A Historic Look at Farm Bureau Financial Services
July 6, 2016
Another 4th of July holiday has come and gone, and many Americans spent the weekend celebrating our nation’s history. Farm Bureau Financial Services, like the United States, is proud of its beginning. Take a stroll through Farm Bureau’s rich history, and join us as we celebrate more than 75 years of service to our client/members.
How Did Farm Bureau Financial Services Begin?
Just as the United States has a deep history, so does Farm Bureau Financial Services. In the years around World War I, the national farming industry was growing rapidly and becoming increasingly complex. At the time, few insurance companies understood the unique needs of farmers and farm operations. Fam Bureau entered and filled the gap, providing the insurance coverage that farming communities were missing. Thus, Iowa Farm Bureau Mutual was born. We opened our doors for business on May 10, 1939 with just 12 agents and 3,308 auto insurance policies and in force. Initially, it offered auto insurance and then expanded to farm liability products and fire protection.
In the years that followed, the Iowa Farm Bureau Mutual company strived to develop innovative coverage options for client/members. In 1940, a basic medical expense endorsement was added to the automobile policy; in 1943, farm protector coverage was introduced to provide liability protection against farming accidents; and in 1953, fire and allied coverages for farm and town property were added to the company’s offerings.
Growing Through the Years
The Iowa Farm Bureau Mutual company continued to add policies throughout the following years. In 1967, workmen’s compensation coverage was introduced. By the end of 1967, the company wrote more farm coverage policies than any other casualty company doing business in Iowa. Nearly 183,000 casualty policies were in force, as was $88,268,500 of crop hail coverage.
Did You Know?
In 1967, two of the largest single losses to date were paid. A claim of $45,500 was paid for hail damage and destruction of corn and bean crops and a tornado loss of $95,000 was paid to a member who lost his home, farm buildings and machinery.
In 1971, the iconic FB symbol was introduced, representing Farm Bureau and its affiliated companies. The symbol was adopted by the American Farm Bureau in 1986 and is still present in our brand today.
To better serve our client/members, in 2006 Farm Bureau introduced Farm Bureau Member’s Choice – one combined policy, one premium, and one deductible…for your car, home, boat, motorcycle, and more. In the same year, we introduced “We Make Insurance Simple,” to promote the key benefits of Member’s Choice. It was later embraced company-wide as the fundamental way we do business.
Did You Know?
In July 1974, Farm Bureau Financial Services moved to its new headquarters in West Des Moines, IA where it’s still located today.
The Future of Farm Bureau Insurance and its Agents
Today, we remain the same service-to-members organization we were founded on in 1939. Adapting to our client/members’ needs, we now offer more than 30 insurance products ranging from property-casualty insurance to life insurance. Our farm and ranch coverage is recognized as some of the best in the country – ranking No. 1 in farm market share in our eight-state region and No. 2 in the United States.
In recent years, Farm Bureau Mutual surpassed $1 billion in property-casualty direct written premiums. Farm Bureau is continually adding products and services to support communities, such as Identity Theft insurance in 2007 and Emergency Roadside Assistance and Residential Equipment Breakdown insurance coverage in 2008, which are add-on options for existing Member’s Choice policy owners.
Did You Know?
Today, Farm Bureau Financial Services has 1,700 agents and 4,000 field associates serving more than 350,000 client/members.
Be Part of Farm Bureau’s Rich History
Farm Bureau Financial Services’ vibrant history spans more than 75 years, thanks to the help of hundreds of dedicated Farm Bureau agents. Our agents understand that a career at Farm Bureau is not just about insurance products, it’s about building relationships within the community and being there when it matters most.
If you’d like to be a part of Farm Bureau’s exciting vision for the future of protecting livelihoods and futures, learn more about the career opportunities available today!