1. Introduction
The Allstate Corporation is the second-largest personal lines insurer in the United States. The organisation operates through four different business segments, which are Allstate protection, Allstate financial, corporate and other and discontinued lines and coverages. The products range from private passenger auto and homeowners insurance sold by the Allstate protection segment, to life insurance, voluntary accident and health insurance that are provided by Allstate’s financial segment. Allstate dose not only trade under the name Allstate, but also signs with two more brands called Encompass and Esurance. Encompass is more specialised on package policy, while Esurance covers the insurances that are sold directly online, through …show more content…
The economic development is hereby a crucial criterion (Wheelen & Hunger, 2008). It is a difference if a country is a developed country, like France or if it is in its developing phase, like for example India. This has major impact on the income of the population and therefore on the spending power of the customers. Furthermore, it is an indicator if there is even a need for insurance in this country and if a lucrative market …show more content…
The European Union has a certain directive regarding life assurance (The European Parliament and the Council of the European Union, 2002). Regulations like this have a huge impact on the products of the Allstate Corporation. Hence, it is mandatory to know and analyse these rules before expanding globally.
2.3. PESTEL analysis for Allstate Corporation – sociocultural forces
If Allstate wants to expand globally, the company does not only operate in a foreign country, it will also have to deal with different cultural influences. One factor that depends heavily from the culture, is health care (Wheelen & Hunger, 2008). In some cultures health care is very important for the people, in other countries the people are not willing to spend money for it. An opportunity in the one culture can be a threat in a different culture.
Another opportunity for Allstate is the increasing use of social medias. Through these networks it is possible to achieve customers all over the world. While older consumer may still be more persuaded to buy on the traditional way, younger customers are more open minded to receive advertising and even offers for insurances via social medias. Furthermore it is possible for companies to gather information about their consumer more easily and customers can hence be targeted more
The Allstate Corporation is the second-largest personal lines insurer in the United States. The organisation operates through four different business segments, which are Allstate protection, Allstate financial, corporate and other and discontinued lines and coverages. The products range from private passenger auto and homeowners insurance sold by the Allstate protection segment, to life insurance, voluntary accident and health insurance that are provided by Allstate’s financial segment. Allstate dose not only trade under the name Allstate, but also signs with two more brands called Encompass and Esurance. Encompass is more specialised on package policy, while Esurance covers the insurances that are sold directly online, through …show more content…
The economic development is hereby a crucial criterion (Wheelen & Hunger, 2008). It is a difference if a country is a developed country, like France or if it is in its developing phase, like for example India. This has major impact on the income of the population and therefore on the spending power of the customers. Furthermore, it is an indicator if there is even a need for insurance in this country and if a lucrative market …show more content…
The European Union has a certain directive regarding life assurance (The European Parliament and the Council of the European Union, 2002). Regulations like this have a huge impact on the products of the Allstate Corporation. Hence, it is mandatory to know and analyse these rules before expanding globally.
2.3. PESTEL analysis for Allstate Corporation – sociocultural forces
If Allstate wants to expand globally, the company does not only operate in a foreign country, it will also have to deal with different cultural influences. One factor that depends heavily from the culture, is health care (Wheelen & Hunger, 2008). In some cultures health care is very important for the people, in other countries the people are not willing to spend money for it. An opportunity in the one culture can be a threat in a different culture.
Another opportunity for Allstate is the increasing use of social medias. Through these networks it is possible to achieve customers all over the world. While older consumer may still be more persuaded to buy on the traditional way, younger customers are more open minded to receive advertising and even offers for insurances via social medias. Furthermore it is possible for companies to gather information about their consumer more easily and customers can hence be targeted more