About Allstate Insurance Company: Facts, Pros & Cons Of Allstate

Allstate, which was founded in 1931, is the biggest publicly traded personal lines insurer in the country. General Robert E. Wood, a former president and board chairman of Sears, Roebuck & Co., formed the company. His early business strategy involved selling insurance products through the mail. The name Allstate was inspired by a tyre offered in a Sears catalogue, and the company’s first sales location was a Sears store in Chicago. The first claim paid was to a man who arrived at the office clutching a car door handle after attempting to steal a vehicle.

The business expanded in the 1950s to offer commercial, life, and health insurance in addition to auto insurance. Additionally, the business started instructing high school students in driver instruction and running television advertisements. The “Allstate Mayhem guy,” Dean Winters, who starred in TV series like “Rescue Me,” “30 Rock,” and “Law & Order,” as well as the HBO prison drama Oz, is featured in some of the most well-known ads. The business recently updated its slogan to “It’s good to be in good hands” in order to appeal to millennials. Millennial-friendly celebrities like Tim Gunn, Adam DeVine, and Leslie Jones are featured in television commercials.

In the 1960s, Allstate began promoting the requirement of seat belt use, and in the late 1960s, it started offering commercial insurance. “You’re in Good Hands with Allstate,” the company’s catchphrase created in 1976, is still in use today. Universal Life Insurance, a new flexible class of life insurance coverage including savings and investment choices, was developed by Allstate in 1983.

After Sears sold 19.8% of the business, Allstate went public in 1993, making it the country’s biggest IPO to date. In 1995, Sears sold its remaining stake in the company, transforming Allstate into a fully publicly traded company. Over 16 million families now have access to outstanding protection and retirement solutions from Allstate. Allstate has a 122-acre headquarters in Northbrook, Illinois, and employs more than 70,000 insurance specialists nationwide.

The business has received recognition for embracing diversity in the workplace and providing possibilities for growth to women in particular. It serves the special demands of a varied customer. Allstate was recognised as one of the top 50 cutting-edge information technology users by InformationWeek in 2005. In 2005, Allstate was rated as the second-most regarded firm in the Property and Casualty sector by Fortune magazine. In 2005 and 2008, the Hispanic Business magazine listed Allstate as one of the Top 50 Employers of Hispanics. 2009 saw Allstate honoured by Newsweek as one of the “100 Greenest Companies in America.”

Among Allstate’s subsidiaries are Encompass Insurance, Esurance, SquareTrade, Allstate India, Allstate Canada, Allstate Northern Ireland Limited, Answer Financial, and Arity.

Allstate Facts & Ratings

Year Founded 1931
Market Share 4.9%
Financial Strength Excellent
JD Power Ranking About Average
BBB Rating A-
NAIC Complaint Index 1.03
Moody’s Rating Aa3
S&P Rating AA-

Allstate Mobile App Rating

iOS 4.8 stars (out of 5) 823.5K user reviews
Android 3.9 stars (out of 5) 97.5K user reviews

There are iOS and Android versions of the Allstate Mobile app. Instant agent access, digital ID cards, the opportunity to view policy documents, select communication channels, and the ability to manage claims with the possibility of submitting images of damage following an accident are all features offered by it. Drivewise tracks defensive driving habits and offers discounts to users. A safe egress from a fire can be created with the app’s Escape Route function.

Pros & Cons of Allstate

  • The third-largest vehicle insurer in the United States, Allstate provides coverage across the board.
  • Finding an agent in your neighbourhood is simple because there are more than 19,000 independent contractor agents spread out across the nation.
  • A variety of customizable insurance plans are available from Allstate.
  • Using the Allstate app to manage your account is incredibly beneficial.

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