How important is profit making to Allstate? Important enough for Allstate to hire a consulting firm, McKinsey & Co, to re-design their policies, methods and claims procedures that set up a claims payment system that shortchanges injured victims in automobile claims while earning big profits. The McKinsey documents, about 12,500 pages, is the Allstate Bible on how to amass large profits at the expense of its own policyholders.
How important is it to Allstate to hide their bad faith claims practices? Important enough to pay $25,000 a day in contempt charges for refusing to provide these records under Court subpoena in Missouri. That fine is now over $ 3 million and growing.
That is why the Florida Insurance Commissioner Kevin McCarty has suspended the authority of Allstate to sell new auto insurance policies in the State of Florida. The sanction is due to the fact that Allstate is refusing to provide records to the Insurance Commissioner. McCarty stated, “If Allstate is willing to pay $25,000 per day in fines to a Missouri Court for its ongoing failure to provide similar documents, it’s obvious to me that it will take more than a monetary sanction to get them to comply with our subpoena.”
If Allstate simply paid their policyholders in Uninsured Motorist Bodily Injury and Uninsured Motorist Property Damage cases, as they promise, there would be no need for the strategies and procedures that are outlined in the McKinsey documents.
The reposts show Allstate would sve $700 million (and boost shareholder value) by delaying and denying policy-holder claims — for any reason or no reason. Allstate should be like and alligator, the McKinsey reports state. Allstate should “sit and wait” in the hope of frustrating claimants so they would accept less or simply give up their claims and go away. If they don’t, attack and drag them under. How’s that for “good hands?”
If you or the driver of the vehicle involved in your car accident have Allstate, you are NOT in good hands. Hire an attorney immediately to protect your rights and get you the compensation you deserve.