Founded in June 7, 1922 by George J. Mecherle, State Farm is a group of Insurance and Financial services in the United States. It started off as a mutual insurance company owned by the policyholders. Its headquarters are placed in Bloomington, Illinois and operate with more than 65,000 employees, 18,000 agents with 343 claim offices and 30 operation centers. Their agents service 82 million policies and accounts throughout the United States. Its major services include Insurance, Banking, and Investing. The group focuses mainly on the State Farm Mutual Automobile Insurance Company which is a mutual firm that owns the other State Farm companies as well. According to their website, State Farm is the number one Auto Insurance company in the United States and it is ranked 35th on the Fortune 500 list in 2016. It donates 60 million dollars each year to build education communities and 5 million dollars is distributed by State Farm Youth Advisory Board in service-learning grants.State Farm aims to help out customers recover from unexpected scenarios and has a brilliant disaster response operation. They believe in quality service and relationships, mutual trust, integrity and financial strength. State Farm is also known for it’s environmental contributions. They believe in a greener future and building greener communities.
The current Chairman and CEO of State Farm Mutual Automobile Insurance Company are Michael Tipsord and he is also the president and CEO of State Farm and Causality Company, State Farm Life Insurance Company, and various other prominent State Farm companies. The Desjardins Group from Canada bought the company’s operations in 2014, but they still operate with the same name. State Farm has a jingle known as The State Farm jingle and it is, “Like a good neighbor, State Farm is there.”
The following are the many companies; State Farm Mutual Automobile Insurance Company is the parent to:
- State Farm Fire and Causality Company
- State Farm Life Insurance Company
- State Farm Life and Accident Insurance Company
- State Farm County Mutual Company of Texas
- State Farm Mutual Insurance Company of Texas
- State Farm Indemnity Company and State Farm Guaranty Insurance Company
- State Farm General Insurance Company
- State Farm Florida Insurance Company
- State Farm Lloyds
- State Farm Specialty Insurance Company
- State Farm Bank (F.S.B)
- State Farm Investment Management Corporation
- State Farm VP Management Corporation
- State Farm International Service
- State Farm Associate’s Fund
- State Farm Mutual Fund Trust
- State Farm Invertor Services
- State Farm Finance Corporation of Canada
- Insurance Placement Services
- Amberjack Ltd.
- State Farm Variable Product Trust
- State Farm Guaranty Insurance Company
- State Farm International Life Insurance Company
- Plaza One Reality Co.
- SF Insurance Placement Corporation of Canada
Back in the 1950s, State Farm gathered all its agents and asked them all to individually come up with ideas to expand their business. The idea of providing Auto Loans to existing policyholders was given by Robert Kent, a Chicago-based State Farm agent. He then later went and teamed up with a friend and local bank president at LaSalle NW to begin the Auto Finance program. The idea was widely appreciated and the company was so delighted by it that all other agents were made aware of it. It was the first marketing partnership between insurance companies and banks and hence is considered a benchmark event and Robert Kent received royalties for his idea for 20 long years.
State Farm Insurance
State Farm provides its customers with various Insurance Policies to help them in need. They are most known for Auto Insurance, but they also provide Home, Condo and Renters Insurance, Life Insurance, Health Insurance, Disability Insurance, Annuities (Investment) and Business Insurance.
State Farm Finances
State Farm takes pride in embracing its customer’s dreams and making them come true. And hence it provides them with various financial aids. Those include Banking, Car and Home Loans, Retirement, Education Savings, Life Insurance, Annuities, Mutual Funds and
Their website claims that starting 2017, they will offer mutual funds, variable products, and tax-qualified bank deposit products through self-directed customer call center. They have also claimed that their customers will be duly informed of the aforementioned changes.
State Farm Claims
Auto and Property Insurance Claim: If the customer has a State Farm Auto and Property policy then they need to sign into their account and report their claim. If a person doesn’t possess an account, then they can register as a State Farm Customer. After the claim is submitted, the State Farm claims representative will get back to the customer to verify information and explain how the process works.
Similarly, a policyholder may claim Sport and Leisure Vehicle Insurance, Life Insurance, Health Insurance, Disability Insurance and Long-Term Care Insurance. Every day at least 35,000 customers claim for their insurances on State Farm.
State Farm takes its Customer Care with the utmost regard. They always provide clear information and are always available to contact. They have created Mobile Apps, FAQs, Simple Insights Learning Center etc. for their customers to always be updated with any new information. They can also make their queries in any of these provided modes of information. State Farm Insurance Agents provide information and guidance to all State Farm customers. They are individuals who offer guidance on how to manage risks on everyday life and face unexpected scenarios. They help them achieve their dreams by also explaining the financial aids State Farm provides.
State Farm is a well-established Company that is trusted immensely by millions of people. That being said, it’s not just their work that has gotten them their name and fame. They have also put in a lot of efforts to create an awareness among people and make themselves a brand name. In June 2011, State Farm premiered a campaign known as “Get to a Better State” and this particular campaign elevated them as a product and increased their brand awareness immensely. Probably taking into consideration the quote, “When life gives you lemons, make lemonade”, State Farm concentrated on bringing humor into unfortunate situations. Then they proceeded to very subtly explain how their company works, how to contact an agent with a claim etc. So they came out with a series of commercials with similar background and concept. Usually, all commercials end with the customer singing the famous State Farm jingle, “Like a good neighbor, State Farm is there” and will contact the agent. So commercials have played an immensely important role to uplift the prominence of the company and give it a brand name.
Their most critically acclaimed commercial came out in 2014, where a man, played by Justin Bartha says that he will never do something, only to do it. It is widely based on the popular saying “Never say Never” where people usually say they will not so something but end up doing exactly that in the end. Their next set of popular commercials was The Hoppers. The series included four commercials, ‘Robbed’, ‘Dropping Dimes’, ‘No Good Clipper’ and ‘The Hawks and The Hornets’. These commercials are based on a family, with famous celebrities playing the major roles. (Chris Paul, the notable NBA player, played the father, DeAndre Jordan played the mother, Kevin Love played the son, Kevin Garnett played the grandfather and Damian Lillard played the infant.) Since it is a State Farm Commercial, an agent is always present. In these commercials, the agent is their friendly neighbor who helps them all the time.
Other than providing Insurance Policies, State Farm also sponsors many events and projects. Some of them are, State Farm Center, State Farm Arena, State Farm Classic, State Farm Hall,State Farm Hall of Business, State Farm Holiday Classic, State Farm Lone Star Showdown, State Farm Research and Development Centre, State Farm Sales Lab, State Farm Computer Lab, State Farm Territorial Cup Series, NBA Cares Charity Challenge presented by State Farm and State Farm All-Star Saturday Night.
There is also the State Farm Safety Patrol, where in State Farm in partnership with many United States Highway authorities provides free roadside assistance to those who are stranded motorists on highways. When the person who is stranded calls the number for the Safety Patrol, they will immediately respond and provide fuel refills, radiator refills, engine oil refills etc.
Recent figures have shown that State Farm Group is servicing 80 million policies in both United States and Canada. 44,000,000 are automobile policies, 27,000,000 are for fire, 7,000,000 are life insurance policies. Dealing with insurance is never easy. It must be done with utmost sensitivity and compassion because a person is going through some type of a grievance. State Farm deals with such issues and tends to their customers wonderfully. Being the country’s best-ranked insurance company, State Farm has always lived up to its name and has always tried to increase the bar for others. Their procedures have proven to be simple and they are always available to provide their customers with information that they require.