PipelineIQ reposted this
Take that Jake! STATE FARM has been eliminated in Round 1 of the PipelineIQ 'ABMarch Madness' Tourney. Let's learn more about Statefarm Insurance as they exit our B2B bracket; and congrats to a chippy Eli Lilly squad for their hard fought ABMarch Madness win! STATE FARM TEAM STRENGTHS: - A record year as the No. 1 Home & Auto insurer in the U.S.; State Farm is a ‘mutually-owned’ company with $104 billion in revenue, 94+ million policies and accounts and 67,000 employees. -Successful modernization of P&C Claims systems migrating to #AWS. -Data-driven with 12 billion documents (~3 PB of data) growing by about 3 TB per day, State Farm has 10x more data than the Library of Congress. STATE FARM'S QUESTIONS FOR 2024: -19.5K agents and call centers take in 28K claims per day. Can State Farm ensure a reliable cloud infrastructure for a fast and secure client experience? - State Farm has outsourced technology operations to HCLTech to transform IT infrastructure; emphasizing automation, AI, and cloud integration to achieve a 35% efficiency boost within five years. Is the HCLTech partnership on track? - New CEO in June 2024, while also exiting the California market due to inflation and catastrophic claims; Can they continue last year’s momentum? PLAYERS TO WATCH: -Fawad Ahmad (Chief Digital Officer) -Ashley Pettit (Chief Information Officer) TOP RIVALS: -GEICO -Progressive -Allstate -Liberty Mutual *** Our Outlook: HCLTech has a major task to transform State Farm from an inflexible, legacy-mainframe-backed infrastructure to a modern architecture with a configuration-based system. Incoming CEO Jon Farney has big shoes to fill replacing retiring CEO Michael Tipsord. While the P&C insurance industry has experienced record quarters, achieving underwriting profitability remains elusive. The industry is struggling with high replacement costs exacerbated by increased homeowners losses due to severe storms, inflation, supply chain issues, and shifts driven by technological advancements. #ABM #accountbasedmarketing #fieldmarketing #b2bmarketing #pipelineIQ
Exciting times ahead for State Farm! 🌟 Your growth and transformation journey is one to watch closely.
Exciting match-up! Great performance from the State Farm team and a solid effort from Eli Lilly. Rick Catino Jr.
My bracket is busted!