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Allstate sees unrivaled chance for wealth creation in transport

Allstate said the countrys transportation network is highly inefficient, with vehicles sitting idle for most of the day, and that the company is betting on inevitable changes to the system.

By Katherine Chiglinsky | Updated on September 13, 2016
Telematics, which allows insurers to track customers and charge lower rates to the safest drivers, has become more important to Allstate. (AP Photo/LM Otero, file)

(Bloomberg) – Allstate Corp., the largest publicly traded U.S. home and auto insurer, said the country’s transportation network is highly inefficient, with vehicles sitting idle for most of the day, and that the company is betting on inevitable changes to the system.

“Even moderate increases in effectiveness and efficiency have the potential to raise household income by 5 percent annually,” Allstate Chief Executive Officer Tom Wilson said Tuesday at a conference held by Barclays Plc. “I know of no other economic opportunity to generate this much wealth for Americans. Now, Allstate is leaning in to this opportunity.”

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