Allstate Reports Resolution of Market Conduct Exam
Allstate to Create $10 Million Education Fund.
- (1888PressRelease) January 22, 2011 - NORTHBROOK, Ill. - Allstate Corporation today announced that it reached a final agreement in a multi-state Market Conduct Exam. Allstate cooperated fully with the examination. After thorough review, the Company is pleased that state regulatory authorities found no institutional issues involving underpayment of claims.
Allstate over the years has used software technology to assist our adjusters in evaluating claims for bodily injury. A thorough, multi-state review of our claims process confirms that our use of such technology "provides significant benefits to the public in increased objectivity and efficiency," and "did not identify institutional issues involving underpayment of claims", as stated in the agreement. The agreement stated that insurance department personnel need to be better trained to understand claim handling technology and its use. To help this education process, Allstate has agreed to create a $10 million education fund to provide for additional education for the departments.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With AllstateŽ" slogan, Allstate is reinventing protection and retirement to help more than 17 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products (auto, home, life and retirement) and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 AllstateŽ.
Contact: Laura Strykowski
(847) 402-5600
laura.strykowski ( @ ) allstate dot com
* The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer.
* It is widely known through the "You're In Good Hands With AllstateŽ" slogan.
* Allstate provides insurance products to more than 17 million households.
* Customers can access Allstate products and services through Allstate agents, or in select states at allstate.com and 1-800-ALLSTATEŽ.
* EncompassSM Insurance brand property and casualty products are sold exclusively through independent agents.
* Allstate Financial Group provides life and supplemental accident and health insurance, annuity, banking and retirement products designed for individual, institutional and worksite customers that are distributed through Allstate agencies and independent agencies.
* Allstate was founded in 1931 as part of Sears, Roebuck & Co.
* Allstate became a publicly traded company in 1993. At the time, its initial public offering was the largest in U.S. history.
* On June 30, 1995, it became a totally independent company after Sears divested its remaining shares to Sears stockholders.
* Allstate, based in Northbrook, Illinois, is one of the nation's leading insurers in urban areas and has supported auto and highway safety reforms, including seat belts, air bags, and teen driver education.
* The company has won numerous awards over the years for its philanthropic, employee volunteerism and diversity efforts.
Chairman, President and Chief Executive Officer
Thomas J. Wilson
Number of Employees
Approximately 36,000
Number of Exclusive Allstate Agencies and Financial Specialists
More than 14,000
Major Products
Auto insurance, homeowners insurance, life insurance and investment products including retirement planning, annuities and mutual funds.
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