• State Farm is growing its investment in women's sports.
• The insurance company said its ads featuring women's sports are creating new engagement.
• The brand has partnered with USC basketball player JuJu Watkins, and Unrivaled, the new women's basketball league.

State Farm is furthering its investment in women's sports with two new deals.

The insurance giant announced on Monday that it had signed college basketball star JuJu Watkins to an NIL, or "name, image and likeness," deal. Last week, the company also announced it would be the title sponsor of Unrivaled, the new 3x3 women's basketball league.

"We want to make sure we represent the diversity of customers that we serve," said Kristyn Cook, State Farm's chief marketing officer.

State Farm will kick off the NIL partnership with Watkins starring as a "new neighbor" in a co-branded ad spot with mascot/spokesman Jake from State Farm.

Watkins, a former five-star recruit, finished her freshman season at the University of Southern California, averaging 27.1 points per game. Now in her second season for USC, she has helped lead her team to a 4-0 start.

"It's an honor to partner with State Farm. Not only are they one of the biggest brands in sports, they've also been investing in basketball and in the women's game for decades," Watkins said in a statement.

Meanwhile, State Farm's deal with Unrivaled, which kicks off its inaugural season in January, will give the insurance company a visible presence across Unrivaled properties throughout its season and postseason.

State Farm's investments in women's sports now include the National Women's Soccer League, the Women's National Basketball Association, National Collegiate Athletics Association basketball regular season and women's Olympic basketball and volleyball.

Last year, the company signed its first NIL deal with basketball phenom Caitlin Clark.

Historically, State Farm's support of women's sports dates back years. The insurance company featured an ad in 2015 with former WNBA star Sue Bird.

"We're very proud of having a decadelong investment in women's sports in particular. And so we've seen the business value firsthand," Cook said.

State Farm said its investment in women's sports is already moving the needle.

The company has found that TV spots featuring Clark were 46% more effective in driving consumer engagement than an average State Farm ad, according to analytics firm EDO. State Farm saw an additional 28% boost in effectiveness when the spots aired during her Iowa Hawkeyes games. On Thursday, the insurance agency released a new ad featuring Clark, titled Rookie Move.

Cook said the company's marketing data shows investments in women's sports are not only profitable, but the fan base is also digitally savvy and loyal.

She said more and more women are becoming small business owners, and others are making more financial decisions, so State Farm's strategy to be a part of women's sports is not just important, but it also makes smart business sense.

"I think every brand should be asking, 'How should women's sports be part of the business strategy?'" Cook said.