Look for Allstate to roll out a new homeowners product in phases to additional states through 2014.
The insurer launched its new homeowners product, House & Home, in Oklahoma in October 2011. It offered new discounts and more coverage and deductible options.
It also made use of a simplified quoting process that leverages external sources to pre-fill application information.
Allstate CEO Thomas J. Wilson talked about the new product with analysts at the company’s recent earning conference call. He said that one of the big changes for the new product will deal with roofing coverage, specifically when it comes to severe weather.
Wilson said that roofs in particular have been mispriced and that House & Home will allow the company to price the risk better. He said this new product should help the company get its return on equity to the desired goal of 13 percent by 2014.
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