Allstate Looks to Beef Up Presence in Five State Insurance Markets

Car insurance provider Allstate has been making recent announcements that it intends to increase its visibility in a number of state markets by embarking on a recruiting blitz for agency owners and sales professionals.

The company recently announced that it’s seeking 218 new agency owners and at least 175 new licensed sales professionals across five state markets this year. States that are being targeted include Colorado, New York, Nebraska, Kansas and Missouri.

Allstate Agency

Photo Courtesy of Allstate

According to Allstate, a total of 151 new exclusive agents were appointed in those markets in 2010.

Allstate has said in the announcements that it is looking for “professionals who may feel limited in their careers and are looking to start their own business in a recession-resilient industry.”

The announcements say that candidates need at least $50,000 of liquid capital to invest in an agency.

In order to entice the public to drum up possible candidates, the insurance provider is offering $5,000 awards for referrals that lead to the appointment of new Allstate agents.

Although Allstate is largely viewed as one of the top rated car insurance companies in the nation, it continues to trail behind insurance giant State Farm and has been hurt recently by increasing frequency of auto claims and the occurrence of catastrophic claims that have cost it hundreds of millions of dollars in unexpected losses.

The company’s latest earnings report indicated that fourth-quarter earnings were down 43 percent from the previous year, which caused its shares to drop 5 percent. Its stock, though, has risen 13 percent overall in the past year.

About Ben Zitney
Benjamin Zitney has been covering the auto insurance industry for the past 2.5 years. Before coming to Online Auto Insurance News, he produced an extensive company history of the 30-year-old California Joint Powers Insurance Authority and worked at the Cal State Long Beach Daily Forty-Niner as a reporter, copy editor and news editor.

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