Allstate: Difference between revisions
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::Internal reports revealed ''Allstate'' prioritized profit over policyholders, aiming to pay 30% below market value on claims. Profits doubled to $4.6 billion by 2007 using these tactics. | ::Internal reports revealed ''Allstate'' prioritized profit over policyholders, aiming to pay 30% below market value on claims. Profits doubled to $4.6 billion by 2007 using these tactics. | ||
*'''Stock Buybacks & Executive Sales''' | *'''Stock Buybacks & Executive Sales''' | ||
::CEO Tom Wilson sold $32 million in stock amid scrutiny, while the company engaged in stock repurchases criticized as price manipulation. | ::CEO Tom Wilson sold $32 million in stock amid scrutiny, while the company engaged in stock repurchases criticized as price manipulation. | ||
===Discrimination allegations=== | ===Discrimination allegations=== | ||
:'''Racial Bias''' | :'''Racial Bias''' | ||
::Roberto Clemente Jr. sued ''Allstate'' in 2022, alleging racial discrimination in franchise agency operations. The case settled in 2023. | ::Roberto Clemente Jr. sued ''Allstate'' in 2022, alleging racial discrimination in franchise agency operations. The case settled in 2023. | ||
===Public backlash and reputation=== | ===Public backlash and reputation=== | ||
:Consumer group, ''American Association for Justice'', ranks ''Allstate'' as the worst insurer for consumers due to its claims practices. | :Consumer group, ''American Association for Justice'', ranks ''Allstate'' as the worst insurer for consumers due to its claims practices. | ||
:Negative reviews cite poor customer service, claim delays, and premium hikes without improved coverage.<ref>{{Cite web |last=Revell |first=Nicholson |title=Allstate Worst Insurance Company For Consumers |url=https://nicholsonrevell.com/blog/allstate-worst-insurance-company-for-consumers/ |website=nicholsonrevell.com}}</ref> | :Negative reviews cite poor customer service, claim delays, and premium hikes without improved coverage.<ref>{{Cite web |last=Revell |first=Nicholson |title=Allstate Worst Insurance Company For Consumers |url=https://nicholsonrevell.com/blog/allstate-worst-insurance-company-for-consumers/ |website=nicholsonrevell.com}}</ref> | ||