Allstate auto insurance market share tanking at fastest pace in 20 years

February 8, 2021February 5, 2021 Nordstrom

Allstate auto insurance market share - down arrow

This slip has occurred despite the priority the insurer has placed on growth and gains in this category. Top priority was given to the Allstate auto insurance market share last year, but despite its efforts, 2020 caused the company to see sizable growth rate reductions. In fact, the insurer saw the lowest policy renewal rates it has experienced since at least 2001. One of the factors having the hardest impact on the Allstate auto insurance market share last year was the sudden price competition driven by the 2020 COVID-19 pandemic…

Allstate plan for ‘transformative growth’ not unlike Progressive’s

December 16, 2020December 15, 2020 Nordstrom

CEO Tom Wilson’s strategy was launched late in 2019, but growth won’t arrive until the second phase. CEO Tom Wilson released the Allstate plan for “transformative growth” late last year. Though there has been a large number of changes throughout 2020, the promised growth has yet to be revealed. That said, the CEO says that the growth component will arrive with the second part of the strategy. Though Wilson has not set any dates as to when the second part will arrive – and the growth along with it –…

Allstate faces “thousands” of insurance job layoffs for its staff

June 17, 2020June 16, 2020 Marc

Insurance job layoffs - layoffs from COVID-19 - newspaper article

The insurer intends to let thousands of people go in an effort to reduce its costs, say reports. Allstate Corporation plans to use thousands of insurance job layoffs to try to cut costs, say several reports. The news came directly from the insurer’s CEO who discussed it in a recent video conference call. Allstate CEO Tom Wilson held a video conference call with his senior team leaders. In that call, he talked about the fact that thousands of insurance job layoffs were on their way. These “thousands of jobs” would…