Allstate Reports Resolution of Market Conduct Exam
Allstate to Create $10 Million Education Fund
Allstate Corporation today announced that it reached a final agreement in a multi-state Market Conduct Exam. Allstate cooperated fully with the examination. After thorough review, the Company is pleased that state regulatory authorities found no institutional issues involving underpayment of claims.
Allstate over the years has used software technology to assist our adjusters in evaluating claims for bodily injury. A thorough, multi-state review of our claims process confirms that our use of such technology "provides significant benefits to the public in increased objectivity and efficiency," and "did not identify institutional issues involving underpayment of claims", as stated in the agreement. The agreement stated that insurance department personnel need to be better trained to understand claim handling technology and its use. To help this education process, Allstate has agreed to create a $10 million education fund to provide for additional education for the departments.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate®" slogan, Allstate is reinventing protection and retirement to help more than 17 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products (auto, home, life and retirement) and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 Allstate®.
Contact: Laura Strykowski