State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies.

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  • State Farm Insurance Companies

  • State Farm Financial Operations & Compliance

    Fall 2005State Farm Insurance Companies

  • Why Have Insurance?

  • What is Insurance?Promise

    Transfer of Risk

    Indemnity Principal

    Social Device

  • Types of InsuranceProperty




  • U.S. Industry ScopeAround 5,000 domestic insurance companies 2.1 million jobs as of May 2005 (down from 2.3 million in 2003) $956 billion in premiums in 2004 (P/C & L/H)

    Industry return on equity in 2004:14.1% in P/C; 14.4% in L/H

    Sources: A.M. Best, Insurance Information Institute, Bureau of Labor Statistics

  • ABOUT STATE FARMState Farms mission is to: help people manage the risks of everyday life,

    recover from the unexpected, and realize their dreams.

  • Our Vision for the to be the customers 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.

  • State Farm Data23 Affiliated Companies$149.8 Billion in Assets (12/31/04)16,800 Agents69,000 Employees1,800 Accounting Employees 75 Million Policies & AccountsMutually Owned Company

  • Industry Positions Ranked #19 within Fortune 500 #1 U.S. Auto insurer since 1942 18.2% Market Share at end of 2004 Almost 40 million Auto policies #1 U.S. Home insurer since 1964 22.5% Market Share at end of 2004 Over 24 million Fire policies Leading insurer of pleasure boats

  • State Farm Product LinesFinancial Services

    LifeHealthState Farm BankState Farm Mutual Funds

  • RegulationHighly Regulated By the States

  • Financial StatementsStatutory Emphasis is on Insolvency

    Not All Company Assets Are Admitted States Perform Various Insolvency Tests From Financial StatementsGAAP vs. Statutory Accounting

  • Finance StructureCentralized vs. De-centralizedCorporateZone Operation CentersInsurance Support Centers (ISCs) Supervisory vs. Analyst

  • State Farm Corporate Building

  • Corporate FunctionsFinancial Reporting & Analysis

    General Accounting Services Tax Investment Accounting Accounting Benefits

  • Corporate FunctionsLoss ReservesPlanning & AnalysisData Management ServicesAuditing & ComplianceTreasury ServicesAdministration

  • Corporate FunctionsFinancial Shared ServicesAccounts PayableAgency CompensationEmployee CompensationTravel and Expense

  • Corporate Atrium

  • Corporate Atrium

  • Zone Structure

  • Field Finance FunctionsPayment ProcessingCash Disbursements Agency CompensationSelf AuditsExpense Analysis

  • Corporate South Complex

  • SystemsFinancial Business AnalystCurrent Systems SupportNew Systems DevelopmentCreate and maintain detailed operating procedures

  • Corporate South Complex

  • Daily Duties SupervisionPeople SkillsPerformance ManagementOrganization & PlanningProblem SolvingTime ManagementCommunication

  • Daily Duties - AnalystProblem SolvingProject DevelopmentOperational AssistanceCoordinationCommunicationFunctional Area of Expertise

  • Technical TrainingOn-Line Operating ProceduresHardware and SoftwareVendor ApplicationNumerous proprietary applicationsSupervisory SkillsCD-ROM Leadership Development Series

  • Professional DevelopmentIn-House CoursesInsurance EducationCPCU, ChFC, CLU, FLMI Professional DesignationsCPA, CMA, CFATuition Aid

  • Career PathsDiversityOpportunityMobility

  • Key Benefits to ConsiderCompetitive salaryPaid time offTypes of Insurance401(k) matchingPension plansAlternative work arrangementsWork environment/dress codeAffinity groups/activities/sports

  • What Were Looking ForAccounting and other business majors with a minimum of 9 hours of AccountingCIS/MIS hours are beneficialLeadership, communication skills, analytical thinking, learning agility, etc.3.2 GPA overall and in major

  • Internship InformationDates:Begin May 22, 2006 End August 4, 2006

    Salary:$14.00/Hour$15.00/Hour - Returning Interns Higher hourly rate for interns with an examHousing:Subsidized HousingState Farm provides assistance in locating housing in the Bloomington/Normal community

  • Internship 2006Provides a practical and meaningful work experienceBenefitsExposure to our various departments & leadership teamOverall view of the corporate environment Interaction with other interns as well as State Farm employees

  • CONTACT INFORMATIONState Farm InsuranceHuman ResourcesThree State Farm Plaza South, K-1Bloomington, IL 61791E-mail:

    Need more information? Visit our website!

  • State Farm Corporate

  • State Farm Park

  • State Farm Park

  • State Farm Park

  • State Farm Downtown Building

  • About the Bloomington/Normal Area Culture/Arts/History

  • Culture/Arts/History

  • Culture/Arts/History

  • Education

  • Education

  • Education

  • Education

  • Education

  • Around the Town

  • Around the Town

  • Around the Town

  • Any Questions?


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