Allstate’s efforts to promote financial inclusion lie at the intersection of business and social value – generating positive feedback and helping society. We challenge ourselves to create innovative products and services to meet our customers’ needs and outperform the competition. Financial inclusion is an important issue for companies providing financial services; legal and reputational considerations are an important part of our management of this material topic.
What Financial Inclusion Means at Allstate
Allstate proudly protects people against life’s uncertainties, and we strive to ensure that those with limited means have the same opportunity to benefit from Good Hands® protection. We support access to financial education resources to make financial literacy attainable for all.
FINANCIAL LITERACY CURRICULUM
The Allstate Foundation Purple Purse Moving Ahead Curriculum offers a range of information from basic money and financial management principles to advanced long-term financial planning.
Allstate addresses financial inclusion through our work with survivors of domestic violence. Many survivors don’t have the financial literacy and assets to escape their circumstances. As part of our Purple Purse
program, we offer the Moving Ahead
financial literacy curriculum free of charge to survivors and advocates. When we give survivors the tools and access to a healthy financial life, we empower them to participate in the economy.
A study by Rutgers University in 2014 showed how the Allstate Foundation Purple Purse Moving Ahead curriculum helps survivors become more independent and feel safer, more hopeful and less financially strained. The study involved 457 survivors, selected based on their use of the Moving Ahead curriculum. Participants reported less hardship, less financial strain and a 10% increase in quality of life ratings.
OFFERING COMPETITIVE PRICES
We regularly update our pricing models to ensure customers benefit from the most advanced approaches.
Allstate agency owners and their staff value and build personal relationships with each customer. They look to offer the best insurance solutions at the right price for each unique customer – balancing risks and costs. As a result, our prices are highly competitive and fair, and an outstanding value. Auto insurance prices are risk-based so that lower-risk drivers pay less. We use information such as driving safety records, driving characteristics and vehicle type to provide customers with accurate and competitive prices. We base our homeowners insurance pricing on external factors such as the frequency of natural disasters 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, using Drivewise(SM) to monitor safe driving practices and installing safety features like smoke detectors or home security devices.