state farm insurance companies. state farm financial operations & compliance fall 2005 state...
TRANSCRIPT
![Page 1: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/1.jpg)
State Farm Insurance CompaniesState Farm Insurance Companies
![Page 2: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/2.jpg)
State Farm Financial Operations & Compliance
Fall 2005
State Farm Insurance CompaniesState Farm Insurance Companies
![Page 3: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/3.jpg)
Why Have Insurance?
![Page 4: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/4.jpg)
What is Insurance?
• Promise
• Transfer of Risk
• Indemnity Principal
• Social Device
![Page 5: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/5.jpg)
Types of Insurance
• Property
• Casualty
• Life
• Health
![Page 6: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/6.jpg)
U.S. Industry Scope
• Around 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
![Page 7: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/7.jpg)
“ABOUT STATE FARM”
State Farm’s mission is to: •help people manage the risks of everyday life,
•recover from the unexpected, •and realize their dreams.
![Page 8: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/8.jpg)
Our Vision for the future...
...is to be the customer’s ...is to be the customer’s firstfirst andand best best choicechoice in the products and services in the products and services we provide. We will continue to be we provide. We will continue to be the the leaderleader in the in the insurance industryinsurance industry and we will become a leader in the and we will become a leader in the financial services arenafinancial services arena. Our . Our customers’ needs will determine our customers’ needs will determine our path. Our values will guide us.path. Our values will guide us.
![Page 9: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/9.jpg)
State Farm Data
• 23 Affiliated Companies
• $149.8 Billion in Assets (12/31/04)
• 16,800 Agents
• 69,000 Employees
• 1,800 Accounting Employees
• 75 Million Policies & Accounts
• Mutually Owned Company
![Page 10: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/10.jpg)
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
![Page 11: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/11.jpg)
State Farm Product Lines
•Financial Services
•Life•Health•State Farm Bank®•State Farm Mutual Funds®
![Page 12: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/12.jpg)
Regulation
• Highly Regulated By the States
![Page 13: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/13.jpg)
Financial Statements
• Statutory Emphasis is on Insolvency
• Not All Company Assets Are “Admitted”
• States Perform Various Insolvency Tests From Financial Statements
GAAP vs. Statutory AccountingGAAP vs. Statutory Accounting
![Page 14: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/14.jpg)
Finance Structure
• Centralized vs. De-centralized• Corporate• Zone Operation Centers• Insurance Support Centers (ISC’s)
• Supervisory vs. Analyst
![Page 15: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/15.jpg)
State Farm Corporate Building
![Page 16: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/16.jpg)
Corporate Functions
• Financial Reporting & Analysis
• General Accounting Services
• Tax
• Investment Accounting
• Accounting Benefits
![Page 17: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/17.jpg)
Corporate Functions
• Loss Reserves
• Planning & Analysis
• Data Management Services
• Auditing & Compliance
• Treasury Services
• Administration
![Page 18: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/18.jpg)
Corporate Functions
• Financial Shared Services– Accounts Payable
– Agency Compensation
– Employee Compensation
– Travel and Expense
![Page 19: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/19.jpg)
Corporate Atrium
![Page 20: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/20.jpg)
Corporate Atrium
![Page 21: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/21.jpg)
Zone Structure
![Page 22: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/22.jpg)
Field Finance Functions
• Payment Processing
• Cash Disbursements
• Agency Compensation
• Self Audits
• Expense Analysis
![Page 23: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/23.jpg)
Corporate South Complex
![Page 24: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/24.jpg)
Systems
• Financial Business Analyst– Current Systems Support– New Systems Development– Create and maintain detailed operating
procedures
![Page 25: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/25.jpg)
Corporate South Complex
![Page 26: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/26.jpg)
• People Skills
• Performance Management
• Organization & Planning
• Problem Solving
• Time Management
• Communication
Daily Duties – Supervision
![Page 27: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/27.jpg)
Daily Duties - Analyst
• Problem Solving
• Project Development
• Operational Assistance
• Coordination
• Communication
• Functional Area of Expertise
![Page 28: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/28.jpg)
Technical Training
• On-Line Operating Procedures
• Hardware and Software– Vendor Application– Numerous proprietary applications
• Supervisory Skills– CD-ROM Leadership Development Series
![Page 29: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/29.jpg)
Professional Development
• In-House Courses
• Insurance Education
– CPCU, ChFC, CLU, FLMI
• Professional Designations
– CPA, CMA, CFA
• Tuition Aid
![Page 30: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/30.jpg)
Career Paths
DiversityDiversity
OpportunityOpportunity
MobilityMobility
![Page 31: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/31.jpg)
Key Benefits to Consider
• Competitive salary
• Paid time off
• Types of Insurance
• 401(k) matching
• Pension plans
• Alternative work arrangements
• Work environment/dress code
• Affinity groups/activities/sports
![Page 32: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/32.jpg)
What We’re Looking For
• Accounting and other business majors with a minimum of 9 hours of Accounting
• CIS/MIS hours are beneficial
• Leadership, communication skills, analytical thinking, learning agility, etc.
• 3.2 GPA overall and in major
![Page 33: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/33.jpg)
Internship Information
Dates: Begin May 22, 2006 End August 4, 2006
Salary: $14.00/Hour$15.00/Hour - Returning Interns
Higher hourly rate for interns with an exam
Housing: Subsidized HousingState Farm provides assistance in
locating housing in the Bloomington/Normal community
![Page 34: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/34.jpg)
Internship 2006
• Provides a practical and meaningful work experience
• Benefits– Exposure to our various departments &
leadership team– Overall view of the corporate environment– Interaction with other interns as well as State
Farm employees
![Page 35: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/35.jpg)
CONTACT INFORMATION
State Farm Insurance
Human Resources
Three State Farm Plaza South, K-1
Bloomington, IL 61791
E-mail: [email protected]
Need more information? Visit our website!
www.statefarm.com
![Page 36: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/36.jpg)
State Farm Corporate
![Page 37: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/37.jpg)
State Farm Park
![Page 38: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/38.jpg)
State Farm Park
![Page 39: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/39.jpg)
State Farm Park
![Page 40: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/40.jpg)
State Farm Downtown BuildingState Farm Downtown Building
![Page 41: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/41.jpg)
About the Bloomington/Normal About the Bloomington/Normal Area Culture/Arts/HistoryArea Culture/Arts/History
![Page 42: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/42.jpg)
Culture/Arts/History
![Page 43: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/43.jpg)
Culture/Arts/History
![Page 44: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/44.jpg)
Education
![Page 45: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/45.jpg)
Education
![Page 46: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/46.jpg)
Education
![Page 47: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/47.jpg)
Education
![Page 48: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/48.jpg)
Education
![Page 49: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/49.jpg)
Around the Town
![Page 50: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/50.jpg)
Around the Town
![Page 51: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/51.jpg)
Around the Town
![Page 52: State Farm Insurance Companies. State Farm Financial Operations & Compliance Fall 2005 State Farm Insurance Companies](https://reader035.vdocuments.mx/reader035/viewer/2022070403/56649f295503460f94c42d06/html5/thumbnails/52.jpg)
Any Questions?