Allstate isn’t interested in doing anything but making a hefty profit, no matter the method. They’re losing customers left and right to companies with more fair profit targets.
Yup, they’re greedy. Those stupid allstate corporate b@st@rds!
How dare they use complex actuarial methods and factors in determining auto rates? How dare they ignore one incredibly reliable list of the number of accidents. After all we know how much of a predictor a simple list is, right!
how dare they use repair costs and inflation trends in their calculations! how dare they ignore the will of the people to lower rates. After all the corporate giant is just out for a profit!
That brings up another point. How dare a company try to make a profit! Corporations should act out of society’s best interests, and not look for profit!
Greedy Allstate! You will never get a dime out of me!
I don’t know anything about rate setting in Michigan,but I do know that in Illinois Allstate is famous for making the claims process painful and unfair to claimants. If you get out of bed in the morning and have the temerity to be driving your car when an Allstate insured strikes you, you will be offered no more than 80%, thats Allstate’s stand. This company does more to give the insurance industry as a whole a black eye than any other (maybe AIG ranks right up there). I have no sympathy for them.
I have filed claims here in Michigan twice against Allstate auto policies when in an accident with one of their insureds. In both cases they settled the claim quickly and fairly. I insured my home with them a while back and the one claim I had was settled the same. Just one viewpoint. Profit is greed to many people these days.
When you sell a product that virtually everyone in our society needs/is required to have, some restraint on profit targets is needed. Greed is what is killing our economy right now. If that’s not obvious to you, then you still have some lessons to learn.
Everything should be in moderation. Indulgence is a sin, lest we forget, and Allstate like to indulge by having a 15-20 profit target on their loss ratio. There is no reason to not operate at a 95% loss ratio. That’s a profit. Good for them, that’s wonderful. But a target of a 70% conbined ratio is indulgence.
Where in the world did you hear they want to operate at a 70% combined ratio? That’s a ridiculous statement. Pure loss ratio maybe, not combined. Profit is not greed! If they have rates that are too high, people have many competitors they can change to with no problem. Insurance is highly competitive.
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Allstate isn’t interested in doing anything but making a hefty profit, no matter the method. They’re losing customers left and right to companies with more fair profit targets.
Yup, they’re greedy. Those stupid allstate corporate b@st@rds!
How dare they use complex actuarial methods and factors in determining auto rates? How dare they ignore one incredibly reliable list of the number of accidents. After all we know how much of a predictor a simple list is, right!
how dare they use repair costs and inflation trends in their calculations! how dare they ignore the will of the people to lower rates. After all the corporate giant is just out for a profit!
That brings up another point. How dare a company try to make a profit! Corporations should act out of society’s best interests, and not look for profit!
Greedy Allstate! You will never get a dime out of me!
Companies
I don’t know anything about rate setting in Michigan,but I do know that in Illinois Allstate is famous for making the claims process painful and unfair to claimants. If you get out of bed in the morning and have the temerity to be driving your car when an Allstate insured strikes you, you will be offered no more than 80%, thats Allstate’s stand. This company does more to give the insurance industry as a whole a black eye than any other (maybe AIG ranks right up there). I have no sympathy for them.
I have filed claims here in Michigan twice against Allstate auto policies when in an accident with one of their insureds. In both cases they settled the claim quickly and fairly. I insured my home with them a while back and the one claim I had was settled the same. Just one viewpoint. Profit is greed to many people these days.
I don’t mind the using of tiering and credit. But, their profit targets are astronomical. I should know, I do work with them.
They don’t care about their agents. All the care about is the size of the dividend to the stockholder.
Long live mutual insurers.
Again, I ask, what’s wrong with profit? Isn’t their fiduciary duty to try to profit?
I don’t understand how people disparage companies for the very goal that they exist.
If they set high goals for themselves, so be it. That’s their business. Every actuarial model has a RoI component.
When you sell a product that virtually everyone in our society needs/is required to have, some restraint on profit targets is needed. Greed is what is killing our economy right now. If that’s not obvious to you, then you still have some lessons to learn.
Everything should be in moderation. Indulgence is a sin, lest we forget, and Allstate like to indulge by having a 15-20 profit target on their loss ratio. There is no reason to not operate at a 95% loss ratio. That’s a profit. Good for them, that’s wonderful. But a target of a 70% conbined ratio is indulgence.
Where in the world did you hear they want to operate at a 70% combined ratio? That’s a ridiculous statement. Pure loss ratio maybe, not combined. Profit is not greed! If they have rates that are too high, people have many competitors they can change to with no problem. Insurance is highly competitive.