A look at how Allstate achieves insurance solutions for each unique customer while balancing risks and costs.

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Financial Inclusion

Allstate proudly protects people against life’s uncertainties and we strive to ensure those with limited means have the same opportunity to benefit from being in our good hands.

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Allstate proudly protects people against life’s uncertainties and we strive to ensure those with limited means have the same opportunity to benefit from being in our good hands.

Financial inclusion lies at the intersection of business and social value—generating positive feedback and shared value by working to build a financially inclusive business. We challenge ourselves to create innovative products and services to meet our customers’ needs and outperform our competition. Financial inclusion is a license to operate in the insurance industry; legal and reputational considerations are an important part of our management of this material topic.

Our efforts in financial inclusion focus on:

  • Offering competitive prices;
  • Providing economic empowerment to survivors of domestic violence and;
  • Investing in affordable housing.
Empower

When we give domestic violence survivors the tools and access they need for a healthy financial life, we empower them to participate more fully in the economy.

Offering Competitive Prices

Allstate agency owners and financial specialists value and build personal relationships with each of their customers. They work to achieve the best insurance solutions for their customers’ needs at the right price for each unique customer—balancing risks and costs. We regularly update our pricing models to ensure our customers benefit from the most advanced approaches. As a result, our prices are highly competitive and fair, providing our customers with outstanding value.

Auto insurance prices are risk-based so that lower-risk drivers pay less than higher-risk drivers. We use information such as driving safety records, driving characteristics and vehicle type to provide our customers with accurate and competitive prices. We base our homeowner’s insurance pricing on a combination of external factors such as the frequency of storms or other natural disasters that occur in the area, the cost of building materials, how old the home is, and home insurance policy preferences such as the amount of deductible selected and qualifying discounts.

Allstate offers several ways to reduce customers’ premiums including discounts for insuring both their car and home with Allstate, paying their bill automatically and installing safety features like smoke detectors or home security devices.

Empowering Survivors of Domestic Violence

One way we address financial inclusion, unique to us, is through our work with survivors of domestic violence. When we give survivors the tools and access they need for a healthy financial life, we empower them to participate more fully in the economy. This financial engagement ultimately provides value to Allstate.

Many survivors of domestic violence lack the financial literacy and assets they need to escape their circumstances. Allstate helps break this cycle with The Allstate Foundation Purple Purse campaign. By empowering domestic violence survivors with information and resources, Purple Purse increases their chances of successfully escaping their abusive partner. To read more about the work of The Allstate Foundation Purple Purse, see Community Performance.

Investing in Affordable Housing

Impact Community Capital was founded to create a bridge between low-income communities in need of investment and insurance companies with a need to invest policyholders’ capital in profitable investments and at the same time make a positive impact. Since its inception, the sum of ICC’s socially responsible investments in underserved communities has grown to more than $1 billion. The ICC invests in affordable housing, healthcare and economic development.

Since 2000, Allstate has helped ICC increase its ability to finance affordable housing by investing in securitized loans packaged by its Impact Community Impact Loan affiliate. Impact CIL purchases mortgage loans on newly constructed or rehabilitated affordable multifamily housing properties, most of which are eligible for Low Income Housing Tax Credits. When the mortgage pool reaches an optimal size, the loans are securitized.

Under the Community Impact Loan Program, Impact CIL has provided more than $800 million of financing on project loans containing more than 33,000 low-income housing units.