As a former Agent retiring last year after 55+ years in business, (about 6 in P/C)….and a former client of Allstate, (25 years), I questioned why my premiums kept increasing, was told “cost of repairing autos has skyrocketed, as has Home repairs etc. A few years ago after researching (I have the list still), the Top 10 worst insurance companies, and found that Allstate was #1 and had begin using the 3D’s, Deny, Delay, and Defend to improve profit, I cancelled, and let them know why. Today I wonder if they were using price optimization then also.
It’s sad that greed has become the primary factor with some companies.
Retired, I think the Price Optimization scheme has been around for a while and called by other names like “taking maintenance rate”. Actuaries are primarily doing the damage and very little underwriting is going on since the computer rules.
Allstate and any other carrier with this price fixing scheme, take a hike.
As a former Agent retiring last year after 55+ years in business, (about 6 in P/C)….and a former client of Allstate, (25 years), I questioned why my premiums kept increasing, was told “cost of repairing autos has skyrocketed, as has Home repairs etc. A few years ago after researching (I have the list still), the Top 10 worst insurance companies, and found that Allstate was #1 and had begin using the 3D’s, Deny, Delay, and Defend to improve profit, I cancelled, and let them know why. Today I wonder if they were using price optimization then also.
It’s sad that greed has become the primary factor with some companies.
Retired, I think the Price Optimization scheme has been around for a while and called by other names like “taking maintenance rate”. Actuaries are primarily doing the damage and very little underwriting is going on since the computer rules.