The Allstate Insurance Company
The Allstate Insurance Company was founded in 1931 during the Great Depression. “Allstate” was a name borrowed from an automobile tire sold by the parent company, Sears, Roebuck & Co. The first year of existence ended with 4,217 policies and a loss of $76,000. In 1933, the infant company was able to gain great exposure by setting up a booth at the Chicago World’s Fair, and was swamped with applications.
In 1939, Allstate changed the insurance industry by tailoring automobile insurance rates by age, make, model and use of car. Until 1940, automobile insurance was almost a luxury, but then financial responsibility laws spread through the country, making it almost a necessity. By 1950, Allstate was expanding and growing very rapidly.
Allstate's claims department contributes to the company brand value. Allstate requires its claims adjusters to have four-year college degrees, and has a very extensive and comprehensive training program for all new claims employees. It is often months before a new adjuster is permitted to interact with customers. Allstate’s claims training program is recognized as superior in the industry, and as a result its offices are often raided by other insurance companies looking for experienced adjusters.
As of the mid 19902, there were about three hundred million private and commercial vehicles registered in the US (US DOT) and there about 2400 insurance companies in the US competing to meet the insurance needs associated with those vehicles. (www.insurance-info.com) There are over 105 million households in the US, and most of the same insurance companies are competing for their business also. (census) Allstate currently provides at least one form of insurance to about 14 million of those households, ranked second only to State Farm Insurance Company, though the difference is barely negligible.
The Allstate brand value is very strong. Allstate Insurance Company is prepared for future growth, and seems to have the required financial assets to position itself for an even larger market share. Whether you are an investor, or shopping around for an automobile insurance policy, this seems to be a company to keep your eye on. Before you make a final decision about which company to purchase a policy from, make sure to get a quote from this one also. You might be pleasantly surprised.
If you have ever worked for the Allstate Insurance Company or had a policy with them, our readers would love to hear from you. What did you think about the company? What did you like or dislike about it. How was the customer service? Please share your insights or personal story with the rest of our insurance community. Just fill out the web-form below to get started. Thank you.
This article is written for informational purposes and is not intended to take the place of competent local legal counsel. The writer is not associated with the Allstate Insurance Company or any of its affiliates.
Read our other insurance company reviews.
Additional articles that may be of interest to you:
The Insurance Claims Handling Process Explained
Allstate Brand Value
Why Bother With Purchasing an Automobile Insurance Policy?
The Value of an Umbrella (or PUP) Policy.
The Insurance Company's Preferred Body Shop Repair Program
First Party Insurance Coverages vs. Third Party Insurance Coverages
Uninsured/Underinsured Motorist Coverages Explained
What to do If You are in an Accident
What is an Insurance Lien Holder?
GAP Coverage Explained
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