United Service Automobile Association ( Usaa )

1077 Words Dec 18th, 2016 5 Pages
United Services Automobile Association (USAA) was founded with a simple mission. That mission was to provide auto insurance coverage for its initial group of investors. These investors were all military officers who found that auto insurance was too expensive and difficult to obtain due to their high-risk occupations. Membership was initially restricted to active duty military officers. Over the years, eligibility has been expanded to include active duty and retired military personnel regardless of rank or branch of service and their families.
Since its founding in 1922, the company and mission have changed to provide comprehensive financial support to its members through a variety of insurance, banking, and investment options. These changes caused USAA to straddle two businesses; insurance and banking. Both of these businesses are highly regulated. As such, managing these various companies has proven to be a challenge that USAA continually addresses through its financial services operations.
External general factors
External general environment factors include government regulations, general economic conditions, customer acquisition considerations, and corporate brand loyalty. Both the insurance and banking businesses are the subject of many regulations. These are generated by the federal government and state legislatures. All of these regulations seek to protect consumers by establishing specific financial requirements, business practices, and employee training for the…
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