Thread regarding State Farm Insurance layoffs

More lost market share...and ceo says the model works??

state farm continues to lose market share to geico and progressive and ceo says our model works.

talk about having the head in the sand.

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Post ID: @OP+14YE3rbY

15 replies (most recent on top)

Nebraska dept of ins executive compensation. Salary plus bonus numbers to the penny disclosed by the company. That is the proof source.

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Post ID: @qqdu+14YE3rbY

Do you have a proof source or is this something you heard in a huddle?

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Post ID: @iuoo+14YE3rbY

What you guys think of my $4million dollar raise last year?

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Post ID: @iloc+14YE3rbY

https://www.insurancebusinessmag.com/us/news/cyber/state-farm-hit-by-data-breach-174829.aspx

Data breaches quiet anymore. Use to be communicated broadly.

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Post ID: @hobq+14YE3rbY

Just for a little background look
Up data breaches for many third party integrations used and also for State Farm. It was all very quiet and not made public. Not sure why or how. But makes sense as to maybe why bank and agency force was heavily impacted.

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Post ID: @dydn+14YE3rbY

The really odd thing is that State Farm is perceived to be high priced. But that simply doesn’t hold up for a company that leads in policy numbers but not in premium. It’s really odd that marketing hasn’t utilized this info to State Farm’s advantage.

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Post ID: @aqwj+14YE3rbY

The market share metric you are taking about is based on written premium, not total number of autos insured. We have a huge advantage in autos and that won’t be passed anytime soon. One of the factors for the metric you are talking about it due to the fact we have cut rates two years in a row, which is a good thing because it’s helped us grow policies, are a sign we are more efficient and we are actually giving customers the same product for a more affordable price.

I’m guessing the OP had absolutely no idea what the metric measured, most people on this site just like to spout c-ap without the slightest idea of what they are taking about.

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Post ID: @5avs+14YE3rbY

Whoa you r being nice. He doesn't have his head in the sand. He has his head up his aaaaassssss.

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Post ID: @4uoi+14YE3rbY

@3gds “The theory of elasticity rubber band will break” Hahahaha

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Post ID: @4uwq+14YE3rbY

When it's all about me and not the customer, the theory of elasticity rubber band will break. Simple economic theories are NOT understood by accountants.

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Post ID: @3gds+14YE3rbY

Model works for what? Lets see.....All about me!!....I can retire in a few years and leave with lots of $$$. Signed MT.

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Post ID: @2uyr+14YE3rbY

Who wants market share of bad customers.... remember the lessons of big dog.

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Post ID: @1eoz+14YE3rbY

At the current rate, we will be #2 by ‘22 and #3 by ‘23. When the restructuring began in 2012 we were #1 by a huge margin. Great job MT! Stay the course!!

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Post ID: @1xva+14YE3rbY

Losing market share....but making money. They just can’t decide what’s most important.

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Post ID: @1zbj+14YE3rbY

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