Morale is at an all time low. Production is way down, yet no one points to the fact that we have priced ourselves out of the market entirely, taking 25% rates here and there while competition takes 10-15%. I love Allstate as a company, love the people (except immediate management), but the myopic leadership and decision-making really make you scratch your head.
Bumped from @3klo+1l0bORjS, an on point post.
It should be beyond clear what the executives and board of directors work for, themselves and no one else, at this point.
Allstate is a sinking ship
The pricing Guy should have left in 2020
Late to the game on rates, so now is catch up time. Other quality competitors priced to the inflationary trends sooner, and they are now in a better position. GS bet on inflation being transitory, and tried to take advantage of a once-in-a-career opportunity to take policies and share from Geico and Progressive as they aggressively raised rates and pursued typical underwriting actions. He was increasing marketing spend while others pulled back. Now we have 112 auto combined ratio and Allstate Brand PIF is down by 200,000+ policies in 4th quarter alone. Did not end well for Glenn. He was either going to get canned, or based upon multiple quarters of Billion $ losses, the CEO job from Wilson/BOD would never happen. He packed up and went home. Candidly, the UW/Pricing "Guy", and the CFO (now President Rizzo) should've exited as well.