Top 50 Employer - Equal Opportunity Magazine's 2009 Reader's Choice Award (2009).
National Association of Female Executives Top Companies for Executive Women - The National Association of Female Executives (NAFE) named State Farm among their Top 30 Companies for Executive Women for the second year in a row (2008, 2009).
Most Admired Company - Fortune Magazine has recognized State Farm as one of the 2009 World's Most Admired Companies in the property & casualty'insurance industry.
Top 50 Most Military-Friendly Employer …show more content…
The mutual company is in a strong industry position and has positive profit potential for the coming five years.
Through a network of over 16,700 agents, the company and its subsidiaries handle 71 million auto, home, life, and health insurance policies. The State Farm group also offers its customers mutual funds and a variety of banking services, including deposit accounts, CDs, and mortgages via the Internet and telephone.
Unlike a capital stock company, which distributes dividends, a mutual company adjusts premium costs and will refund a portion of the company's surplus to policyholders during periods when claims are lower and income higher. This innovation of tying insurance rates to risk level established State Farm's legacy as a smart insurer that passed savings on to the customer. another key element in State Farm's success was its unique agent force. Normally, insurance agents represented a number of different companies, took large commissions, and shouldered a great deal of the paperworkcentral office in Bloomington handled most of the paperwork, which freed up its agents to spend the bulk of their time …show more content…
The reinsurance firm services both State Farm subsidiaries and other insurance firms.
'''''At present, the insurance sub sector is the most relevant to the operations of State Farm Insurance Companies. In the new future, however, projections indicate that banking services and securities services will assume growing relevance for State Farm Companies.
Insurers also are moving into e-marketing. This approach is increasingly attractive to consumers. Thus, the move is good for the industry. Some insurers, such as State Farm, also are using electronic networks as the technological basis for the delivery of banking and investment services. Most insurers, however, are lagging in the use of electronic networks to interact with customers.
A strong opportunity for State Farm is in the selling of insurance, banking, and securities products over the Internet. The company is ahead of most other insurance companies in this effort. Reinsurance is another opportunity for the company.