In the face of growing competition, State Farm is betting on technology to cement its decades-long status as the top home and auto insurer in the US.
The company has taken a two-pronged approach: partnering with established tech companies to improve current operations and products while investing in startups to prepare for autonomous vehicles and other longer-term innovations.
Though most of State Farm’s activity has focused on auto and property insurance (its main sources of revenue), the company has made moves to bolster its offerings in other insurance and financial services areas. More specifically, State Farm has sought out ways to improve its digital offerings in cyber, life, and pet insurance. It has also partnered with established banking, lending, and wealth management companies to distribute these financial services to its existing clients.
Using CB Insights data, we uncovered 4 of the top strategic priorities highlighted by State Farm’s recent investments and partnerships. We then categorized the companies by their business relationships with State Farm across these priorities:
- Auto insurance
- Financial services
- Property insurance
- Other insurance
