Coronavirus

Allstate Refunds $600M In Premiums While Customers #StayatHome

Allstate

Insurance provider Allstate is providing over $600 million in relief to auto insurance policyholders over the next few months as the coronavirus pandemic continues.

In particular, Allstate will provide a “Shelter-in-Place Payback” to customers given the fact that people are driving drastically less than they used to, according to a press release.

The insurance company will be giving most customers 15 percent of their normal premium payment back in April and May. The payment will be disbursed via a credit to the customers’ bank accounts, credit card or Allstate account. The the fastest way to go about getting the payback is to use the company’s mobile app, the company said, although it is working to expedite the program.

In addition, the company will provide free identity protection in recognition of the increased time everyone has had to spend online due to social distancing protocols put in place to curb the spread of the coronavirus. The company said its Allstate Identity Protection program helps shield people from things like identity theft or financial fraud, and allows customers to have more control over how their information is used online.

That program will now be free for the remainder of the year if users sign up in April or May, with no opt-out requirements. U.S. residents can access that feature whether or not they are Allstate customers.

In addition, Allstate customers will have the option to defer payments without penalty, and can choose to only pay what they can afford. Because the coronavirus has destabilized peoples’ jobs and left many out of work, the company is attempting to provide relief in that area.

The company will also be extending insurance coverage for people who use personal vehicles to deliver food, medicine or other things for gig economy work, which was previously not offered by Allstate.

Finally, the company will be providing data from its analytics company Arity on the 280 billion miles of driving data, sharing that information with others during the coronavirus crisis.

——————————

LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

TRENDING RIGHT NOW