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State Farm rolled out the red carpet for its army of sales agents at a Las Vegas convention last month.

Thousands who flew into Sin City on the insurer’s dime were treated to a Pink concert, a Jimmy Fallon-led singalong and selfies with the “Jake from State Farm” actor.

Then Jon Farney, State Farm’s chief executive, 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. The rapidly evolving technology is shaking up the industry’s decades-old sales model, paving the way for faster, cheaper, more targeted transactions. Apps and bots are reinventing how people want to buy products like insurance.

Agents’ responses to the changes lighted up Facebook, Reddit and Instagram. “A lot of folks are really mad,” one commented. “Take it or leave. A real slap in the face.”

The initiatives appear to be a response to State Farm’s eroding status in the industry. The insurer was this year usurped as the nation’s biggest personal auto insurer by Progressive, losing a throne it had held since World War II, according to S&P.

🔗 Read more: https://on.wsj.com/3St8zr6

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