“Jon and I have worked together for many years. I’ve seen how much he cares about State Farm, how much he cares about the people at State Farm, how he solves problems, and how focused he is on taking care of our customers,” said Tipsord at a meeting of State Farm leaders earlier today. He noted Farney’s key role in the company strategy in the last several years.

Farney joined State Farm in 1993 and has served in a variety of executive leadership roles including assistant vice president – securities products, assistant vice president – planning & analysis, vice president – financial operations and operations vice president – underwriting. He was named senior vice president, treasurer and chief financial officer in January 2016. He succeeded Michael Tipsord as president of State Farm Mutual Automobile Insurance Company on January 1, 2024. A native of Illinois, Farney earned his bachelor’s degree from Illinois State University and his MBA from the University of Michigan.

“It’s a privilege to follow Michael as CEO of this great company and lead an incredible team of more than 19,000 independent contractor agents and 65,000 employees who are committed every day to serving our customers,” said Farney. “We’ll push ourselves to continually improve so we’re positioned to help even more people manage the risks of everyday life, recover from the unexpected and realize their dreams.”

Tipsord focused on positioning the 102-year-old company to help more people in more ways for the long-term following his CEO appointment in 2015. Since then, State Farm has grown from more than 83 million policies to serving more than 94 million policies and accounts. The financial strength of the organization – necessary to help ensure the company keeps its promise to its customers – has expanded from $82.7 billion to more than $134 billion. State Farm remains the nation’s leading Auto and Home insurer.

Both Tipsord and Farney expressed to company leaders today the important role of the State Farm mission to help people. Farney emphasized the company’s long-held focus on the customer will carry forward, with an eye toward further enhancing digital capabilities and leveraging the unique talents of agents and employees throughout the country.

“With great minds, good hearts and wonderful people, there is truly no place like State Farm,” Tipsord told employees and agents earlier today. “I know the best days for this amazing organization are yet to come.”

Tipsord began his State Farm career in 1988. He was named vice chairman and chief financial officer in 2004, chief operating officer in 2011 and elected CEO and president in 2015. He was elected Chairman of the Board of State Farm Mutual Automobile Insurance Company in June 2016. Tipsord will continue to serve as Chairman. A graduate of Illinois Wesleyan University, Tipsord is a Certified Public Accountant and earned his juris doctor from the University of Illinois, where he is a member of the dean’s advisory board for the College of Law.

Our data indicates more people are driving, resulting in more auto claims. In response, we are making adjustments to rates at the next renewal cycle, which begins in January 2021 to reflect these trends. The timing and amount of these changes will vary by state and the timing of your individual renewal.

Even with these changes, auto rates remain below pre-COVID-19 levels. Our approach is to make incremental adjustments based on driving behaviors to help minimize the impact to customers.

Drive Safe & Save™ customers have the opportunity to directly influence their auto rates based on their driving habits. In most states, the initial discount customers get just for participating in Drive Safe & Save was recently doubled to 10%. With driving behaviors factored in, customers save, on average, between 10%-15%, and could save up to 50%. While the Drive Safe & Save™ discount will vary, users will always get a discount at each renewal. You can talk to your State Farm agent to learn more and sign up.

 In April 2020 we adjusted to reduced driving and claims trends driven by COVID-19 and announced our Good Neighbor Relief Program, providing a dividend/credit to auto insurance customers. A month later, we announced we would be cutting auto rates in every state. Together, these two actions returned approximately $4.2 billion in savings to our customers.

In September, we also reduced business owner premiums across the country by an average of 7%, which provided $54 million in savings for more than 400,000 commercial policy customers.

We are committed to the health and safety of our customers, employees and agents, and the communities where we live and work. Continuous innovation and adaptation have positioned State Farm as the insurance industry leader. We have adjusted our face-to-face protocols, and are offering virtual claim inspection options in most states if legally permitted, as well as a variety of virtual and digital tools for customers to connect with their State Farm agent.

As the situation continues to evolve, we are making decisions that balance health concerns with our continued commitment to serve you.

If you are a customer currently facing financial burdens, call your State Farm agent. We are here to help make this new normal feel just a little more normal. Like a Good Neighbor, State Farm is there.

• Need to connect with us? Use our mobile app, call us – or contact your State Farm agent.
• Need help with State Farm Bank products? Call 1-877-SF4-BANK.
• If you are new to viewing your policies or accounts online, go to Create Account on statefarm.com.
• Need to file a claim? Start online.
• To ensure we can continue to serve you, we’ve made adjustments to how we work. We appreciate your patience, if hold times are longer.
• Check out our Good Neighbor Relief FAQ for information on the dividend credit.
• Small business reopening? Check out our Simple Insights resource page.

PHONE SCAM ALERT: Customers have reported Good Neighbor Relief Program-related scams. State Farm is not contacting customers requesting financial account or credit card information in order to receive a dividend or a credit.

In the News:

AdAge: Watch - State Farm's CMO on Marketing Amid Crises (06/02/20) 

Business Insider: How State Farm's CEO is navigating the insurance titan and its 77,000 associates through a 'fundamental societal reset' (05/01/20 paywall)

AccuWeather: New technology helping with storm damage claims (04/16/20)

The Weather Channel: State Farm Using Technology to File Claims (04/13/20)

WSJ: Largest U.S. Car Insurer State Farm Rolls Out $2 Billion Consumer Financial Relief Program (04/09/20)

KSKA-Ch2: After Storms Hit Western Pennsylvania, Insurance Companies May Assess Damage Remotely (04/08/20)