Thread regarding State Farm Insurance layoffs

Not sure I understand the comment of outsourcing analyst? Not a cost saving. Maybe the thought is analyst are so good,they can do 2 to 3 times the work of a regular claims person?

Oh.. silly.. let’s just automate everything and call it risk management and reducing technical debt and “AI” exploiting private data and underwrote everything like that. Let the staff go. Technocrats getting big bucks exploring employees and data can take the wheel now. Cha Ching. Pu-e Strategic “partnerships”. Sickos

The sooner they outsource all analyst roles and move those bodies to claims and underwriting the better.

@2qga+1k6OR4wp

Exactly that, many are failed developers, artist, and marketing people. People that didn’t learn the skill in college so got a participation trophy job.

Layoffs always align with the greatest number of employees by department. There are very few analysts relative to CA and CS positions. Very few underwriting staff vs claims. Layoffs have already begun in the marketing call center area.

Layoffs? Underwriting has 45-50 minute hold times on the regular. So does sfpp. They should start at the overstuffed and bloated corporate positions that don’t relate to claims or operations. There are so many “analyst” positions, no one knows what an analyst does. I think you guys wink at each other when passing in the hallway as if to say “this is a cushy gig, let’s hope they don’t end this gravy train”.

Layoffs are highly likely do to deteriorating financial position. That is the quickest route to improved profit. Always has been, always will be.

@2ome+1k6OR4wp

there is no way they will do layoffs in claims, they are severely understaffed , people don't stay and they cannot hire fast enough to keep up with attrition , they cheap out in 2020 with their "lean hiring" and their below market pay and now they cant dig themselves out of the crater sized ho-e they dug for themselves, if they were to do "lay offs "to save money they would have no employees left , so unless SF is going bankrupt and shutting down for good there is no lay offs.
Now analyst roles, redundant managers in certain areas i can see that but i doubt it would make any impact on their savings.

Yes OP is just pointing out the problems and awful greed that plaques corporate America. I still think about all the offices that were closed, severance packages, bogus job offers, useless hubs, and other schemes to get rid of 17,000 claims employees from 2016 to 2021. How many lives did MT and his other useless pieces of sh-t destroy to get his 24.5 million dollar bonus and all the other money they stole from employees and policyholders. They will not grow their way out of this and you will be looking at layoffs in late 2023 or early 2024. I hate this place, they preach all this woke BS, ethics, and all the good they do...all the while stealing and lying with every breath they take! He-- has special place ready for them!

OP piints out how much policyholder value was destroyed by one man. Probably a record for a company that didnt go bankrupt. Plus he let down every leader which will get fleeced this year just so he can out with a new record.

It’s going to be bullsh-t to because a big part of the reason there was such a big loss is mismanagement at the highest levels. But no, it’s going to be the backbone bone of SF - the front line workers - who are going to get the blame and be responsible for doing more with less (when there’s nothing to make less of).

They can start by cutting Yi’s pension off and finding a new CEO with common sense And integrity.

They preach about KLBs and not driving results at all costs (ethics) but that’s exactly what Tipsord did.

Would be a shame if our deranged poster ever read about the federal reserve.

Seriously this guy has to be from HR to make this site unbearable for normal people.

I love the way OP starts with “Let me help you understand” even though he doesn’t understand any of it himself.

Figures in the article clearly don’t tell the whole story. They recommend State Farm since we have the lowest rates for drivers with one DUI. Totally fails to note that State Farm won’t write you with a DUI. We’ll almost never keep you with a DUI either, unless you are grandfathered in on a Guaranteed Renewal policy and we literally cannot cancel you.

Hey genius. The industry is in a cycle of losses right now. It’s also pretty obvious that with a $140B net worth and a hard bear market, the bulk of the loss is just current investment results. It happens. In both directions. That’s part of the whole financial strength equation that allows SF, as a mutual company, to do some things our competitors cannot.

Good observation. Pretty sure this is that guy that is retired and constantly interjects politics into every thread. Then someone else counters with different politics and the whole thread becomes trash.

Fire all the claims handlers and watch that legal expense go over 100% easy.

Given the writing style of the OP is the same as whoever is spamming these forums with politics and accusations (like not even good accusations either) matches here....this is likely whoever got fired ages ago just now learning about the company running in the red this year, which came out as a video like 3 months ago....and then trying to tie it to the CEO bonus that happened 11 months ago that they keep posting about. AKA we lost money and CEO got money OMG SCAM!!!

Sadly this is how insurance operates, and now we enter a underwriting tightening cycle, which is natural in the industry. I am actually shocked to see underwriting losses so low as shops are taking months longer for repairs than years past, and inflation on everything but wages.

Pretty sure the first two responses are the OP bumping his thread too lol...

Not sure what’s the scam is? But it does look like really bad underwriting and pricing.

Let the layoffs begin!!!