Thread regarding Allstate Corp. layoffs

While you’re correct about executive compensation having an equity (stock awards) component, you clearly don’t understand the math that drives the stock. First and foremost, the loss ratio (the biggest driver of a “stock price” by a claim organization) has gone UP since we transitioned from DI to QFC. That said, the impact is a rounding error. Second, the impact of employee reduction (~350) of a claim organization with an expense load of over $1.5 billion annually, is also a rounding error, and not one that’s material to the combined ratio, or recognized by the stock analysts that influence buys and sellers of our stock.

While these numbers sound big, for a company like Allstate, the impact of a strategy like QFC amount or a pebble in a pile of rocks, and not one that would “line the pockets” of claim executives.

Clearly decisions are made in anticipation of greater efficiency, lower expenses and loss costs that are maintained, but no one making these decisions is anticipating “lines pockets”.

Quite simple really ; executives salaries are all based at least in part on stock performance. When the stock increases because of less employees ( actually there is a critical shortage of people needed to get the job done) and because every QFC estimate is written for the purpose of short changing the premium paying customers which also contributes to their bonuses, they line their pockets. It is a short sighted plan and is already starting to backfire. I would go into loss ratios but I’m sure that would be over your head so just go back to licking your bosses boots you know nothing troll.

Ok genius. Let’s hear your theory on how QFC “lines their pockets”. I’m guessing you have no clue on executive compensation and how leaders are rewarded

Plain and simple the purpose of QFC is so that upper management can “line their pockets”. If you believe otherwise you are the idiot.

I find it interesting when leaders, whose responsibility to both employees and shareholders, is to create strategies that maximize efficiencies, are viewed as “lining their pockets”. Yes, as the company becomes more efficient there’s the possibility of a tiny, tiny trickle down impact to the loss ratio, which then MAY have a tiny tiny impact on the stock price. To the extent leaders are rewarded with stock, there may be a tiny benefit, but thinking that something like Quickfoto “lines their pockets” is naive idiocy. It’s a rounding error.

You are ALL missing the point, It is not about quality or what make sense and NEVER about people. It is about making the bottom line look good on a report so someone can line their pocket. If what has happened afforded you opportunity great. However, if you were "impacted" no matter. As soon as you accept the fact your simply a tool in a machine to drive stock prices higher the better you will feel about your situation. Now get out there and win together!

It a huge success in corporates eyes. But give it time and the bean counters and micro mangers will ruin it.

There are so many supplements being created by QFC that they sent in the CAT team to handle them. Great planning.

I wouldn’t get into it either because you are clueless. Looking at a 2 dimensional picture can never replace a personal inspection. Your premise that all D/I claims got supplements also couldn’t be more wrong; D/I supplement frequency has always been lower than Field inspected claims, the same is not true for QFC.

I don’t want to get into it, but there are very few employees/leaders in this company that have seen or reinspected more, including analysis of countrywide data (Drive In supplement frequency and average severity). I doubt you’re one of them. Bottom line, if a car that was estimated in DI got repaired, it was going to require a supplement, just as QFC does. QFC supplement may be higher, but the original estimate has to be reconciled in either case.

I’ve observed more and you couldn’t be more wrong.

I’ve observed thousands of DI inspections. Depending on the inspection environment, not that different. Either one will require a supplement if repaired.

A drive in estimate is based on personal inspection, not a 2 dimensional photo. They are not even remotely similar.

What nobody wants to acknowledge is, this is not that different than a Drive In ( visible damage) estimate,and when a car was estimated in Drive In, and ultimately repaired, there was also a supplement (often a significant one). The entire Industry, including repairers, accepted Drive In estimates for what they are, and knew they’d require supplements. This is not all that different.

Full disclosure, the body shop in the piece is involved in litigation with every major insurer, and several have brought suit for threats, intimidation and assault on insurance adjusters trying to do their job.

Not exactly a balanced story.

https://www.insideedition.com/are-some-insurance-companies-using-photo-estimates-low-ball-vehicle-damage-42009 CUT and past this link into you web browser to see a News discussion on photo estimates. Draw from it what you will

I could write a good estimate from photos... If I was allowed to.

You must be a dipshit.

You must be a manager since you’re not smart enough to copy and paste the link. Typical.

Not inclined....useless

I guess you could copy them into your browser and view them that way if so inclined.....Useless....

Do you realize you can’t click on, and open these links ? Worthless.

https://www.youtube.com/watch?v=6zAFA-hamZ0

Viva la photo estimating revolucion !!!!

I want some of what that guy is smoking .

Night night.

This is becoming standard industry practice. Furthermore, what most policyholders do not realize, the policy outlines how the insurance company will evaluate the damages to a vehicle. I imagine the large insurance companies are looking at the end game. Artificial intelligence will soon be able to estimate damages taken by photos that the customer submits. People are expensive. Also, having to pay out actual money is more expensive than the policyholder delaying and taking the vehicle to get repaired using LKQ parts. If there's language that the insurance company gets to inspect the vehicle and come up with a value- you as the policyholder are pretty much out of luck. The policy language is usually loose enough that the insurance company can justly say that they only have to make initial payments for the damages that can be seen, and any supplemental damages can be made later.... I used to handle such claims and some policyholders would get upset when they were told them this. The end result is that I would point out the policy language and explain what was going on. I would then essentially tell the customer to go and pound sand.

Contract law is the dominant law in the United States and is the law that is most supported. Therefore, what happens is those that are in power or have the "better bargaining power" are in the position to make you swallow what they give you. A revolution would need to occur in order for contract law to be discarded. Any kind of revolution will not happen though because the hour is too late and those that have the means are in control of the narrative (for those wishing for a peaceful revolution) and for those that wish to use force (which I don't propose), the powers that be have drones and superior weaponry.

In short the future economy requires independent contractors to do the work- Look at Wegolook, Uber, and Lyft, and other companies. The future economy will require lots of drugs and technology to entertain or sedate the masses. The economic needs of the future will force people to live with their families even longer or to dwell in more urban environments , encourage people to not socialize with each other, and will call for a technocratic government.