The Allstate Corporation is the largest publicly held personal lines property and casualty insurer in America, serving more than 16 million households nationwide. Founded in 1931, Allstate has been dedicated to protecting its customers from life's uncertainties and preparing them for the future for more than 85 years.
Allstate became a publicly traded company in 1993, and is listed on the New York Stock Exchange under the trading symbol ALL. As of year-end 2015, Allstate had nearly $104.7 billion in total assets.
Our founder was the Director of Customer Insights & Planning at Allstate’s multi-disciplinary research center in Silicon Valley for over twenty years. His contributions continue to impact the marketing and business decisions made by the company today.
We were instrumental in helping Allstate reposition itself in a dynamic market characterized by the rise of the Internet, globalization, increased competition by other financial institutions, diversity, and demand for a higher level of customer service.
Creating a stronger brand.
Faced with increased competition from up and coming and very well-funded insurance carriers, Allstate decided to reposition itself by launching a $200 million plus advertising campaign, identifying and hiring its first spoke-person in decades, and developing new marketing claims. Actionable consumer insights were critical for successful execution. Extensive research led to the selection of Dennis Haysbert as the new voice of Allstate. Rigorous concept testing, followed by copy testing, and subsequent ongoing brand tracking ensured that the multi-million advertising campaign was relevant, differentiated, and engaging to the targeted (profitable) consumers. Shopping rates for all insurance product lines increased substantially. Based on exhaustive research, a new set of marketing claims were developed to compete with those being promoted by competitors.
Building better products.
Customers are a top priority at Allstate and it was important that the company provide a broader set of financial solutions to meet the needs of demanding consumers. Extensive consumer segmentation – across multiple financial sectors - led to the development of new products, including insurance, retirement and investment products. Precise marketing of the new solutions to the right customers was enabled via predictive modeling using survey and database information.
Cultivating loyal customers.
Allstate’s goal was to grow the top line and the bottom line by satisfying their customers, which included their sales force. Based on an extensive synthesis of what we already knew about consumers and the agency (sales) force, the insights team designed a customer loyalty program for one of the largest Allstate’s regions. The program was designed to deliver clear and consistent communications to targeted consumer, simultaneously supported by outbound contacts from the sales force, and the delivery of key benefits to consumers at specific milestones. Test and control cells were set up – consumers in the test cell(s) received the benefits of the program while consumers in the control cell did not. Pre and post surveys were conducted over a 24 month period to measure performance on key metrics. Brand imagery, customer satisfaction, likelihood to renew, and agency satisfaction metrics all moved in a strong positive direction. More importantly, actual retention rates increased significantly leading to millions of dollars of additional revenue each and every year the loyalty program was in existence.