Editing State Farm (section)

== Overview ==
[[File:A_State_Farm_Insurance_office_in_a_classic_railroad_depot_building_in_Hiawassee,_Georgia.jpg|thumb|A State Farm Insurance office occupies a classic railroad depot in [[Hiawassee, Georgia]]]]
State Farm is the largest [[property and casualty insurance]] provider, and the largest [[auto insurance]] provider, in the United States.<ref>{{cite web |title=Facts + Statistics: Insurance Company Rankings |url=https://www.iii.org/fact-statistic/facts-statistics-insurance-company-rankings |website=III.org |access-date=September 30, 2018 }}</ref>
State Farm is ranked 39th in the 2024 [[Fortune 500]], which lists American companies by revenue.<ref>{{Cite news |title=2024 Fortune 500 |url=https://fortune.com/company/state-farm-insurance-cos/fortune500/ |access-date=June 9, 2024 |work=Fortune}}</ref>

State Farm relies on exclusive agents (also known as captive agents) to sell insurance. Only State Farm agents can sell State Farm insurance, and their agents can sell only State Farm products.<ref>{{cite book |last1=Silver |first1=Lawrence |last2=Stevens |first2=Robert E. |last3=Clow |first3=Kenneth |title=Concise Encyclopedia of Insurance |date=2010 |publisher=Routledge |isbn=9781136966743 |page=9 |url=https://books.google.com/books?id=GZlaBwAAQBAJ&q=state%20farm%20%22captive%20agent%22&pg=PA9 }}</ref><ref>{{cite book |last=Zevnik |first=Richard |title=The Complete Book of Insurance: Understand the Coverage You Really Need |date=2004 |publisher=SphinxLegal |isbn=9781572483835 |page=17 |url=https://books.google.com/books?id=8ABPt29IO0UC&q=state%20farm%20%22captive%20agent%22&pg=PA17 }}</ref>

=== Financial services ===
State Farm has expanded into the financial services arena, such as banking and mutual funds.{{Citation needed|date=July 2023}}

The bank opened in May 1999 and is operated by State Farm Financial Services, FSB, a subsidiary of State Farm Mutual Automobile Insurance Co. These are separate from its insurance products. State Farm Bank does not have branch offices. Its regular banking services, which include checking and savings accounts, certificates of deposit, and money market accounts, are available to consumers countrywide via the Internet or, over the phone, and through agents. Home mortgages are available countrywide over the phone or through agents.<ref>{{cite web |title=Financial Services |url=https://www.statefarm.com/finances |website=State Farm |access-date=January 28, 2018 }}</ref>

In the 1950s, State Farm held a contest among the agents to come up with ideas to expand the State Farm business. Robert H. Kent, a State Farm agent in Chicago, came up with the idea of providing auto loans to existing policyholders. Robert H. Kent was friends with a local bank president at LaSalle NW, and the two teamed up to pilot the auto finance program. State Farm liked the idea so much that it was rolled out to all the agents. Robert H. Kent received royalties on the program for 20 years.