Topic > Insurance Companies: Allstate - 1573

IntroductionAllstate must consider a loss control strategy due to the unexpected impact that can affect profits. Understanding the most common and expensive claims such as wind, burglary, fire, water, and physical damage can direct Allstate toward a more streamlined approach to addressing certain controllable claims, which will reduce claims and increase profits (Allstate.com, 2011) . This assignment will also provide alternatives that can be used as a strategy so that Allstate can achieve further growth that compliments their strategic vision of reinventing consumer protection and retirement. Additionally, provide clarity on why differentiation is the best generic strategy, customer intimacy is the best value discipline, and market development is the best general strategy. Keep in mind that the strategies selected are more in line with Allstate and better because they present additional opportunities Allstate can explore to drive growth and their valuations. Generic Strategy To begin with, Allstate is a profit-oriented organization. Subsequently being classified as a low-cost exclusive leader under the generic strategy is not accurate. However, differentiation is a better strategy for Allstate. The reason is that differentiation is more aimed at attracting specific customers who want an exclusive product or feel as if their product is superior. Allstate has a unique marketing strategy that makes customers feel like their services are so different and unique, which increases customer loyalty; Furthermore, customers feel safe. This distinction can be achieved with a strong workforce that represents the company's value and communicates it effectively with its customers (QuickMBA.com). More importantly, this... middle of paper.... In addition to personal presentations conducted through Allstate's corporate social responsibility efforts, virtual demonstrations can be created to provide a more impactful experience. Pacing activities can provide a more advanced learning experience. Allstate can partner with museums and specialty exhibits around the world to create attractions that involve learning about automotive, fire, home safety, etc. In fact, Allstate can start a mobile safety device that travels to different schools, colleges, daycares and universities. Even more innovative is to create stimuli for university students studying quality control, science, engineering, etc. These students can gain knowledge in their area of ​​study on topics affecting the insurance industry. Simply put, this concept mimics the virtual organizations offered by the University of Phoenix.