PROFIT during its life? Without the captive agents providing the profit to float all these latest schemes, Ailstate would have already gone under. As it is, consumers want what they are paying for and we all know all the recent changes have done absolutely NOTHING to add value — except propping up the stock price. "You're in good hands" is nothing but a slogan - and the public is starting to get that. Shameful.

Allstate is a great paradox. 78% of Allstate stock is owned by institutional money managers and TW essentially answers only to them. The stock is doing well, trading near 52-week highs ($114.85), and pays a decent dividend.

The flip side is customers can easily find a cheaper option and have a better customer experience from other insurance companies, especially since Allstate support staff has been fired.

As long as TW has the support of the Hedge Fund, Mutual Fund/EFT managers, and Pension Funds the company will continue slashing expenses while losing market share. The paradoxical question remains; how long can institutional support continue?

The following is an excerpt from an Article in Cranes Chicago Business about Allstate. The passage addresses part of your question about how many clients left Allstate:

“The Northbrook-based company, which prides itself on how well it holds onto customers once they join, posted the worst retention numbers in recent memory last year. For 2020, Allstate’s auto policy renewals for its namesake brand, which accounts for a majority of its revenue, were 87.5 percent, down from 88.0 percent in 2019. It was the worst performance on that metric since at least 2001, according to investor disclosures.

Not coincidentally, that led to a 0.5 percent decline in policies at yearend, to 21.8 million, according to earnings data released yesterday. By contrast, Mayfield Village, Ohio-based Progressive, consistently along with Geico the fastest-growing of the big U.S. auto insurers, boosted its auto policies by 11 percent in 2020, according to a Securities & Exchange Commission filing.

The slippage flew in the face of one of CEO Tom Wilson’s top priorities, which is for Allstate to add market share after years of losses to the likes of Geico and Progressive. He’s pursuing what he calls a “transformative growth” plan, in which the company intends to compete hard in sales over the Internet and phone, as well as through independent agents. Most of the company’s business continues to come through its army of agents selling only the Allstate brand.

In a conference call with analysts this morning, Wilson didn’t have many answers for the decline in policies. “Of course, retention’s always hard to figure out, right?” he said. “Because you have a bunch of stuff going on, you have people changing lifestyles, not driving as much, some people shopping more.”

The simple math tells you that Allstate lost approximately 109,000 Auto Policies in the year 2020.

They are fleeing in droves..