The insurer – like others – has been facing financial and natural disasters, but is managing to stand out.
Allstate has not had it easy over recent years, as insurance news continues to pummel the industry with natural and financial disasters, but this insurer has still managed to transform itself and stand out from the pack with a unique strategy.
The subject matter may not be all that hip, but Allstate has managed to market it that way.
The company is making insurance news with an edgy television commercial campaign featuring the “Mayhem” theme that follows a character who is oddly prone to disaster. At the same time, Allstate has expanded its online business, has boosted its technologies to focus more greatly on the consumer, has bundled its products for greater appeal, and, through all of this – and the economic challenges – has managed to remain a clear leader in the industry.
In fact, the latest insurance news data shows that Allstate is the solid second place personal insurer in the United States.
Allstate is second in size as a personal insurer only to State Farm Insurance. Allstate is continuing its journey to draw customers who are seeking to feel that they are in “good hands”, but its latest insurance news indicates that it is also seeking customers who want to be treated very well, but who would prefer it through a lower level of attention.
This transformation is not necessarily the latest insurance news, despite the fact that it is currently making headlines. In fact, it began about six years ago under the insurer’s CEO, Thomas Wilson. The momentum of the change truly picked up in 2011, when the Esurance online platform was purchased, and it is now taking off at a considerably faster rate.
The Esurance purchase was vital to this insurance news because it provided Allstate the tools that it required to be able to remain competitive with rivals who had been more focused on price, such as Progressive and Geico and whose business models were structured for a lower cost and began to cut into the agency-dependent business at Allstate.
However, with the tremendous changes to Allstate, the insurance news continue to look good. Even the stock for the insurer has more than tripled since 2009, rising sharply since the financial crisis, to reach over $47 last week.