Colossus: Ancient Software That Determines Insurance Claims | Corporate Casket
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Allstate Is a Bully in the Insurance Industry
Allstate's goal of paying only what is owed on any given claim is commendable. However, the method the company chose to reduce overpayments has led to violations of the Unfair Claims Settlement Practices Act. In 2010, after an 18-month investigation, Allstate had to pay $10 million to 45 states in a regulatory settlement involving its use of claims handling software. Over 40 states, including New York, Florida, Illinois, and Iowa, were involved in this investigation. This was their turning point, or when so much of it went public at least.
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