Allstate is an American insurance service provider company founded on April 17, 1931. The headquarters of Allstate insurance is located in Cook County, Illinois, United States. The company was listed in Fortune 100 in 2019 in the 79th position. Due to this, the credibility of the company has no bounds. When Allstate Corporation became public, it was the largest initial public offering in the United States at that time. Surprisingly, the stock of Allstate only split once since it became public. Although still, Allstate is operating as a subsidiary of Sears (Chain of departmental stores).
Allstate on Map?
|HQ:||2775 Sanders Rd, Northbrook, Illinois, U.S|
|Traded as:||NYSE: ALL|
|Founded:||April 17, 193|
|Products:||Auto, Home, Life, Motorcycle, Renters, Boat, Landlord, Condo, Off-road vehicle, & Business Insurance Retirement & Investment products Banking services|
|Subsidiaries:||Encompass Insurance Company, Esurance, SquareTrade, Allstate Identity Protection (formerly InfoArmor, Inc.), Allstate India, Allstate Northern Ireland, National General Insurance|
|Business data:||Google Finance / Yahoo! Finance / SEC filings|
What does Allstate corporation have to offer?
We previously mentioned that Allstate corporation is mainly an automobile insurance company and is included in the list of leading auto insurance providers in the United States but it also offers several other financial services along with automobile insurance. These other services include financial retirement plans, investment programs, life and health insurance, business insurance, interest-sensitive, and much more.
Although, Allstate is best known for its automobile insurance it would not be wrong to say that company is not lacking in providing other services. Allstate is giving tough competition to other insurance and investment companies.
Where is Allstate corporation headquarters located?
Allstate Corporation has its headquarters situated in Cook County, Illinois, United States. The exact address will be 2775 Sanders Road, Northbrook, Illinois. If you want to contact the customer service in the headquarters of the company, you can use this (847) 402-5000 phone number.
Allstate is a huge company and is ranked among the largest ones in the United States, that is why, there are not only one but 27 places Allstate locations in The United States. Some of the worth mentioning Allstate locations out of these 27 are San Francisco, Atlanta, Buffalo, Dallas, Indianapolis, Menlo Park, and Orlando.
What is Allstate’s corporate address?
The Allstate corporate address is 2775 Sanders Road North Plaza Northbrook, IL 60062-6127 USA. You can visit their office between 8 am and 5:30 pm. However, they provide 24/7 customer service. The office is open on all days except Sunday.
How do I contact Allstate Corporate?
Unlike other insurance companies, Allstate’s customer service is unimaginable and appreciable. Anyone can contact Allstate Corporate by calling their customer service phone number.
Their phone number is (847) 402-5000. You can make a phone call at this number at any time without any bounds. Their customer service is available 24/7 and 7 days a week. You can also contact Allstate Corporate by the means of email. By using Allstate convenient agent locator, you can find the email address of the agent and can easily contact them.
What is Allstate claims phone number?
The customer service phone can also be used to file a claim with Allstate. Their customer service phone number is (847) 402-5000. You can contact them whenever you want.
In 1930, the chairman of Sears (Department Store Company) got an idea to create an insurance company. At that time, all of the insurance companies were working on traditional methods and the concept of modernization was not developed. But the idea of this new insurance company was different.
The chairman’s idea was to sell insurance policies in the same way as they sell their merchandise at Sears. This was a non-conventional concept and that is why, at the start, it did not capture anyone’s attention.
The idea was supposed to create ease for the public so, in 1931, the company was founded by Sears and got the name of Allstate Corporation. Its success had no bounds at that time and because of the customer comfort and satisfaction, the company did not stop growing.
Allstate insurance policies from the starting are very expensive as compared to its competitors but they somehow managed to create a space for them in the market.
At that time, the awareness of automobile insurance was increasing and that is why people were purchasing insurance policies from different companies. So, it was the right time for Allstate to market their policies and they did the same.
The number of people using Allstate insurance increased over time. Till 1950, the company made a good reputation in the market. And the famous slogan “You are in good hands with Allstate” was also created in 1950.
So, Allstate kept on adding new services in their portfolio which attracted people. In 1970, Allstate was included in the list of largest insurance companies in the United States and from then till now, the company is growing with leaps and bounds.
Although, there were some years when the growth of Allstate was stunted and also their revenues decreased few times but if you look at the broader trend, Allstate was growing and growing. Last year, Allstate Corporation acquired National General Insurance for $4 billion. The future of Allstate looks astounding.
Allstate company profile:
Allstate Corporation is an American insurance provider company. The main Allstate location (headquarters) are in Illinois, United States. The company was founded by Sears which is still its parent organization. The chairman of Sears, General Robert E. Wood, got an idea to start an automobile insurance company. This idea got tangible form in 1931. The company was an instant success and after several years it started developing its roots in other countries.
Today, Allstate works in four countries. These are United States, Canada, United Kingdom, and India. Since 2010, the revenue of the company did not decline even a little bit and future projections also show that Allstate’s revenue will increase and increase. In essence, we can say that Allstate is a reliable and stable company and in the future, it will become more successful.
Allstate CEO and key executive team:
|Tom Wilson||Chief Executive Officer|
|Carrie Blair||Executive Vice President, Chief Human Resources Officer|
|Elizabeth Brady||Executive Vice President, Chief Marketing, Customer and Communications Officer|
|Eric Brandt||Executive Vice President, Chief Claims Officer|
|Don Civgin||Vice-Chair, Chief Executive Officer Protection Products, and Services.|
What makes Allstate successful?
When it comes to a success of a company, we measure it on different scales, and in reality, it will be very difficult to say if any company has gained success or not because we do not know the motive of the company, we do not know the objectives which founders had in mind while creating the company.
Commonly, most of us will measure the success of the company in terms of its revenue. So, revenue-wise, we can say that Allstate is a successful company. It has made a huge name in the market and is one of the most used insurance companies in the United States.
There are certain traits in Allstate which differ it from other companies and make it successful. For example, the car insurance policies which Allstate provides, no other company can offer. Although, their services are not affordable and according to some individuals they are overpriced. But Allstate never disappoints its consumers in any regard. So, excellent customer service makes Allstate a successful insurance company.
How does Allstate Corporation make money?
Almost all insurance companies work in pretty much the same way, their working is also similar to the working of a business or any other type of company. So, Allstate’s case is also not different. Allstate Corporation makes money through various streams. But their main stream of income is interests coming from their assets and insurance amounts.
So, when a customer purchases any type of insurance package from Allstate, she/he starts paying for the package. This amount is income for Allstate Corporation. This amount is invested in various assets. These assets also start making money for Allstate. In this way, the overall assets of Allstate grew over time and the net income coming from those assets also grew.
When someone files a claim, Allstate returns their claim amount from the interests and profits coming from the assets that are why it takes a long time. In such a way, not only the company makes profits but the consumers also get what they pay for. Most of the insurance companies work in this fashion.
Top 5 biggest Allsate competitors or Alternative
1. Berkshire Hathaway
It may be shocking for most of you that Berkshire Hathaway is on this list. Berkshire Hathaway does not directly provide insurances rather it owns some insurance companies like GEICO which you may know about. These companies provide insurances.
According to NAIC, Allstate insurance is the fourth-largest insurance company in the USA and on the other hand, Berkshire Hathaway group is the second largest with a revenue of $46 billion. So, there is tough competition between Allstate Corporation and Berkshire Hathaway group.
2. Progressive Insurance
Progressive Insurance is an automobile insurance company based in the United States and especially caters to high-risk drivers. However, their targeted market is small but in a matter of revenue, it is not affecting the figures.
The revenue of Progressive Corporation in 2020 was around $42 billion with a market share of 5.7% which makes it the third-largest insurance service provider in the United States ahead of Allstate Corporation. Progressive insurance is successful because of its economic and affordable packages.
United Services Automobile Association (USAA) is one of the leading insurance companies and is listed in Fortune 500. USAA was founded to provide basic financial services to employees of the armed forces of the United States.
Unlike other insurance companies, USAA is still a privately owned organization.
According to the NAIC report, USAA is the 7th largest insurance company with recent annual revenue of $24 billion and a market share of 3.4%. USAA is not as large as Allstate Corporation but still, there is a rivalry between both companies.
4. State Farm
Who does not know State Farm insurance? The largest insurance company in the United States in regards to revenue and net income. Also, one of the most trusted insurance companies in the USA. The revenue of the company in 2020 was $78 billion.
State Farm Insurance has a market share of 9.1% and is the largest shareholder in the market. The reason for its fame is its affordability. State Farm is considered to be providing rock-bottom packages. Still, the company is vying with others.
5. Travelers Insurance
Travelers Insurance is another name in the insurance market. However, not as large as Berkshire Hathaway and State Farm but still has a market share of around 4% making it the 6th largest insurance company in the United States.
The company is still in the phase of growth and competing with others. It can be said that there is still room for growth.
Is Allstate stock a good buy when considering a long-term investment?
Currently, the stock price of Allstate is $134. Keeping in view that at the beginning of 2019, the stock price was $80, most of the readers will estimate that buying Allstate stock will be profitable for you but that is not the case. The future growth of any company cannot be judged based on its past growth.
As a general rule, most of the stocks grow in the long-term but the question is that will it grow more than others? Well, no one can guarantee. Some projections of Allstate stock predict that the future of this insurance company is bright.
The popular opinion of investors is that Allstate stock is a good buy and will be profit-making. It may not give you instant profits but in the long run, it is highly expected that this stock will be profitable. Buying them will not be regretful for you. So, there is no reason to not buy them.
How to file a car accident claim with Allstate?
So, you had an accident? The next step is to file an accident claim which for all of us is a huge headache but not in the case of Allstate. As I previously said that customer service and smooth customer experience allowed Allstate to grow speedily. So, filing a car accident claim with Allstate will not be a problem for you.
All you have to do is to call their customer service phone number and they will guide you on what steps you should follow further. Now, in case you cannot make a phone or want to use an alternative method, that will also be very easy for you. In that case, you can file an accident claim on the website of Allstate by logging in to your account.
The process is fast as compared to other companies; it will take some weeks for the payment to be cleared. Typically, it takes 2-6 weeks. Once your payment has been cleared, you will get an email from the company or a phone call informing you about that in detail. In this way, a car accident claim can be filed with Allstate.
1. When did Allstate Corporation go public?
It was founded as a subsidiary of Sears in 1931. The initial public offering of Allstate Corporation occurred in 1993 after 62 years. The stock price of Allstate Corporation in its initial public offering (IPO) was $14.3 and its stock symbol is NYSE: ALL. Allstate is the largest public insurance company in the United States.
2. Does Allstate pay dividends?
Yes, there is a dividend on Allstate stock. The dividend amount in the first quarter of 2021 was $0.81 per stock which as compared to the previous year has been considerably risen. The dividend of Allstate stock in 2020 was $0.54.
3. Who is the auditor of Allstate?
Paul Schutt is the Chief Audit Executive: Senior Vice President of Allstate Corporation. He was appointed as the auditor in 2015.
4. What is the logo for Allstate?
Allstate logo represents certain traits including love, affection, and care and simultaneously it also ensures the reliability of the company and the trust of its consumers in the company. This logo was designed by Theodore Conterio in 1932.
5. Is Allstate insurance available in Canada?
Yes, Allstate insurance facilities are also available in Canada. The company started its working in Canada in 1953 and built headquarters in Markham, Ontario. The company works in several provinces in Canada.
We discussed Allstate Corporation in detail in this article. Allstate says “We are the good hands with Allstate”. The company has helped and is helping hundreds of millions of people live their dream life and decline their worries in so many ways. Allstate is included in the list of the largest insurance companies and still, its growth has no bounds. As compared to previous years, the company’s growth has just been multiplied. So, in a nutshell, we can say that the future of Allstate Corporation is nothing but great.