About USAA
We are talking about USAA (United Services Automobile Association) that is well known for offering banking, insurance and financial services serving worldwide since 1922 with main focus on people and families who serve or have served in the United States Armed Forces.
According to the financial year 2017, the company has generated the revenue of US$30.016 billion with net income of $2.422 billion. It is also not far behind from top ratings given by A.M. Best Company A++, Moody’s Investors Service Aaa and Standard & Poor’s AA+.
When it came into existence?
The organization got started on 20th June 1922 at the Gunter Hotel by 25 United States Army Officers who were looking for good options to find reliable and secure auto insurance for Army officers.
In the beginning, the name suggested for the company was United States Army Automobile Association which got changed to United Services Automobile Association in 1924. It is headquartered in San Antonio, Texas with four major financial centers in Frankfurt, Germany, London, and England.
In the
starting, they offered their services through mail and telephones turning their move towards the internet in the 1990s with the launch of the website. They exceeded their margins offering homeowner’s and life insurance followed by investment and banking services.
Even they made restrictions for membership to citizens by allowing just army members to go for property and auto insurance. At present, they have 12.4 million members served by their 32,000 employees throughout the world.
What they offer in products?
Calling upon their offers in the market they are actively doing business in personal property and casualty insurance with term life and whole life insurance. Even they have banking services on the list that are offered by 1983 established USAA Federal Savings Bank.
The bank holds 6.3 million accounts counting in total $62.549 billion deposits. They provide access by phone, mail, and internet or in-person to all their services which also involve the business of mutual funds under-investment and financial planning.
Talking about their market focus they aim at serving U.S. military officials and their families. They have broadened their viewpoint considering the eligibility criteria for their membership for military personnel and retirees and all veterans who separated after 1996 whereas deposit-only banking services are available to non-members.
Why to go for them?
They have presented themselves as best guide and assistant for military members and their families for years helping them to establish financial independence to raise family, to retirement.
They came up with all possible exclusive suite of financial products, tools, and advice to move in pace with members at every stage of their life from banking, insurance, investment, retirement, military life to life events.
References
https://en.wikipedia.org/wiki/USAAhttps://www.usaa.com/inet/wc/insurance_life_main