Heard that Finance has completed their study and management is going to be hit hard. Anyone heard any news on that?
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I’m sorry do I have the right site here? Is Beyoncé’s fiancé in trouble or something ?sorry!
Awesome. Stick around and watch. Claims in free fall. But you’ll be fine.
So, 6 months to a year ago the predictions or “inside knowledge” was the CEO would be fired, the pension eliminated or at least frozen, losses never to be seen before and LC of unprecedented proportions. So far, the CEO got a 3 year vote of confidence from the board, the pension is fully funded, end of year profit projections are really positive and while the LC is higher than desired, it is lower than the last several years and way below highs of early to mid 2000’s. Not exactly the apocalypse projected.
Amen brother.
Agree I’ve seen that happen as well. Also have seen people in the process of getting agencies realize the investment required and the time required to recoup plus the possibility of doing so with a product not competively priced and crappy claim service walk away.
Generally not a negative person but we’re in trouble here.
If I were an agent I would be scared it’s not to long before the hammer drops. Some aren’t going to make it after this transition. Adjust your life style immediately.
I understand that it might appear we have an Agent on every corner, but in all reality that’s really the agents decision to make as far as a business decision. Company does not pay those expenses, they fall squarely on the agent , Along with payroll, insurance, rent, retirement, postage, etc. etc. etc. if you choose to leave your job tomorrow or are downsized, you take the buy out and move to another position. If the agent leaves he can be on the hook for the remainder of a 5 to 7 year lease. I’ve seen it happen.
Oh we’re paying claims..problem is we’re payimg every claim without considering what we used to like coverage, liability, merits.
Couple that with silly wait times, pricing issues and miserable employees and watch the lapse/can grow.
We put an agent on every corner to compete.....with each other.
I am an agent, I am not afraid and after 30 plus years of agency for two top five companies I have come to realize State Farm’s distribution system is very cost effective as a distribution channel. No employee or overhead costs, just pay the agents a below markey commission compared to an independent agency distribution channel. Most agents that have hung in there over a number of years are some of the smartest entrepreneurs I have ever come across and will always find a way to survive and prosper. Personally I would like nothing more than to be offered a chance to purchase my book of business ( nationwide is converting their agents to independents as we speak ) as I would then have the opportunity to market other than SF products. You know why it will never happen? Cause it would cost the company too much in too many ways in the long run. Here is a hint to some of the truly clueless on this board, the problem with this great company is certainly not the agents or the awesome claims staff that are currently being shown the door. We have managed to persuade clients that we are a premium brand based largely on our claims paying service, tha t is largely a myth at this point.
Be scared agents, very scared.
Saw that on the intranet today. Looks like finance is up next to be destroyed with the same bad ideas that have destroyed the rest of the company! I’ve lost count of how many thousands of people have been laid off this year. When you think it can’t get any worse, it does!
There is an article on the our company site - posted today.