Porter’s Five Forces Model
Supply power in this industry is low, because there are variety of insurance companies that customers can feel free to prefer.
Threat of Substitute product:
Even though there are a lot companies that offer the same service car insurance, home insurance, life insurance and so on, none of these services provide the price you want and the coverage you want. In another word the threat of substitute product is low.
Threat of New Entrants:
State Farm Business Initiatives
State Farm is currently using a digital technology witch allow the clients to get details and details of information daily, weekly, monthly, or even hourly, and being served 24/7.