I mean with the massive layoffs and outsourcing that has been confirmed by directors and home office this is going to totally ki-l the brand. Once this gets out to the mainstream customers are going to run for the hills in mass. Wouldn't it make more sense to sell while there is still somewhat of a price because there is going to be nothing of value or worth once all this damage is done. Is Allstate so broken in the industry that they can't get an interested buyer and this is just the end game for Tom, Glenn, Eric, Julie, and the rest of the sc-m at the top to squeeze all they can into their own bank accounts along with a handful of shareholders? I mean this brand and company is totally dead after this all takes place. Customers being handled completely overseas, agents being totally self serving and self sufficient with zero support, total automation and outsourced at the corporate level, claims being overseas and a lot automated and customers pretty much adjusting their own claims through AI. Allstate is done folks.
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They’re already running. Customers are leaving because rates are too high. Can we say price gouging for those homeowner policies? I know we can! The autos aren’t that far behind either. When the company “cuts cost” but raises rates, makes record profits, shareholders are the only beneficiaries- there is a problem that perhaps many states’ AGs & the DOJ need a look at. This model is breaking captive agents & customers are complaining as they leave in groups of 5+ daily.
Allstate is not the only one moving services overseas, other insurance companies, manufacturing, and many others. There is no incentive to keep those employees in the US, and with the rules 99% of the manufacturing can be done overseas and as long as the 1% is done here it is "made in the USA"
The bottom line is Allstate and none of the other companies will sell, they will just move major portions overseas.
Who would want a dysfunctional company with this management group, computer system and terrible claims service
They’re going to squeeze every ounce of old school Allstate reputation out of this thing in the hopes of getting every last dollar out. Problem is, our reputation is already gone. There’s a few old policyholders out there that remember what it “was” but that’s not enough to keep this train on the tracks. Gen Z and the rest don’t like Allstate or what it stands for now. Allstate is a dinosaur in the marketplace. No buyers want this 8 track tape player
Massive layoff in what department?
Honestly, I don't think there'd be a buyer for it.
Any P&C insurer big enough to buy it knows what cr-p is on the books, and I'm guessing are content to continue to feast on the better parts of the book as they steal market share.
I don't see other financial services companies wanting to jump into P&C insurance. I think the lesson of CITI/Traveler's is still fresh.
Plus there's all the non-performing "investments" that would need to be unwound (e.g. Arity)
You sat all that as if every other company doesn't outsource ...
100%. agree. No way I’d choose Allstate for my own personal insurance.