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Allstate Corporation SWOT & PESTLE Analysis

ID : 52475753| Oct 2018| 15 pages

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 38,524 million – FY 31st December, 2017 (y-o-y growth 5.4%)
USD 36,534 million – FY 31st December, 2016

Competitive Analysis of Allstate Corporation

SWOT
PESTLE
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
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

1. Diversified Product Portfolio: Allstate’s strategy is to differentiate itself by offering solutions to suit the needs of broad customer segments because customers generally prefer to purchase multiple products from one insurance provider. Distinct customer segments are served with differentiated offerings like Allstate, Encompass, Esurance and Answer Financial, which has made the Company, the only insurer to cover all segments of the property-liability market. Esurance features amongst the 25 largest providers of personal property and casualty insurance products in the U.S., and Encompass is among the top 20 largest providers of personal property and casualty insurance products through independent agencies in the U.S.

2. High Penetration in the USA and Canada: In the United States, products are offered through 10,430 Allstate exclusive agencies, working in 10,300 locations, administered by 1,100 exclusive financial specialists and 24,800 licensed sales professionals. Also, there are 2,400 independent agencies (mainly in rural areas) and contact centers through which products are offered. In Canada, Allstate brand products are offered through 920 employee producers. When an Allstate product is not obtainable, they offer non-proprietary products to consumers through provision made with other companies, agencies, and brokers. Esurance brand is sold to online customers.

3. Strong Financial Position: The Company increased profits by nearly 70% in FY 2017 which is attributed to higher insurance premiums, a tax benefit and net realized capital gains. Its strong financials is reflected in its favorable earnings, the cumulative total shareholder return on Allstate Common Stock for a five-year period that has stably increased over time from $ 100 initial investment (2012) up to $ 283.74 (2017). Starting 2013, the US based insurer has returned $12 billion to common shareholders by repurchasing 32% of common shares outstanding and paying dividends of $2.3 billion on common shares. Allstate Corp’s quarterly dividend per common share increased 12% in 2017 and an additional 24% in 2018. Right from the onset of 2013, the US based insurer has maintained stable gross margin in the range of 35% to 40% and profit margin from 6% to 8% until year 2017.

4. Sophisticated Pricing and Underwriting Practices: The Company’s pricing and underwriting strategies are planned to make sustainable profitable growth. Its proprietary database of underwriting and pricing facilitates sophisticated pricing algorithms and methodologies to accurately evaluate risks while attracting and retaining customers in multiple risk segments. The company’s pricing strategy includes local market pricing and underwriting decisions that are based on local risk factors. The rate increases are pursued to keep up with loss trends (catastrophic and weather-related events).

5. Trusted Advisors to Customers: At Allstate, agency owners and financial specialists devote themselves to be trusted advisors; nurturing relationships with customers and helping them manage the risks. For instance, during 2017, the company crossed over 6 million personalized insurance proposals to support Allstate agencies as trusted advisors. When hurricanes brought widespread damage to Texas and Florida, Allstate provided reassurance, relief and guidance on rebuilding.

Weakness

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Opportunity

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Threat

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Check out analysis of other relevant companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in Allstate Corporation Analysis Report

1. Annual Report- https://www.allstate.com/about/annual-report.aspx

2. Retail life insurance industry at crossroads- https://www.ey.com/Publication/vwLUAssets/ey-retail-life-insurance-industry-at-a-crossroads/$FILE/ey-retail-life-insurance-industry-at-a-crossroads.pdf

3. Allstate elevates customer service through AI-https://www.allstatenewsroom.com/news/allstate-elevates-customer-service-through-artificial-intelligence/

4. Single parents lack crucial life tools to protect families- https://www.allstatenewsroom.com/news/majority-of-single-parents-lack-crucial-life-and-retirement-tools-to-protect-their-families/

5. Auto insurers are using the Internet of Things to monitor drivers and cut costs-https://www.businessinsider.in/Auto-insurers-are-using-the-Internet-of-Things-to-monitor-drivers-and-cut-costs/articleshow/48349140.cms

Copyrights and Disclaimer

Allstate SWOT and PESTLE analysis has been conducted by Manashvi Mistry and reviewed by senior analysts from Barakaat Consulting.

Copyright of Allstate SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

Allstate Corporation SWOT & PESTLE Analysis
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