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State Farm is a group of insurance and financial services. Established in 1922, the insurer and its affiliates are considered the largest providers of auto and home insurance in the United States. Its nearly 19,000 agents and approximately 58,000 employees serve approximately 83 million policies and accounts – approximately 81 million auto, fire, life, health and commercial policies and approximately 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm is ranked No. 36 on the 2018 Fortune 500 list of largest companies.
In 2018, State Farm announced the launch of a $100M VC initiative, which looks to invest in innovative startups via their newly-formed VC arm, State Farm Ventures. Later that year, State Farm revealed it had formed a new marketing alliance with Jackson. Kicking off in the second half of 2019, authorised State Farm agents will begin offering a select group of Jackson’s variable annuity and fixed index annuity products to customers.
The following year, the insurer became the first company in the U.S to be granted a national waiver by the Federal Aviation Administration (FAA) allowing it to conduct damage assessment using drones. They would also pioneer a new product with smart home player, Canary, that provides Bixby first responders (officers and firefighters) with home security cameras.
Again, in 2019, the insurer revealed a strategic tie-up with USAA at the Dig | In conference that will see the pair test blockchain technology as they seek to automate insurance claims at the subrogation stage.
Later that year, they launched Version 3.0 of their Drive Safe & Save Mobile app with partner Cambridge Mobile Telematics. The app aims to improve road safety with the reduction of risk while offering financial rewards. Detecting the actions of the drivers automatically though analysed data collected from smartphone sensors and Bluetooth-based devices, the application creates scores based on acceleration, speed, hard braking and hard cornering. In addition, the application can motion phone usage and distractions, sending feedback to the driver to avoid disturbance.
In September 2019 State Farm announced it had launched a new skill on Alexa to help seniors stay independent. The aim is to help seniors, family and friends stay connected easily, and to help co-ordinate care via the device. Features include quick check-in, interactive dashboards, and smart suggestions.