State Farm Insurance overview

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.

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Key people

Christopher C. DeMuth Board Member
Pamela B. Strobel Board Member
W. H. Knight Jr. Board Member
Jerry Porras Board of Directors
Jasmine Breedlove Software Engineer
Dana Enger Scouting Manager in Labs
Paul T. Stecko Board Member
Gary L. Perlin Board of Director
Allan R. Landon Board of Director
Haden Kirkpatrick VP, Innovation
Judith A. Muhlberg Board Member
John Zeglis Board Member
Gerald M. Czarnecki Board Member
Dan E. Arvizu Board Member
Eric Webster VPO, Marketing
Kent Booraem Insurance Agent
Seth Preus Owner and Agent
JoAnn Cuevas Agent-Owner
Michael Tipsord President and Chief Executive Officer
Edward Rust Chairman of the Board
Mike Fields Innovation Executive
Paul Morris Senior Creative Director, Creative Services
DeWayne Griffin Enterprise Technology Executive - Data
Michael Remmes Innovation Executive
Vallory Clardy Product Owner
Matthew Edwards Product Owner Drone Operations
Fawad Ahmad SVP - Digital & Customer Experience and Chief Digital Officer
Paul Smith CEO
Cary Grace Board Member