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Case Study: Allstate

742 Words3 Pages

Allstate The Allstate Corporation is the second largest personal insurance providers in the United States and the largest that is publicly held. Allstate was founded in April, 1931 as a subsidiary of Sears, Roebuck and Co., and was spun off in 1993. Product: Allstate provides its services in the sector of Insurance. It started its journey with the idea of selling auto insurance by direct mail in 1931. By 1941, only one-fourth of the auto owner used to have insurance. But to take the financial responsibility of the mishaps which might occur because of the incidents, a law was passed in 1950s. Throughout 1950s, AllState introduced new products like fire insurance, homeowners and life insurance. Gradually, AllState kept on introducing new products like worker 's compensation insurance and surety bonds. Currently, AllState provides three major products: Insurance Products (Asset Protection) Wealth transfer Financial Products Auto Insurance Estate Planning Products Asset Management Homeowners Insurance Business Succession Planning Products Accumulation Condominium Fixed Survivorship Life Life Insurance Renters Variable Survivorship Life Family Protection Insurance Retirement Scheduled Personal Property Term Life Business Umbrella Universal Life Commercial Auto Variable …show more content…

This approach uses the mathematical models to analyse the variation in customer behavior for buying a particular service or product with varying prices. Price optimization includes analyzing competitive management, customer elasticity models and other optimization techniques. This approach is generally used to provide its customers a tailored pricing for different needs and demands of the customers. This strategy helps AllState to come up with new and different price mixes as per the dynamic market and customer needs. This approach helped AllState to retain their loyal customers by providing them services at customized

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