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Insurance Business | 19 May 2017, 10:47 AM Agree 0
Commissioner opens dialogue with 500 jobs expected to be moved
  • | 19 May 2017, 11:52 AM Agree 0
    This is an unfortunate event but one that is a reoccurring theme. There is too much pressure for profitability without recourse for human compassion.

    Seems like the Commissioner and Governor should be more proactive. The trickle down economical effect this will have on the community is enormous.

    Like a good neighbor - go ahead and lay off 500 friends, family members.
  • Rob | 19 May 2017, 12:12 PM Agree 0
    A $7 billion loss generates profitability pressure. If your household budget suddenly went from being well in the black to deep in the red, you cut back on entertainment, adjust the kids' allowances and fire the lawn service and pool guy. There is no room in the budget for compassion- sorry, lawn guy and pool guy. Either cut expenses drastically or lose all of it.

    Would you propose the state make up the difference out of taxpayer funds? Or would a rate adjustment high enough to put State Farm back on the edge of profitability be better?

    Any negotiations with the Insurance Commissioner, Governor and Mayor would be purely for show. State Farm knew where the cuts needed to be made and the decision was cast in stone well before the announcement was issued.

    The state government will make noises to show their dissatisfaction in not being included in the decision while continuing to do what it does best- spending taxpayer money with no regard for balancing their ledgers. Unlike State Farm, the state can always just spend money they don't have then pass new taxes to make up the difference.
  • | 19 May 2017, 12:46 PM Agree 0
    I feel for these people that may lose their jobs but I am also a fan of cutting too much fat. State Farm is not the government , they actually have to make a profit. I observe many Insuarance carrier organizations and I can tell you that the fat is enormous..
  • | 20 May 2017, 10:38 AM Agree 0
    Commissioner Doak, you of all people should seem surprised or blind sighted by this move by CEO Michael Tipsord. After gaining the reins from the Rust family State Farm purposely has vacated its motto, "like a good neighbor, State Farm is there." Tipsord has fired many outstanding agents, closed offices causing financial harm to many families, created a work environment that is hostile and expended billions of dollars in Dallas, Phoenix and Atlanta vacating many cities with less cost to do business in for personal gain. State Farm continues to have its most tenured clients move to companies like Allstate, GEICO, Progressive and regional carriers because the lack of concern for their policyholders has become the common thread from the top down. Tulsa is not the only city affected. Look at the long list. The arrogance of Tipsord will and is becoming the collapse of the greatest story in insurance history. State Farm has gone from a leader is customer satisfaction to pathetic in the JD Power studies. Commissioner Doak, rather than waste your time with a company who you communicated to you lied about the closure, go get a great regional insurer who is ethical and have the citizens of Tulsa vote with their premium dollars. When the get a competitive quote they will realize they have been getting "doaked" by State Farm all along.
  • Nina462 | 22 May 2017, 09:59 AM Agree 0
    State Farm is also closing their large office here in Portage, MI - losing about 500 jobs.
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