Given all of the accurate information posted on this site, why hasn't the media picked up on what Allstate is doing companywide? Extremely poor working conditions, treating employees poorly? RIF that targeted older employees. Lose a class action suit in CA and then start to methodically push all of the remaining CA employees out of a job? How would Allstate policyholders feel about having their claims handled out of India? Can you imagine your Allstate injury claim being evaluated by a "rep" in India? Time to let the cat out of the bag on the "good hands company" so those with Allstate and those considering Allstate know what they are getting for their dollar
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How much do Allstate employees spend running (increasingly lousy and just plain weird) ads on TV?
Don't hold your breath waiting for the media to bite the hand that feeds it.
The media? Seriously? Their job is to create and spread fear, any internal drama at Allstate is not of consequence. You think they care if people at AS lose their jobs? Then you're not paying attention - they've been pushing for more job losses via more and more lockdowns for the past 18 months. Fear and sitting at home is fantastic for their ratings and profits. Same reason every hurricane is not Andrew Katrina or Hugo. Fear sells.
Carl has roughly 1 percent stake in allstate at 400 million.
He bought shares at 90 dollars last year that are currently valued at 130.
That's a roughly 50 percent return in a year. I dont think he's going to scream too loudly
I predict there will be a big change in attitude of leadership after Q3 2021 earnings. The Change will be precipitated by less than stellar earnings. This business model can not be sustained and produce consistent good earnings. Unhappy claims organization, a demoralized sales force, and a direct channel that has NEVER been able to produce any profit, is a recipe for disaster.
It is easy to not address these issues when Allstate is producing record profits. However, the sum of all of these wrongs will have to be addressed when full cycle of normal (non Covid) actuarial measurable data and negative policy growth happens. You will see some cracks in q2 earnings. The so called “transformative” foundation will blow up and shareholders will take exception. Moreover, there is one shareholder in particular that has a very short memory and not afraid to speak his mind. That shareholder is Carl Icahn. Mr. Icahn will not tolerate a wait and see 18 month action plan. He will want to see an immediate rectification of the issues that are brought up in this post. Unfortunately, Carl Icahn has no loyalty to anyone at Allstate. His demands could be ugly for all parties involved.
One must remember, Allstate and her employees can not be saved by Amnesty International. It is the shareholders that have to make a change. Hit the shareholders in their pocket books and this shortsighted leadership will be held accountable.
The corruption within Allstate will be exposed eventually. When that happens the employees will be vindicated and the lawyers who take big blue on will get paid handsomely.
Because nobody cares, aside from the 5 people who come here to complain.