Finance History | Allstate — A Studebaker Policy Sold from the Sears Catalog
· 1931-4
Unreviewed contributionBy kevin · · Report an issue
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Finance History | Allstate — A Studebaker Policy Sold from the Sears Catalog
kevin
People treat Allstate as a Northbrook campus that always sold insurance under its own roof.
The first book was a Sears subsidiary sold by mail.
On 17 April 1931 Allstate Insurance Company opened as a unit of Sears, Roebuck and Co.
The company was named for a Sears tire line.
Allstate's own timeline records the first policy as cover on a 1930 Studebaker at $41.60 for the year in 1931 dollars.
The idea came from insurance broker Carl L. Odell to Sears chairman Robert E. Wood, who took it to the Sears board.
By the end of 1931 the book held 4,217 active auto policies.
In 1933 an agent sat at a card table inside the Sears booth at Chicago's Century of Progress fair.
Agents then moved into Sears stores.
Headquarters later left the Sears complex on Arthington Street and, in 1967, opened a six-building campus on Sanders Road in Northbrook.
The firm listed in 1993 in what was then recorded as the largest U.S. initial public offering.
Sears finished the spin-off on 30 June 1995.
Pin the remaining public frontage at 3100 Sanders Road.
Describe only what is visible from the road.
The 1931 one-room mail desk is gone.
What survived is a catalog insurer that learned to price the family car independently of the store that first carried its name.
Photo: Northfield Township frontage near the Allstate campus, via Wikimedia Commons.
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