Allstate to move 400 innovation jobs to Chicago's Merchandise Mart
Insurance company Allstate Corp. said Tuesday it will create a new innovation hub at the Merchandise Mart in downtown Chicago, moving about 400 related jobs there from its headquarters in Northbrook.
The 45,000-square-foot office on the 8th floor of the Mart will be the location for Allstate's Quantitative Research & Analytics and Connected Car teams.
"This move builds on our success in changing the insurance marketplace by providing the most cutting-edge products and services for consumers," said Thomas J. Wilson, Allstate chairman and CEO. "We're expanding our world-class technology and data capabilities to help us better serve our customers, advance public safety and improve the quality of life on our roadways, in our homes and in our workplaces."
Allstate joins a growing list of suburban-based companies that have opened offices or relocated headquarters to downtown Chicago. Deerfield-based spirits maker Beam Suntory announced Monday it would also move its headquarters to the Mart in a space formerly occupied by Motorola Mobility.
Like the other companies, Allstate noted the move was in part to draw tech-savvy Millennial workers who tend to migrate to the city for its offerings. The Quantitative Research & Analytics group handles research and develops models to help the company anticipate risk, as well as develop new products and services.
The Connected Car division, meanwhile, will focus on developing next-generation products and services to position the company with the changes in the automotive industry, including vehicle diagnostics, crash detection, gas-price information, safest-route mapping, cross-marketing promotions and rewards programs.
Wilson said the move also bolster's Allstate's commitment to Chicago. The company was founded in 1931 as part of Chicago-based Sears, Roebuck and Co., and became an independent company in 1993.
"We're proud of our long-held commitment to support our hometown city," Wilson said.