USAA Insurance is more than just the insurance provider. They also have a banking section, financial advisors, and real estate locator services. USAA even deposits a percentage of profits into Subscriber Savings Accounts, which accounts are created by the company for each member. So members not only get the best policies around through USAA insurance, but they can also use their memberships to access all sorts of other perks.
USAA is a Fortune 200 financial services company focused on providing banking, investing, and insurance to people and families that serve, or served, in the military of the United States and other selected federal agencies. USAA was founded in 1922 by a group of U.S. Army officers to self-insure each other when they were unable to secure auto insurance due to the perception that they were a high-risk group. USAA has since expanded to serve officers, NCOs, enlisted, and their families a full range of property and casualty insurance, banking, life insurance, investment and financial planning products and services. USAA was one of the pioneers of direct marketing and most of its business is conducted over the Internet or telephone.
USAA Insurance offers a wide range of personal property and casualty insurance including automobile insurance, homeowner insurance, renters insurance, and valuable personal property insurance. USAA Insurance provides whole life insurance, term life insurance, and annuities. USAA’s life insurance policies are different than most offerings since they do not include a war-exclusion clause or war clause. Unlike most of its competitors, USAA does not sell or provide service for its insurance and other products through agents. Policies are sold and serviced on-line via the internet or directly by USAA employees over the telephone. These employees are licensed representatives that are paid a salary rather than a commission.
The mission statement of USAA Insurance is to serve members of the U.S. military and their families. They have always marketed directly to members of the U.S. military. The criteria for eligibility includes U.S. military service, purchase of at least one P&C product, and a short grace period after separation. In focusing their efforts to serve only its niche, USAA is unique in that it is the only Fortune 500 financial services company that focuses primarily on serving members of the U.S. Military and their families.
