Allstate originated in 1930 when founder Carl Odell got the idea to ask his friend and then Chairman General of Sears, Roebuck, and Company, Robert E. Wood about selling insurance. The idea was to bring forward service and quality in the line of auto insurance. In its initial years, Allstate was limited to providing auto insurance as its staple product. Determination and excellent service contributed to its steady growth over the years.
As Allstate Life Insurance expanded in size, it made significant revolutionary moves that were later adopted as the norm industry-wide.
With Sears backing it up, Allstate was one of the first insurance agencies to offer a unique auto-classification system that provided better insurance rates to drivers which were considered to be safe.
Another example of a successful, bold move by Allstate came in World War II. As the country faced a dearth of men who were overseas fighting the war, Allstate began training women as insurance agents on a large scale. Bolstered by such moves, Allstate expanded its line of products to include providing fire insurance in 1954 and home and life insurance in 1957. The company kept adding to its list of offered products over time as the company grew, such as auto, renters, motorcycle insurance.
Much of Allstate’s goodwill can be accredited to its services in social welfare. Allstate agents and full-time employees are backed by the company-maintained catastrophe response team to help all across the United States.
In the early 70’s, Allstate solely converted its business model to cater to insurances and by 1991 it went public in the New York Stock Exchange (NYSE) with the ticker ‘ALL.’