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State Farm Swot Analysis

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State Farm Insurance SWOT Analysis
Tamara Lee
MGT/521
June 9, 2014
Kenneth Goranson

Abstract This SWOT analysis will provide you with the good, the bad and the ugly of State Farm Insurance, one of the leading insurance companies today. The History of State Farm State Farm Insurance was founded in 1922 by a retired farmer and insurance salesman George Jacob Mecherle. State Farm is the leading insurer of cars and homes in the U.S, more than any other insurer. They are also a leading insurer in Canada. State Farm is currently ranked number 44 on the Fortune 500 list. State Farm began as an automobile insurance company. Today, they offer almost 100 products and services, in five different lines of business, to help customers manage today and prepare for tomorrow. State Farm has more than 17,000 agent offices. The 2013 Annual Report only covered the Automobile portion of the business. With this sector of the business, Net Income was $1,836 billion (Annual Report 2013). State Farm’s Mission Statement is: to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. Their vision is: To be the customers’ first and best choice in the products and services we provide. We will continue to be the leader in the insurance industry and we will become a leader in the financial services arena. Our customers’ needs will determine pour path. Our values will guide us.
Strengths
State Farm Insurance accident, property and casualty insurer in the United States and has a strong position in the market of the United States. The company holds approximately 9.7% of the market share and by revenue is known to be the second largest insurer. State Farm Insurance is the leading provider of homeowner multiple venture and private passenger auto insurance. In 2006, it was estimated that the company had more than 17,000

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