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Facts About: | ALSTATE
INSURANCE | Allstate Insurance Company | Allstate Homeowner Insurance
|
 The
Alstate Insurance Corporation serves as the holding
company for Allstate Insurance Company.
Its business is conducted principally through Allstate Insurance
Company, Allstate Life Insurance Company and their affiliates
(collectively, including Allstate Corporation, Allstate).
Allstate is primarily engaged in the personal
property and casualty insurance business and the life
insurance, retirement and investment products business. |
ALSTATE INSURANCE is
a misspelling of Allstate Insurance.
An Alexander City resident was
recently awarded $200,000 from Allstate Insurance Company, more
than two years after an automobile accident that caused her a closed
head trauma.
The Allstate Corporation NYSE: ALL is
the largest publicly held personal lines insurer in the United States
and the second-largest of all personal lines insurers in the U.S.
Allstate was founded in 1931 as part of Sears, Roebuck and Company.
The company slogan is "You're in good hands." The current advertising
campaign, in use since 2004, asks, "Are you in good hands?" Their
current English spokesperson is Dennis Haysbert, while their Spanish
spokesperson is Esai Morales. Allstate sponsors various sporting
events, including the Allstate Sugar Bowl, the Allstate 400 at the
Brickyard NASCAR race, and the United States Olympic Committee. |
When
you've narrowed the field to three home insurance companies,
get several homeowner insurance quotes.
Allstate sells auto insurance,
home insurance (in certain localities), life insurance,
umbrella insurance, and commercial insurance, to name a
few. Its advertising campaign is centered around its "Your Choice
Auto" product, which offers accident forgiveness and lower deductibles
for all drivers willing to pay an extra premium. |
Auto insurance claims
An article published on May 2006 in Business Week details how Allstate
routinely tries to deny its policy-holders their full legitimate
benefits, often paying out less than they're entitled to. Quoting a
critic of Allstate, Business Week writes:
"Claimants in the 'good hands' category may get swift reimbursement,
but they will end up with less than they're entitled to," he says.
Those who hold out for more — and retain a lawyer to help them get it
— face battering in the courts and potentially years of delay. "You
can get your claims resolved promptly or fairly," he argues, "but not
both." Also according to the article, "Allstate deploys a variety of
systems...to make sure it pays the minimum necessary — and it plays
hardball with those who seek more."
An investigative report in February 2007 by CNN found that major car
insurance companies, like Allstate, are increasingly fighting auto
insurance claims from those who incurred soft-tissue injuries by their
insured members.
Homeowners insurance
The PBS television program Now, in conjunction with Bloomberg Markets
magazine, did an exposé regarding Allstate's home owners insurance
policy change. The idea was to increase profit by not living up to the
customers' policy expectations.
Allstate changed the terminology of the policy to "extended coverage",
in order to convince the policy holders that coverage was still the
same or even better. In reality the coverage was lowered.
Interviewed customers said insurance agents lied about what was
covered with the policy change. When claims were filed, Allstate
fought tooth and nail to avoid paying the full amount of the claims.
Allstate used delay tactics in court, in order to make the customer
give up.
The program also mentioned State Farm as having used the same
consulting firm, McKinsey & Company, that came up with this idea.
State Farm customers were complaining as well.
The unhappy insurance customers urged everyone to review their
policies to make sure their coverage is adequate.
"From Good Hands to Boxing Gloves"
This is a book written by David Berardinelli, JD, Michael Freeman,
Ph.D., D.C., MPH, Aaron DeShaw, D.C., J.D. with a Foreword by Eugene
R. Anderson, Esq.,
It is a legal textbook available to plaintiff lawyers who are
representing clients who are suing Allstate.
It tells of profit-boosting strategies that consulting firm McKinsey &
Company presented to Allstate to maximize profits and diminish the
amount of money sent to clients who put in a claim. McKinsey
specializes in redesigning product delivery systems for Fortune 100
companies (controversial clients included Enron) to maximize profits.
McKinsey’s recommendation to Allstate was to low-ball claims so that
desperate customers in dire straits would be more likely to accept a
settlement offer while Allstate continued to make a profit and collect
interest on the insurance payment. Allstate would offer its "good
hands" in the way of a low-ball claim and if the customer did not
accept, to get out "boxing gloves."
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Sources: Wikipedia
Facts About: | ALSTATE
INSURANCE | Allstate Insurance Company | Allstate Homeowner Insurance
|