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The Wall Street Journal
Founded 104 years ago by an Illinois farmer turned insurance agent, State Farm grew to the nation’s biggest home and auto insurer on the back of a sprawling sales network.
Agents hung up their shingle in even the smallest of towns, becoming part of the community they sold to. Being a State Farm agent was a ticket to success for many, with the insurer offering lifelong employment and relatively good pay and benefits. The network has grown to 19,000 agents, spread across the nation.
At a Las Vegas convention last month, CEO Jon Farney took to the Allegiant Stadium stage and dropped a bombshell.
Farney, a 33-year State Farm veteran, told his sales force he was ripping up their existing contracts. Any agent who wants to stay past 2027 will have to sign up to a new compensation deal and sales targets.
“State Farm needs to change,” he said, according to a video of the event reviewed by The Wall Street Journal.
A big driver of that change: AI.
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