February 2014 figures show the group servicing 80 million policies in the United States and Canada, of which over 44,000,000 are for automobiles, 27,000,000 are for fire, 7,000,000 for life, and more than 2 million bank accounts. It later expanded services into other types of insurance, such as homeowners and life insurance, and then to banking and financial services.Īs of December 2017, State Farm had 70,000 employees and 19,000 agents. The firm specialized in auto insurance for farmers and offered better rates than rival companies, which must also cover expensive premiums of the urban motorists. Mecherle as a mutual automobile insurance company owned by its policyholders. State Farm was founded in June 1922 by retired farmer George J. History State Farm Insurance "Fire Building" in downtown Bloomington, Illinois This event created the first marketing partnership between insurance companies and banks. Kent received royalties on the program for 20 years. State Farm liked the idea so much that it was rolled out to all the agents. Kent was friends with a local bank president at LaSalle NW, and the two teamed up to pilot the auto finance program. Kent, a State Farm agent in Chicago, came up with the idea of providing auto loans to existing policyholders. In the 1950s, State Farm held a contest among the agents to come up with ideas to expand the State Farm business. Home mortgages are available countrywide over the phone or through agents. Its regular banking services, which include checking and savings accounts, certificates of deposit, and money market accounts, are available to consumers countrywide via the Internet or over the phone, and through agents. State Farm Bank does not have branch offices. These are separate from its insurance products. The bank opened in May 1999 and is operated by State Farm Financial Services, FSB, a subsidiary of State Farm Mutual Automobile Insurance Co. State Farm has expanded into the financial services arena, such as banking and mutual funds. This branch is now affiliated with Canadian-based Desjardins Insurance. Financial services Former State Farm Insurance branch in Markham, Ontario. Only State Farm agents can sell State Farm insurance, and their agents can sell only State Farm products. State Farm relies on exclusive agents (also known as captive agents) to sell insurance. State Farm is ranked 42nd in the 2022 Fortune 500, which lists American companies by revenue. State Farm is the largest property and casualty insurance provider, and the largest auto insurance provider, in the United States. Founded in 1922, it is the largest property, casualty, and auto insurance provider in the United States. State Farm Insurance is a group of mutual insurance companies throughout the United States with corporate headquarters in Bloomington, Illinois.
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