State Farm, U.S. Bank announce strategic alliance

State Farm, U.S. Bank | March 06, 2020

State Farm and U.S. Bank – a major commercial bank – have announced a strategic alliance, wherein U.S. Bank will assume State Farm Bank’s existing deposit and credit card accounts. The partnership also allows State Farm agents to introduce U.S. Bank deposit products and co-branded credit cards to State Farm customers. A release noted that the alliance is part of State Farm’s broader strategy to exit banking operations. Both companies also have plans to eventually offer State Farm customers access to vehicle loans and other business banking products. The transition of deposit and credit card accounts is set to begin after the partnership deal closes, subject to regulatory approval, later this year. Current customers of State Farm have been advised that they do not need to take any action.

Spotlight

Zurich Insurance chairman Michel Liès knows that digitalization is shaking up his industry. In part one of the Newsmaker interview, the insurance veteran goes so far as to say it is “destroying” the solidarity that lies at its core. But he adds that digital transformation also presents an opportunity to better understand the risk before the claims process has even started.

Spotlight

Zurich Insurance chairman Michel Liès knows that digitalization is shaking up his industry. In part one of the Newsmaker interview, the insurance veteran goes so far as to say it is “destroying” the solidarity that lies at its core. But he adds that digital transformation also presents an opportunity to better understand the risk before the claims process has even started.

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NYCM Insurance Adopts Blood Pressure Clinic in Partnership with American Heart Association

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