State Farm Insurance

Like a good neighbor State Farm is there, with a

sandwich
The Story Behind State Farm
Founder George Jacob G.J.
The beginning of State Farm began in 1922
Originally a single line auto insurance for farmers
The vision of the jingle like a good neighbor,
state farm is there.
The extension of the companys policy
One in every 5 cars on the road
is insured by State Farm
Development of sub-companies under the
umbrella of State Farm such as the Fire and
Casualty Company.
Development of State Farm Bank
Development of a non-traditional financial
institution
Rapid growth from 1922 and by 1942 it become
a top auto insurance company
State Farms Vision, Mission
& Goals
Vision: Operate fairly and do the right thing for
our customers
Mission: First and best choice in the products and
services provided Our Mission emphasizes
building strong communities, communities in
which we can and want to do business in.
Goals: Our goal is to strengthen existing
relationships and develop new ones with non
profit organizations that meet your philanthropic
focus areas
Nonprofit Organizations
Non profit Organizations :
National Board Certification Teaching Standards
American Disaster Giving Program
Habitat for Human
Red Cross
SWOT
Strengths: Marketing strategy, ranking,
recognition
Weakness: inability to turn over underwriting
operations negatively affecting profit, declining
financial flexibility and strength, mutual
company(not able to sell stock to raise revenue)
Opportunities: Increasing profit; aging
population, growth of global property and
casualty.
Threats: Global climate; natural disasters, lower
yields on long term bonds
Communication Strategy
Agent-based model
Velocity Communication-
Youtube
Twitter
Face Book
This is a fast and easy way to approach a
younger audience
Current
Communication
Problem
Recent incident
2012 improperly held hurricane claims
This took credibility from the company for trying
to cover certain policy's up to not have to pay.
2013 unpaid claims
Refusment of the company to pay the customers
claim
Solutions
State Farm needs to be specifically clear with
their customers as to which policy they are
attaining
Set up workshops to help their clients fully
understand their policy
State Farm must try to respond to every claim the
can, considering the loyal customer has a right to
claim for their monthly premium and since the
company is able to donate millions yearly.
The last two are to create a safe account and
minimize donations.
Cynthia Sotelo
Josh Duran
Danny Corral
Raul Velarde
Tuan Han