Insurance company : State Farm

The corporate headquarters of the vast network of mutual insurance firms known as State Farm Insurance are located in Bloomington, Illinois.

In the US, State Farm is both the biggest supplier of auto insurance and property and casualty insurance. In the 2022 Fortune 500, which ranks American businesses by revenue, State Farm is rated number 42. 

To market insurance, State Farm relies on exclusive agents, also referred to as captive agents. Only State Farm agents and only State Farm products may be sold as State Farm insurance. 

Insurance company : State Farm

monetary services

The financial services industry, including banking and mutual funds, has been extended by State Farm.

State Farm Financial Services, FSB, a division of State Farm Mutual Automobile Insurance Co., runs the bank, which opened its doors in May 1999. They are not included in its insurance policies. There are no branch locations for State Farm Bank. Customers can access its standard banking services—including checking and savings accounts, certificates of deposit, and money market accounts—nationwide via the Internet, the phone, and through agents. Mortgages for homes are available nationwide through agents or over the phone.

State Farm launched an agent concept competition in the 1950s to generate suggestions for ways to grow the State Farm company. Providing auto loans to current policyholders was Robert H. Kent's proposal, a State Farm agent in Chicago. At LaSalle NW, Robert H. Kent collaborated with a nearby bank president who was a buddy in order to test the vehicle lending product. All of the agents at State Farm were given the idea because it was so well received. For 20 years, Robert H. Kent collected royalties from the show. The first marketing alliance between banks and insurance companies was established as a result of this event.