State Farm Insurance Overview
The Company
Since George J. Mecherle had once had his own farm near Bloomington, Illinois, he exactly knew the insurance requirements of farmers. But after he shifted to Bloomington and took up work with an insurance company, nobody would take his advice regarding to the way the farmers’ insurance policies should be modified. He was told in jest to start his own company, which was exactly what he did. The State Farm Insurance Company got started as a mutual automobile insurance company in 1922 and, presently one of the most successful insurance firms in America, it has never had to look back since. State Farm Insurance Companies have grown from a small mutual auto insurer to one of the world’s largest financial institutions in 80 years. Most of the State Farm Owned companies have an A++ ranking from A.M.Best, the highest it gives. (Information on the AM Best rating system and how it is determined)
Present Size
State Farm Insurance, as it stands now, employs 79,200 workers and has more than 16,700 agents. It has a remarkable 71.6 million policies in the US and Canada. it has 25 operations centers in 13 zones.
Awards & Recognition
The sheer number of prestigious awards and recognitions the insurance company can boast of judges the quality of State Farm Insurances’ service. The awards and mentions go to show that State Farm is highly regarded by people across all communities, ethnicity and race, an example of the company’s commendable support towards diversity. Some of the recent honors for State Farm are:
- The Korean American Coalition’s Corporate Stewardship Award.
- Top 50 Best Companies for Latinas to Work –LATINA Style Magazine, Award winner for the eighth consecutive year. State Farm has been listed every year since the survey’s inception (2005-1998).
- Outstanding Corporate Partner Award from the The Organization of Chinese Americans (OCA) and the National Business Advisory Council (BAC) (2005 & 2002).
- Lifeline Award from Southeast Asian Resource Action Center (2005).
- Top 25 Most Military-Friendly Employer –G.I. Jobs Magazine (2005)
- Sponsorship Award from National Association of Real Estate Brokers (2005).
- State Farm has been an award winner for 13 consecutive years with Hispanic Magazine’s Corporate 100.
- Partnership & Commitment Award from National Association of Real Estate Brokers Awarded to State Farm Bank (2005).
- Support of Student Homeownership Program (SHOP) from Congressional Black Caucus Foundation (2005).
Subsidiaries
State Farm Insurance, at present, owns a formidable number of companies under its umbrella. The more important among these are: State Farm Mutual Automobile Insurance Company, State Farm Life Insurance Company, State Farm Life and Accident Assurance Company, State Farm Fire and Casualty Company, State Farm County Mutual Insurance Company of Texas, State Farm General Insurance Company, State Farm Florida Insurance Company, State Farm Federal Savings Bank, State Farm Investment Management Corp.
Corporate Policy and Service
At State Farm Insurance, a good neighborly policy is practiced in dealing with customers. In fact, despite State Farm Insurance’s present size, the original founder’s beneficial philosophy that insurance coverage should come at a fair price still remains. State Farm strives towards making each claim settlement a fair deal.
Beneficial Activities
What makes State Farm Insurance stand out among the available insurance companies is their commitment to the social cause. They are not in the business to do only business. They support, in various ways, efforts ensuring children an access to education that will help them achieve their full potentials.
