State Farm SWOT Analysis, Competitors & USP

State Farm

Parent Company

State Farm Insurance

Category

Insurance

Sector

Banking & Financial Services

Tagline/ Slogan

Like a good neighbor, State Farm is there

USP

Company offering wide range of insurance products for everyone’s need

State Farm STP

Segment

Individual life insurance, health insurance, Home insurance, Auto insurance, Mutual Funds

Target Group

Individuals, Home buyers, Auto buyers, Mutual Fund Investors

Positioning

An expert in providing life, health and non-general insurance and financial solutions to its customers

State Farm SWOT Analysis

Strengths

Below is the Strengths, Weaknesses, Opportunities & Threats (SWOT) Analysis of State Farm. Strengths are:

1. Strong position in domestic US market with a good market share
2. Strong revenues of the company
3. Employee strength of about 65,000+
4. High growth rate of the company owing to modern services

5. Brand recognition and customer loyalty

6. High credit rating adds to credibility and brand value

Weaknesses

Here are the weaknesses in the State Farm SWOT Analysis:

1. Overdependence on US market
2. Litigation issues faced by the company

Opportunities

Following are the Opportunities in State Farm SWOT Analysis:

1. More focus on retirement insurance and pension policies
2. Buoyant asset management market
3. Mutual funds offer a strong growth opportunity for the firm

Threats

The threats in the SWOT Analysis of State Farm are as mentioned:

1. Fiercely competitive insurance market in US 
2. Recession in US and weakening of financial markets
3. Frequent occurrence of natural disasters

State Farm Competition

Competitors

Below are the top 3 State Farm competitors:

1. AIG
2. AllState
3. Farmers Insurance