COMPANY PROFILE -Allstate Corporation
Business Sector :Diversified Insurance
Operating Geography :United States, Canada, North America
About Allstate Corporation :
Allstate Corporation was establisheded on April 17, 1931. The business is conducted mainly through segments like Allstart e-insurance company, Allstate Life Insurance Company, and other subsidiaries. The company is mainly involved in the property, casualty insurance business, sale of life and accident and health insurance products in the United States and Canada. It is headquartered in Northbrook, Illinois, US. Allstate transformed into a publicly traded company in 1993, and features on the New York Stock Exchange (ALL). Allstate product portfolio has the following segments:
• Allstate Protection Segment which covers private passenger auto, homeowners, other personal lines and small commercial insurance products service
• Businesses Segment which includes SquareTrade, Allstate Roadside Services, and Allstate Dealer Services
• Benefits Segment that covers voluntary benefits products, including life, accident, critical illness, short-term disability and other health products
• Allstate Life Segment that sees to traditional, interest-sensitive and life insurance products
• Allstate Annuities that consists of deferred fixed annuities and immediate fixed annuities
• Other Segments that cover Discontinued Lines and Coverage, Corporate and Other Segment
Allstate Corporation’s strategic vision statement reads “Deliver substantially more value than the competition by reinventing protection and retirement to improve customers’ lives”. The Allstate Corporation’s USP or unique selling point lies in its being the largest publicly held personal lines property and casualty insurer in America, serving more than 16 million households nationwide
Allstate Corporation Revenue :
USD 37,073 million – FY 31st December, 2020 (y-o-y growth 2.8%)
USD 36,076 million – FY 31st December, 2019
Competitive Analysis of Allstate Corporation
The SWOT analysis for Allstate Corporation is presented below:
Strengths | Weaknesses |
1. Diversified Product Portfolio
2. High Penetration in the USA and Canada
3. Strong Financial Position
4. Sophisticated Pricing and Underwriting practices
5. Trusted Advisor to Customers | 1. Dependence on Allstate Protection Segment
2. Concentrated in North America
3. Exit from life insurance business
|
Opportunities | Threats |
1. New Products and Service Development
2. Use of Data Analytics
3. Improving Operational Processes Using Technology
| 1. Changing climate and weather conditions
2. Diminished Market access
3. Vulnerable to Cyber Security Threats
|
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Detailed SWOT Analysis of Allstate Corporation
Strength
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Weakness
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Opportunity
1. Use of data analytics: Data analytics is a great tool to enhance the product design, marketing, and pricing by better understanding customers, assessment of their specific needs and delivery of customized solutions. For instance, insurers are experimenting with apps and products to gauge their driving habits and adjust premiums accordingly. Allstate Insurance should develop and strengthen their data science and digitalization capabilities to improve customer experience and also streamline their operations and underwriting principles. Digital underwriting products like IoT, API-based modules, AI, and big data are helping new companies quickly launch their products. Allstate will have to effectively harness “Big Data” and Artificial Intelligence to drive competitive advantage over other insurance companies. Their key strategy should be to deliver simple, end-to-end digital experience for retail customers and automate and accelerate digital capabilities to support commercial clients.
2. Improving operational process using technology: Productivity is enhanced by using advanced automation practices to shore up returns. Robotic Process Automation and Cognitive Intelligence technologies are rapidly increasing. For instance the capability to automate routine tasks, policy administration, mundane tasks in underwriting and claims, releasing up thousands of people hours. Subscribing to advanced technology is also helping AllState Corp to achieve operational excellence; for example, through QuickFoto Claim®, the smartphone app launched in 2017, enables customers to initiate a claim by sending pictures of insured damaged vehicles. Claims are now settled in hours instead of days and over 70% of drivable cars are now inspected via this app. In 2016, Allstate rolled out Arity to build insurance, automotive and shared mobility technologies to make transportation smarter, safer and more useful. The Allstate Good Hands Rescue® App leverages GPS and proprietary technology to deliver rapid roadside services. In 2020, Allstate designed and implemented new Target State Architecture and developed new customer interaction applications.
The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.
Threat
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The PESTLE/PESTEL analysis of Allstate Corporation is presented below:
Political | Economical |
1. Protectionist Policies of Trump administration
2. Global scrutiny on fossil fuel insurance | 1. Escalation in Reinsurance Rates |
Social | Technological |
1. Underserved Market Segment
2. Working Closely With Single Parents | 1. Use of Artificial Intelligence
2. Rise Internet-of-Things & Data Analytics
3. Cyber security and Consumer Data privacy
|
Legal | Environmental |
1. Impact of Tax Cuts and Jobs Act, 2017
2. Principle Based Reserving Execution
3. Anti-trust legislation to prevent monopolies
| 1. Rise of Catastrophic Loss |
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Detailed Pestle Analysis of Allstate Corporation
Political
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Economic
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Social
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Technological
1. Use of Artificial Intelligence: Many companies have now developed carriers in AI to improve routine repetitive tasks. Allstate has also deployed ‘Amelia’ as a customer assistant and has used the platform in more than 3 million customer conversations. ‘Amelia’ is an important component of a company’s customer service strategy. Its machine learning capability allows developing the ability to answer customer questions. It can also help keep all employees in compliance with industry regulations. AI and machine learning can have a wide range of applications in the insurance sector. For example, AI can be used to develop chatbots that will directly talk to customers about the policies and answer their questions. Chatbots can also be fed with consumer data so that they can efficiently handle customer queries without the need to human contact.
The remaining section under "Technology" is available only in the 'Complete Report' on purchase.
Legal
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Environmental
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On purchase the Allstate Corporation SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Check Out Analysis of Other Relevant Companies
References used in Allstate Corporation SWOT & PESTLE Analysis Report
1. Allstate Annual Report 2020 - https://www.allstate.com/resources/allstate/attachments/annual-report/allstate-year-end-report-combo-2020.pdf
2. Global Overview | LMG - https://www.libertymutualgroup.com/about-lm/global/overview
3. ALNY Announcement - https://www.allstateinvestors.com/static-files/6362bf2e-3776-4433-8903-56497cd5fdd2
4. Cyber insurance: Risks and trends 2020 | Murich Re Topics Online - https://www.munichre.com/topics-online/en/digitalisation/cyber/cyber-insurance-risks-and-trends-2020.html
5. 2021 insurance regulatory outlook | Deloitte US - https://www2.deloitte.com/us/en/pages/regulatory/articles/insurance-regulatory-outlook.html
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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Allstate SWOT and PESTLE analysis has been conducted by Manashvi Mistry and reviewed by senior analysts from Barakaat Consulting.
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