What is Allstate Insurance Hiding?
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What a roller coaster it has been in Florida lately when it comes to Allstate Insurance. First, the Florida insurance commissioner banned Allstate from selling new auto insurance policies in the state after the insurance company refused to turn over documents the state had requested. Then, a judge overturned that decision, allowing the arrogant company to go ahead cherry picking policies.
And now more of the details are coming to light. It seems some of those documents the state requested and Allstate does not want to reveal are called McKinsey documents, so called because they were drafted in the early 1990s by the consulting firm McKinsey & Co. Supposedly, they prove that Allstate has been purposefully low-balling claims offers to its customers for years, and earning billions of dollars in the process.
Florida now is demanding the documents from Allstate and other insurers in an investigation of the companies’ business practices. Word is that the insurance companies are working together in the way they handle claims and let’s just say it is never in the best interest of the customers.
Allegedly, the documents outline the concept of the Allstate strategy called the “fast-track” settlement offer. Using this strategy, Allstate would offer insurance claimants a very low offer during the first 90 days after an auto accident, because typically it is within the first 90 days that people are the most in need of money and likely to accept a low-ball offer.
Sneaky, huh? That is just one of many ways outlined in the document that would make it so customers are paying for coverage they would never actually get. Allstate says the reason they do not want people to see the document is that it contains trade secrets. What do you want to bet they just don’t want the public tp see how they methodically cheat people?
Interestingly, McKinsey & Co. also developed other documents for Allstate involving homeowners insurance. It bears asking, what else is Allstate trying to hide from us?
It amazes me how much money insurance companies spend in trying to figure out ways around actually paying out claims to their loyal customers. Allstate is not the only company cheating their customers. Common sense tells you this.
Spoken straight from the trial lawyers playbook! (Let’s seed us some jurors and bribe us some judges! Who remembered to bring the sweet potatoes?) Remember to state, as fact, that insurers “cheat” customers, and put aside the reality of insurance fraud…so who’s REALLY being “cheated” here??