GEICO Insurance Company
GEICO Insurance Company
Government Employees Insurance Company (GEICO)
5260 Western Avenue
Chevy Chase, MD 20815
From its humble beginnings in Texas offering automobile insurance services to government and military personnel, the Government Employees Insurance Company (GEICO) has now risen to become one of the top companies in the insurance industry. Banking on its unwavering commitment to its founding ideals of offering top-of-the-line coverage, affordable prices, and unparalleled customer service, GEICO has now become the third largest private automobile insurer in the United States with a staggering nine million auto policyholders with 16 million automobiles insured.
Founded in 1936 during the Great Depression, GEICO’s roots can be traced to the husband-and-wife team of Leo and Lillian Goodwin who decided to put up an automobile insurance business against a backdrop of economic uncertainty. From 12 staff members when it first began, GEICO has since grown to employ over 12,000 associates in 12 major offices around the country, with insurance services being provided in all 50 states, and collective assets worth $28 billion. GEICO also consistently garners high approval ratings from industry insiders for the company’s financial strength and claims-paying capability, getting an A++ rating from A.M. Best, AA+ rating from Standard and Poor’s, and an Aa1 rating from Moody’s.
Since 1996, GEICO has been a completely owned subsidiary of Berkshire Hathaway, a conglomerate holding company chaired by Warren Buffett, one of the world’s most successful businessmen. The company also maintains four affiliates to help meet the needs and demands of its ever-growing pool of clients: GEICO General Insurance Company, GEICO Indemnity Company, and GEICO Casualty Company. At present, the company is in good hands with these executives at the helm: Insurance Operations president, chief executive officer and chairman Olza “Tony” Nicely, chief financial officer Mike Campbell, Capital Operations president and CEO Louis “Lou” Simpson, group vice president and chief information officer Jess Reed, and Southeast Operations head and VP Mary Zarcone.
Although GEICO has made a name for itself by being an auto insurance company, it has diversified its services to cater to a broader audience. Aside from just auto insurance, it also provides the following services: motorcycle, ATV, RV, and boat insurance; homeowners, renters, condo, co-op, and mobile home insurance; personal umbrella protection or extra liability insurance; life insurance; flood insurance; overseas insurance; commercial auto insurance; and identity theft protection. All of their services are backed by GEICO’s passion for customer service — the company makes sure to provide its customers with the best service possible 24 hours a day, seven days a week, and 365 days a year. In addition to that, GEICO is known for offering competitive rates to its clients, excellent coverage and quick claims settlements.
In keeping with its reputation of always putting the customer first, GEICO also offers additional services for its auto policyholders: Emergency Road Service, which helps motorists stuck on the road with dead battery replacement, tire replacement, even towing; Rental Reimbursement, which helps pay for the repair costs of damaged rental vehicles; and Mechanical Breakdown Insurance, which includes repairs to every mechanical part of your vehicle.
GEICO still has services and programs that cater specifically to government and military personnel, just like it did when it was first founded. The GEICO Military Center works solely to provide service to the company’s military members and their respective families. Military members can also avail of military discounts and coverage when they are abroad. GEICO also established the GEICO Public Service Awards to recognize government employees who stand out in their work to transform their community.
In keeping with its ubiquitous gecko mascot, GEICO has also devoted its efforts to increasing environmental awareness. It has partnered with the Association of Zoos and Aquariums to promote the need for wildlife conservation. It requires select car repair shops to subject themselves to strict environmental standards. Most importantly, GEICO is also striving to go green in its offices through its recycling program, paperless transactions, and energy- and water-saving policies.