I’ve long said that any company can innovate and grow. ANY company. This week we saw an example of a stodgy company, in one of the stodgiest industries, explain how it’s possible to take the steps toward improving its long term success. That company is Allstate – best known for it’s insurance business and its decades old tag line "your in good hands with Allstate." (See complete Chicago Tribune article here.)
I’m optimistic about Allstate, and do think it shows a high likelihood of outperforming its peers. And not because I think they have better underwriters, better risk managers and better agents. Nor because they are looking at all kinds of new products like pet insurance and identity theft insurance, as well as others. Nor because they are planning to roll out new "hipper" office decor.
I’m optimistic because the fellow who’s taking over as CEO shows the willingness to create and manage White Space within Allstate. Starting in 1999, Thomas Wilson took a look at Allstate Financial and wondered why it only sold unregistered products like life insurance and annuities rather than a larger suite of products including mutual funds. He could have studied on this question, pondered the potential market, hired consultants and generally analyzed the question unendingly. But, instead, in his own words he said to the unit leaders "Here’s $10million. Talk to me every two weeks."
With this small act ($10million is relatively small in a $33billion company) and short directive he created White Space in Allstate. He gave the unit permission to try new things, and the funds to execute. He also had the unit report to him, not somewhere down in the company where potential product line conflicts would eventually destroy the innovations. And he started his experiments in an important business, but not the legacy business, so that this unit could demonstrate success without contradicting too rapidly or strongly existing Lock-in.
He did it again in 2003. After decades of advertising, Mr. Wilson felt the advertising was insufficient and ineffective. So he tripled the budget, and told the ad agency to put in place a new team to develop a new program. Not an incremental act, but instead the granting of permission to try something new and plenty of budget to make it work. And again, he took responsibility.
Mr. Wilson wasn’t "born and raised" in Allstate. He worked in accounting, venture capital, investment banking and even the oil business (Amoco – later bought by British Petroleum [BP]) before joining this venerable company. That may have helped him to see the need for White Space, and to take actions to create it at this huge, analytically-driven company. Whatever has driven his actions, like a cross town fellow CEO Ed Zander at Motorola, Thomas Wilson is imbuing Allstate with White Space, and that portends very good things for investors, employees and customers.
I would have to say that Thomas Wilson is of a different breed than most executives today. He is using an open mind when running his company and giving the White Space division 10 million dollars and the freedom to explore other options and strategies to enhance the company’s revenues. It is responsibility and leadership like this that empowers his employees to go out and explore other avenues that other company employees would have not dreamed of doing because of fear of looking like a fool. I think with the creative team that he recruited will bring success as well as higher revenues and new ideas to Allstate.
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I would have to agree with Don that Thomas Wilson is a different kind of exec. He is not adverse to taking risks with White Space. He wants to offer his customers more products than the regular types of insurance. He is trying to bring more customers into Allstate. He is showing excellent leadership and also the willingness to take the blame if it doesn’t work out.
What doesnt make sense is that they offer pet insurance but drop you on your homeowners insurance if you own a certain breed, regardless of if you are a responsible owner and your dog has had training. Ive had allstate on my car for years and thought about adding the insurance for my pet until I found out they wont insure me as a homeowner just because of the breed of my dog. I dropped them off everything after that. It contradicts everything they are trying to promote which is responsible ownership. Hmmmm….something he’d better work on….
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