Allstate: Difference between revisions
| (2 intermediate revisions by the same user not shown) | |||
| Line 47: | Line 47: | ||
::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=== | ||