As all insurers must do, last week Allstate submitted its annual filing with the Securities and Exchange Commission (SEC). In the report, Allstate noted it now has just 8,400 agents working for the company.
That’s down significantly from last year’s 9,300 and the 10,400 working for Allstate in 2021. At one time Allstate had 12,000 agents.
The SEC report says Allstate’s agents wrote 38% of the firm’s auto policies. In 2020 that figure was 71%. Allstate’s direct sales via the internet or phone hit 35% in 2022. In 2020 that number was 24%.
In addition to reductions in staff, Allstate has also cut storefronts. Hundreds of Allstate agents are now working from home offices or at centralized call centers.
Things get even more dire for company agents when Allstate CEO Tom Wilson says he wants to sell insurance — and other company products — from other channels. Those channels do NOT include agents.
Source link: Insurance Business America — http://bit.ly/3Y9MT0n