Overview
The name GEICO needs some explanation. On the one hand it is the acronym for 'Government Employees Insurance Company, and on the other hand, it also implies a gecko. The name goes back to GEICO's beginning years in the insurance trade. In 1936 when the company set up shop, its first customers were government employees and military personnel. This exclusivity of customers was due to the founder's business policy of targeting specific groups of customers and directly marketing car insurance to them. This policy helped the Company cut down on operational costs. The savings from the operations were offered to the customers as discounts. GEICO Insurance still maintains this original policy of cost cuts to benefit the customers with upfront discounts for discount car insurance.
GEICO Insurance became a subsidiary of the Warren Buffet headed company Barkshire Hathaway in 1996. The uncanny similarity in sound made the company take an innovative step when they took up the picture of a 'gecko' to serve as their company logo.
Size and Strength
GEICO Insurance has over 7 million car insurance policyholders and more or less 11 million American cars are covered under their insurance services.
Size wise, GEICO Insurance is the fourth largest among automobile insuring companies within the United States. GEICO is also the largest direct writer of car insurance in both private and passenger sectors within the country. With over 21 thousand associates and 12 major offices around the country, GEICO Insurance is one of the most dependable corporations in the States. GEICO's asset is near about $21.2 billion.
Ratings
With the Berkshire Hathaway connection, GEICO Insurance has turned into, financially, one of the most robust car insurance companies. And the insurance ratings agencies love the corporation for that. GEICO has been given an A++ by A.M.Best Company, the highest ratings it gives. Moody rates the company at 'Aaa'. (Information on the AM Best rating system and how it is determined) Standard and Poor's rating of AAA, makes it one of the premier 8 insurance operations in the country to receive that distinction.
Products
GEICO Insurance does provide more than simple car insurance. It insures boats, homes, apartments, mobile homes, motorcycles and also provides a personal umbrella protection policy for its customers.
GEICO & The Military
Though GEICO serves a much larger community of customers than the military at present, it still strongly supports the US Military at both times of peace and war. However, the auto insurance company takes special interest in its military policyholders. In fact, GEICO has a special team built up to service specially its military customers. GEICO recruits the members for its Military Assistance Team specifically from the U.S. Military. The dedicated team researches the ways in which the company's military support can be improved.
Social Commitment
GEICO Insurance has always supported social causes. The auto insurance company makes contributions to the Insurance Institute for Highway Safety. GEICO also supports the cause towards safety of young drivers and has made contributions to that field as well as many more.
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