Allstate keeps up with lower-priced competition by offering product deals
Allstate Corporation (Allstate) has focused on maintaining its market share by bundling insurance offerings. This strategy is designed to counteract the increasing competition from low-priced carriers, such as GEICO and the Progressive Corporation. The bundling of products is designed to position Allstate as a one-stop provider of insurance products, fostering customer loyalty and improving retention rates. The market for voluntary benefits is growing as employees are looking to fill gaps in medical costs in their employer insurance, leading to higher demand for Allstate’s bundling and flexible enrollment solutions.
Competition|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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