Thread regarding State Farm Insurance layoffs

Severance

I truly don't think 2018 is going to be with out more of these reductions. I know for a fact Underwriting is being reviewed and Compliance. If severance is decent after 23 years im ready. Can someone please give good detailed information on buyouts

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Post ID: @OP+Rqp5vEc

8 replies (most recent on top)

The system being piloted in Illinois is by an outside vendor. It is starting with auto and will eventually also quote/issue auto and business policies in the agent office. It will also be real time, meaning the agent office makes the change on their side and the policy/system has immediate updates. It will also have the availability to issue dec page, policies, and other auto/fire business stuff in the future. The plan is to role out to other states if all goes well in Illinois. If you read the writing on the wall fewer people will be needed in the hubs to review or make changes to the policies. This was the long term plan to have this type of system and then SF will need fewer people. SF is years behind the competition in this regard. How ironic to have all those system people over the years and SF needing to go outside SF to get this programming. The company that is running the show on the program has done the same type of work for other insurance companies.

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Post ID: @5cch+Rqp5vEc

Update PC MODERNIZATION, has the green light with about a year before it implements. People who r tied to old ways think it will be forever but Soooo far from the truth. This is not a systems project it is off shelf vendor based. Biz lines are already piloting in Illinois. Underwriting both fire and auto personal lines will be cannibalized by this change simply because much less human interference is needed. I think it's pretty clear SF WANTS FEWER MGs and tenured pro/tech period.

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Post ID: @4tvd+Rqp5vEc

Yes. For sure on the non compete. Why would anyone share? Unless they want to stay no another carrier

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Post ID: @3akd+Rqp5vEc

R u sure about the non-compete? If true, that would me new for SF.

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Post ID: @3rgk+Rqp5vEc

Don’t want you working for a competitor sharing trade secrets. Industry standard nowadays.

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Post ID: @3ybt+Rqp5vEc

Offer to claim management:

Voluntary severance

In-voluntary severance

Attempt to compete for lower management job... ie TM. (No openings) and then lose voluntary severance

Voluntary severance requires signing off rift to sue and a no compete clause

Help me understand why a non compete clause

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Post ID: @3uyd+Rqp5vEc

The company web page outlines specifics for severance. It’s something like 1 week of pay for every year worked up to 15 years and a week and a half of pay for every year over 15 years.

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Post ID: @sty+Rqp5vEc

I don't have severance info off the top of my head, but I believe others have said that the HR manual has the details of both voluntary and involuntary severance and that in most cases the offers have been in line with those descriptions.

I received involuntary. For me, that amounted to:

1) 1 week's salary for each year within the first 10

2) 2 week's salary for each year worked greater than 10

Of course, they also cash out your PTO and legacy PTO.

Voluntary severance is higher.

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Post ID: @qcl+Rqp5vEc

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