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Allstate Corporation SWOT and PESTLE Analysis

ID : 52475753| Apr 2023| 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 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

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
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
SWOT & PESTLE (combined)
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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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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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In-text: (SWOT & PESTLE.com, 2024)

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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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