State Farm Mission & Vision Statement Analysis

State Farm Mission Statement

The State farms insurance company has started its journey in 1922 in the United States. Today, in its 100th year, the company is more than an insurance company. It offers vehicle insurance, home and property insurance, Life insurance, Health, disability, liability insurance, and small business insurance. With a 16.2 market share, State Farms is the market leader in the insurance industry.

State Farm Mission Statement

The mission statement of State Farms is, “To help people manage the risks of everyday life, recover from the unexpected and realize their dreams.” 

The key components that showcase the aim of the company are given below:

  1. Manage the risk of life
  2. Assist in the uncertainty
  3. Understanding Customers

Manage the risk of life: As an insurance company, State farm sets its goal to take daily life risks under the guidance of an insurance policy. They strive to deliver numerous insurance service that reduces life risk and day-to-day haphazard.

Assist in the uncertainty: State Farm works for the betterment of its customers’ life. Different uncertainty causes different risks in life, and State Farm comes forward to solve those uncertainties by offering its service. They innovate and customize their products and services to assist in the uncertainty.

Understanding Customers: Customers are the first and foremost priority for the company. First, they understand the customers’ need and want and then use their resources for the maximum quality service. The company has already built an image that enables the customers to expect the right things from them.

State Farm Vision Statement

The vision statement of State Farms is, “Our vision for the future is to be the customer’s 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 our path. Our values will guide us.”

  1. Best service provider
  2. Become a market leader
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Best service provider: The vision for the future of the State Farms is to become the best service provider among its competitor. They deliver service in such a way that customers can expect only the best from it. By building a mutual understanding with the customers, Stat Farms is way ahead in executing its vision into reality.

Become a market leader: State Farm is not only an insurance company but also a financial service provider. The arena of its product and service is versatile. With the highest standard of service, Star Farms dreams to be the leader in the insurance and financial industry.

Values of State Farms: State Farm has a set of codes of conduct based on the mission and vision of the company. They follow to create that code of conduct by following the core values that are given below:

  1. Quality Service
  2. Mutual Trust
  3. Integrity
  4. Financial Strength
  5. Relationship

FAQ

What is the commitment of State Farm?

“Like a good neighbour, you will always get assistance in your uncertainty.” – This is the commitment of State Farm insurance company.

Did State farm change its mission and vision over time?

No, State Farm never changes the mission and vision statement of the company.

Reference

  • https://www.insurancebusinessmag.com/us/companies/state-farm/67041/
  • https://www.statefarm.com/insurance
  • https://www.investopedia.com/state-farm-life-insurance-review-5072604
  • https://fortune.com/company/state-farm-insurance-cos/fortune500/
  • https://static1.st8fm.com/en_US/downloads/sf/code-of-conduct.pdf

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