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Fast facts

Allstate Insurance

Just as Wood recognized the need to open retail stores in outlying areas, so too did he recognize the average family's need for an automobile and for low-cost insurance. Allstate Insurance Co. was launched as a wholly owned Sears subsidiary in 1931, and Wood became the first employee-policyholder. Its name was taken from Sears line of automobile tires.

At first, Allstate operated only by mail. However, by 1933 management discovered that most sales were being made in smaller towns where the catalog business was big, while the large metropolitan markets were not responding. As a result, Allstate pioneered a bold idea - the installation of sales locations in Sears stores.

 

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