Careers at Allstate
Allstate provides a range of insurance products and services to consumers, with a view to providing its customers with effective, affordable, and reliable insurance protection.
Allstate organises its operations into four reportable business segments:
- Allstate Protection, which principally sells private passenger auto, homeowners, and other property-liability insurance products through agencies and directly through contact centres and the internet, with its products underwritten under the Allstate, Esurance, and Encompass brand names;
- Allstate Financial, which sells traditional, interest-sensitive and variable life insurance and voluntary accident and health insurance products through Allstate exclusive agencies and exclusive financial specialists;
- Discontinued Lines and Coverages, which includes results from property-liability insurance coverage that the Company no longer writes, as well as results for certain commercial and other businesses in run-off, including the Company’s asbestos, environmental and other discontinued lines; and
- Corporate and Other, which comprises various holding company activities and certain non-insurance operations.
Allstate was founded in 1931 as an auto insurance unit of Sears, Roebuck and Co, with the Company taking its name from a tyre sold in the Sears catalogue. In 1939 the Company pioneered the concept of tailoring auto insurance rates by age, mileage, and use of car.
Allstate expanded rapidly. In the 1950s its diversified its offerings to include personal liability insurance, and launched operations in Canada. The Company has since expanded significantly and is among the largest insurance providers in North America, generating revenue in excess of $35 billion. Allstate is consequently ranked at 81st on the Fortune 500 lists and 202nd on the Forbes Global 2000 list,
Allstate trades a portion of its shares on the New York Stock Exchange and has a current market capitalisation of $24.57 billion.
Benefits at Allstate
Business model of Allstate
Allstate provides a range of insurance products and services to the general consumer market, serving a range of individuals. According to its annual report, Allstate’s Allstate Protection segment serves four principal customer segments:
- Allstate brand auto and homeowners insurance products are sold primarily to customers who prefer local personalised advice and service, and are brand-sensitive;
- Esurance brand auto, homeowners, renter and motorcycle insurance products are sold to consumers who are self-directed, brand-sensitive customers.
- Encompass brand auto, homeowners, umbrella and other insurance products are sold to consumers who prefer personal advice and assistance from an independent adviser and are brand neutral; and
- Answer Financial, a personal lines insurance agency, serves self-directed, brand-neutral consumers who want a choice between insurance carriers.
The Company’s Allstate Financial segment serves two principal customer segments: customers who prefer local personalised advice and service and are brand-sensitive, and middle market consumers with family financial protection needs employed by small, medium, and large size firms.
Allstate provides insurance products to customers across the US, including all 50 states, the District of Columbia, and Puerto Rico. The Company’s four largest domestic markets are Texas, Florida, New York, and California. Allstate also serves customers across five provinces in Canada.
Allstate provides value to its customers in the following ways:
- Its size and industry standing, with the Company established as one of the largest and most respected personal lines insurers in the US, serving an extensive domestic customer base and having a track record for providing reliable and effective services;
- Its broad portfolio of products and services, with the Company offering a wide range of insurance products, spanning auto, renters, life, home, motorcycle, business, and roadside insurance products, acting as a one-stop shop for personal insurance;
- Its extensive distribution network, with the Company reaching consumers through a multichannel sales and distribution network, including more than 10,000 Allstate exclusive agents and more than 24,000 licensed sales professionals; and
- Its industry expertise, with the Company employing specialist personnel with relevant training and experience, as well as a team of experienced industry executives.
Allstate operates a website at www.allstate.com, through which it provides information on its various products, services, and locations. This website includes an online channel through which customers can obtain a personalised insurance quote and find an authorised agent through which they can purchase relevant products. The Company also operates an online customer portal, which allows customers to manage their accounts, pay bills, and file and check claims independently. Additionally, Allstate operates a quote comparison portal at www.answerfinancial.com.
Allstate offer Allstate-branded products in approximately 10,200 locations across the US, through approximately 34,800 licensed producers including around 10,400 Allstate exclusive agencies and 24,400 licensed sales professionals. The Company also offers the same products through a network of 2,100 independent agencies that are based primarily in rural areas in the US. In Canada, the Company offers Allstate products through 850 employee producers working in five provinces, namely Ontario, Quebec, Alberta, New Brunswick and Nova Scotia.
Allstate sells its Allstate Financial products through a network of exclusive agencies and approximately 1,000 exclusive financial specialists, and 6,000 workplace enrolling independent agents. The Company’s other branded products, including those under the Esurance brand, are sold through a combination of online sales channels, contact centres, and select agents
Allstate provides a range of services to its customers on a self-service basis, including a channel through which customers can receive personalised insurance quotes online. Notably, the Company offers an online customer portal that enables its customers to manage their account details, pay bills, and make insurance claims without interacting directly with members of the Company’s sales and support staff.
While Allstate’s online quotes are tailored to each individual customer, the Company is able to provide a greater degree of personalised service to customers through its network of agents, sales professionals, and contact centres. Through these channels, customers can consult directly with professionals, and receive in-person guidance with regard to options and products.
Allstate provides ongoing support to its customers, operating specialist support teams who can be contacted over the phone or via email, and provide personalised responses to all queries and complaints. The Company additionally provides a range of online support resources, including FAQs and guides. Alternatively, customers are able to interact directly with Allstate through its social media accounts, including with Twitter, Facebook, and LinkedIn.
Allstate is a holding company, which together with its subsidiaries operates collectively as Allstate Insurance Company. Its principal operating subsidiaries include Allstate Insurance Company and Allstate Life Insurance Company. The Company is engaged in the provision of various personal insurance products, including auto insurance, home insurance, rental insurance, roadside insurance, and life insurance.
Allstate aligns its operations into four business segments in four business segments: Allstate Protection, Discontinued Lines and Coverages, Allstate Financial, and Corporate and Other. The Allstate Protection segment sells private passenger auto, homeowners and other property-liability insurance products through agencies and directly through contact centres and the internet, while its Allstate Financial segment sells life insurance and voluntary accident and health insurance products.
The Company’s Discontinued Lines and Coverages segment involves long-tail losses, such as those related to asbestos and environmental claims, with the Corporate and Other segment comprising holding company activities and certain non-insurance operations.
Allstate works closely with a range of companies and organisations in order to provide effective and reliable services to its customers. These partners can be categorised broadly as follows:
- Sourcing and Vendor Partners, comprising suppliers of insurance-related and non-insurance products and services, technology and IT services, and equipment, as well as companies to which certain no-technical functions can be outsourced;
- Sponsorship and Advertising, comprising various sporting organisations and programs to which the Company provides funding in return for certain advertising services;
- Trade and Industry Partners, comprising various industry and trade organisations with which the Company collaborates in promoting insurance services across multiple industries and communities;
- Agency Partners, comprising various agencies and independent sales professionals through which the Company provides a range of products and services; and
- Marketing and Affiliate Partners, comprising various companies and websites that assist in marketing the Company’s products and services, as well as websites that drive traffic to the Allstate website in return for commissions.
Allstate’s industry partners include Building Trades Association, Associated Locksmiths of America, Painting and Decorating Contractors of America, American Subcontractors Association, and National Black Chamber of Commerce.
Allstate’s key resources are its intellectual properties and brands, its online portal, its IT and communications infrastructure, its network of agents and sales professionals, its partnerships, and its personnel.
Allstate owns and number of patents and other intellectual properties. Searches of records published by the US Patent and Trademark Office identified a number of patent applications filed in Allstate’s name, including applications entitled ‘Social network risk analysis’, ‘Sports event advertising display system’ and ‘Encouraging safe driving using a remote vehicle starter and personalized insurance rates’.
Allstate owns and or leases a number of physical properties that are key to its operations. This principally includes headquarters in Northbrook, Illinois, as well as its network of 1,260 administrative, data processing, claims handling and other support facilities in North America. The Company also leases three properties in Northern Ireland, two in India, and one in London.
Allstate incurs costs in relation to the development and maintenance of its online portal, the maintenance of its IT and communications infrastructure, the operation of its network of agents and sales professional, the settlement of claims, the procurement of professional services, the implementation of marketing and advertising campaigns, the management of its partnerships, and the retention of its personnel.
In 2015 Allstate accrued total operating expenses in the amount of $32.37 billion. This principally included $21.03 billion in insurance claims expenses.
Allstate generates revenue through the sale of various insurance products and the provision of related services. This includes fees, premiums, and contract charges collected in relation to the provision of auto, home, life, rental, motorcycle, roadside, and business insurance products.
In 2015 Allstate generated annual revenue of $35.65 billion, up marginally on the $35.24 billion recorded by the Company in 2014. The majority of this revenue, around $30.31 billion, was generated via property-liability insurance premiums.
info: Thomas Wilson (“Wilson”) has served as Chairman of the Board and at Allstate since 2008, and has been the Company’s Chief Executive Officer since 2007. He is responsible for overseeing the overall strategic direction of the Company. Wilson has been with Allstate since 1995. He has since held numerous positions at the Company, including a number of senior leaderships roles, such as President, Chief Operating Officer, President of Allstate Protection, and Chairman and President of Allstate Financial. Prior to joining Allstate, Wilson worked at Sears, Roebuck and Co for several years, rising to the rank of Vice President of Strategy and Analysis.
info: Matthew Winter has served as President of Allstate since 2015. He also serves as President of subsidiary company Allstate Life Insurance Company. He joined the Company in 2009 and has since held several senior executive roles, including a spell as President of Allstate Personal Lines at Allstate Life Insurance Company. Winter is an experienced insurance industry professional, he, however, began his career in the military, serving for more than 12 years on active duty in the US Army. He went on to join Massachusetts Mutual Life Insurance, where he served for several years as Executive Vice President. Prior to joining Allstate in 2009, Winter was employed for a number of years by American International Group, where he held a number of positions, including Vice Chairman, and President and Chief Executive Officer of AIG American General Domestic Life Companies.
info: Steven Shebik (“Shebik”) has served as Executive Vice President and Chief Financial Officer at Allstate since 2012. He also serves as Executive Vice President and Chief Financial Officer at Allstate Life Insurance Company. Shebik joined Allstate in 1995 as Assistant Vice President, holding positions in the Company’s Mergers and Acquisitions, Treasury, and Finance departments. He has held a number of senior executive positions at the Company, including spells as Chief Financial Officer of all three of Allstate's business units — Allstate Financial, Allstate Protection, and Allstate Investments. Shebik held various corporate-level accounting and financial positions with Sears, Roebuck and Co from 1988 to 1995, prior to which he worked for close to ten years at Arthur Andersen and in accounting and auditing services.
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