Allstate Corp. intends to use a pool of recently laid-off tech workers to help the insurer revamp its operations.
Tag: Allstate
Inflation Pressures, Mounting Accidents, Flooding From Ian Hit Allstate, Other Insurers
The nation’s largest auto insurers, already struggling with high inflation and mounting accidents, are now facing losses from vehicles flooded by Hurricane Ian. Allstate Corp. announced Wednesday that it would take a $875 million charge to boost its claims reserves in its upcoming third-quarter earnings, primarily related to its auto-insurance business, as a result of… Continue reading Inflation Pressures, Mounting Accidents, Flooding From Ian Hit Allstate, Other Insurers
Insurers Will Reward Safe, Healthy Drivers with Potentially Cheaper Life Insurance
You can get a car insurance discount if you allow Allstate Corp. to track your driving. You can get a life insurance discount if you let John Hancock monitor your diet and exercise. The two insurers are now collaborating on the theory that safe drivers live longer lives. The cost will be allowing insurers to… Continue reading Insurers Will Reward Safe, Healthy Drivers with Potentially Cheaper Life Insurance
Allstate Closes Sale of New York Life and Annuity Businesses
The Allstate Corporation today announced that it has obtained all required regulatory approvals and closed the sale of Allstate Life Insurance Company of New York to Wilton Re for approximately $400 million. “Closing on the sale of ALNY is a significant step in Allstate’s strategy of increasing personal property-liability market share and expanding protection services,… Continue reading Allstate Closes Sale of New York Life and Annuity Businesses
Allstate Seeks More Independent Agents, But Not As ‘Human Modems’
Allstate Corp. wants to buy more independent insurance agencies this year to build the business it acquired with its purchase of National General, Allstate Chief Executive Tom Wilson told Reuters on Wednesday. But the agents will be there to talk to customers in depth, not punch data into a computer to get a quote, Wilson… Continue reading Allstate Seeks More Independent Agents, But Not As ‘Human Modems’
Allstate’s Pay-Per-Mile Policies Boom in the Work-From-Home Era
The Covid-19 shutdowns that swept the U.S. have been a boon for a newer auto-insurance product: pay-per-mile coverage. During the pandemic, Allstate Corp. has seen interest surge in its Milewise offering, which lets customers pay auto-insurance premiums for just the amount of driving they actually complete, said Glenn Shapiro, president of Allstate’s personal property-liability operations.… Continue reading Allstate’s Pay-Per-Mile Policies Boom in the Work-From-Home Era
COVID-19 Shutdowns Shore Up Allstate, MetLife Earnings
Two of the nation’s best-known sellers of insurance—Allstate Corp. and MetLife Inc.—delivered fourth-quarter results bolstered partly by Covid-19 business shutdowns and stay-at-home directives. Allstate’s net income surged 52% to $2.6 billion, while net income at the big New York life insurer fell 77% to $124 million. MetLife’s decline was primarily related to mark-to-market losses on… Continue reading COVID-19 Shutdowns Shore Up Allstate, MetLife Earnings
Allstate to Acquire National General for $4 Billion
U.S. insurance giant Allstate Corp. said it has agreed to acquire peer National General Holdings Corp. for about $4 billion in cash, expanding its reach in the personal property-liability business. Under the deal, shareholders of National General, a New York-based specialty personal-lines insurer, will receive a total of $34.50 a share, an offer that comprises… Continue reading Allstate to Acquire National General for $4 Billion
Allstate, Ford to Allow Sharing of Their Customers’ Driving Data
Allstate Corp. struck a deal with Ford Motor Co. that will allow some of the automaker’s customers to share data with the insurer for its program that tracks mileage. The majority of Ford and Lincoln 2020 model-year vehicles with embedded modems will be able to connect with Allstate’s Milewise program, which is currently in 14… Continue reading Allstate, Ford to Allow Sharing of Their Customers’ Driving Data
Allstate Scrapping Esurance Brand
Northbrook-based Allstate announced today that it is phasing out the Esurance brand next year as part of what it’s calling a “transformative growth plan” and will be offering car and home insurance online via the Allstate brand. The decision brings Allstate full circle to its status before it acquired San Francisco-based Esurance for $1 billion… Continue reading Allstate Scrapping Esurance Brand