A Brief Note On State Farm Insurance Industry

965 Words Oct 4th, 2015 4 Pages
State Farm Insurance
In today’s society, most Americans are affiliated with some form of insurance. Insurance is when and individual has an agreement with a specific company that compensates the individual at the time of a loss depending on the content and terms of the agreement. There are thousands of insurance companies in the world that are consistently competing against each other. Fred Dews (October, 2013) states that automobiles are the most popular means of transportation for the work force. Dews mentions that Americans automobile use as transportation to work has increased from 70% in the 1960s to over 90% in the 2000s. Since most states require automobile insurance and drivers are significantly increasing, this brings a more competitive market for insurance companies. With numerous amounts of companies available to vehicle owners, sales approach, marketing strategies, and competitive edges are a must in this heavily demanded industry. State Farm Insurance is a well-known insurance company that was founded in 1922 by George Mecherle (State Farm, 2015). According to State Farm, they have made a tremendous impact on automobiles with nearly a century of excellent services. They have helped with seatbelt laws and regulations as well as promote teen driver safety. The FDIC has helped regulate insurance companies practice fair and equal opportunity when it comes to applying for a quote. The FDIC also goes as far to ensure that individuals who are purchasing a new…
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