Allstate insurance agents push back against insurer call center plans

Allstate insurance agents - Call Center

The insurer’s sales force views this move as an expensive burden despite promised benefits. Allstate insurance agents have been expressing their discontent with the insurer’s decision to create customer call centers. The agents say it is an expensive burden but the insurer calls it an improvement in efficiency. Tom Wilson, Allstate CEO, explained that the insurance company is currently shifting service tasks from its agents into a centralized system. This is “because we can do it cheaper, better, faster.” This level of discontent among Allstate insurance agents is a rare…

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Insured Hurricane Dorian damage could bring $25 billion in losses to the industry

Hurricane Dorian Damage - Damage from Hurricane

UBS research shows that insurers may face tens of billions in losses because of the intense storm. Hurricane Dorian damage may cost over $25 billion in claims payouts from insurance companies, according to international financial services firm U.B.S. Damage to the Bahamas, the US coast and Canada was widespread and substantial. The bank had initially predicted that there would be between $5 and $40 billion in damage caused by the storm. More recently, U.B.S. narrowed its forecast to $15 billion as more specific Hurricane Dorian damage data became available. Now,…

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California Insurance Commissioner Ricardo Lara Apologizes for Accepting Industry Contributions

Insurance Commissioner Ricardo Lara - Government Portrait from 2016

Lara released a letter last week that acknowledged that his campaign had solicited those contributions. California Insurance Commissioner Ricardo Lara has said he was sorry for having both solicited campaign contributions from the insurance industry and for having accepted them. Last Tuesday, he issued a letter in which he acknowledged the activity as well as his regret for having done so despite a campaign pledge he had made not to accept contributions from insurers. The letter was issued to a number of groups, including Public Advocates, United Policyholders and Health…

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UK insurance industry sees $75 billion shift as Brexit sends business out of London

UK insurance industry - Brexit - Map of Europe

Firms are shifting their centers out of London and into rival EU locations as the UK readies to leave. As much as $71 billion from the UK insurance industry is stepping out of London and is headed into locations throughout the European Union. The shift away from the capital city and into the EU is occurring as a direct result of Brexit. The EU’s insurance and pensions regulator has issued an order to every underwriter across the UK insurance industry. Those firms are required to transfer policies held by clients…

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Tesla Insurance launches, sending the electric vehicle maker into a new industry

Tesla Insurance - Tesla Car - Steering wheel

At first launch, the auto coverage will be available only in California and for the company’s customers. The Tesla Insurance coverage for the company’s electric vehicles and that was first announced earlier this year has now launched in California. The idea is to make premiums 20 percent to 30 percent more affordable for drivers of Tesla’s electric cars. Elon Musk first announced his intentions to launch the product back in April 2019. At that time, Elon Musk had assumed that the Tesla Insurance product would launch quite quickly. That said,…

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Are cyber insurance companies contributing to ransomware attack growth?

Cyber insurance companies - Security - ransomware

Certainly, they are not direct effort by insurers to boost cyberattacks, but a relationship has been proposed. It comes as no surprise to hear that ransomware attacks are on the rise, but new perspectives are connecting this trend with increasing the availability of products from cyber insurance companies. Essentially, the more organizations are covered against attacks, the more likely criminals are to be paid. As cyber insurance companies become more commonplace and companies and organizations better understand the importance of coverage, large policies are being purchased. As a result, when…

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Allstate and Kirk Herbstreit announce partnership for the college football season

Kirk Herbstreit Patnership - Image of College Football

Together, they will predict weekly moments of mayhem throughout the entire season. Allstate recently announced that it will once again join forces with Kirk Herbstreit, ESPN college football analyst. Together they will celebrate the sport’s mayhem through weekly moment predictions of how the season will play out. Fans are encouraged to share their thoughts on Twitter about their teams’ game chances. Kirk Herbstreit will lead the experience in choosing his Allstate Mayhem Moment each week. Those will be the moment he believes will alter a game’s trajectory. He’ll make his…

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