Allstate to fill gap with 200 new jobs

Aug 8, 2008

Jacksonville Business Journal--August 8, 2008

by Rachel Witkowski Staff Writer

JACKSONVILLE — The Allstate Credit Division is creating about 200 new jobs in the area through 2011 by expanding its specialty products.

The Jacksonville-based credit division primarily underwrites gap insurance across the nation. Gap is voluntary coverage a buyer would opt for in the initial financing to cover the difference between a car’s value and the amount still owed on the loan if the car becomes a total loss before the debt is paid off.

The gap product has been the largest sales driver for Allstate Corp.’s credit division since 2001, but the economy is getting squeezed and the credit division’s largest client base, dealerships and lenders, are feeling the pinch. The division this year began looking for other products to offer in order to expand and diversify its portfolio.

Those products include paintless dent repair and vehicle service contracts, also known as extended warranty service.