Changes
USAA
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{{advert|date=March 2017}}
{{Infobox company
| name = United Services Automobile Association
| native_name = United Services Automobile Association
| native_name_lang =
| logo = [[File:USAA logo.svg|150px]]
| type = [[Reciprocal inter-insurance exchange|Reciprocal]]
| area_served = Worldwide
| key_people = [[General]] [[Lester Lyles]], USAF (Ret.) <small>([[Chairman]])</small><br />Capt Stuart Parker, USAF (Ret.)<small> {{small|(CEO)}}
| industry = [[Insurance]], [[Banking]], [[Financial Services]]
| products = [[Insurance]], [[Banking]], [[Investments]], [[Retirement]], [[Financial Planning]], [[Brokerage]]
| revenue = {{increase}}[[United States dollar|USD]] 30.016 billion (2017)<ref name=2017ReporttoMembers>{{cite web|url=https://usaareporttomembers.com/reports/2017%20Report%20to%20Members.pdf | work=USAA | title=2017 USAA Report to Members}}</ref>
| net_income = {{increase}}[[United States dollar|USD]] 2.422 billion (2017)<ref name="2017ReporttoMembers" />
| aum = {{increase}}[[United States dollar|USD]] 128 billion (2015)<ref name=2015ReporttoMembers>{{cite news|url=https://www.usaa.com/inet/wc/reporttomembers_main_landing?akredirect=true#tab1 | work=USAA | title=2015 USAA Report to Members}}</ref>
| assets = {{increase}} [[United States dollar|USD]] 155.391 billion (2017)<ref name="2017ReporttoMembers" />
| equity = {{increase}} [[United States dollar|USD]] 30.6 billion (2017)<ref name="2017ReporttoMembers" />
| members = {{increase}} 12.4 million (2017)<ref name="2017ReporttoMembers" />
| num_employees = {{increase}} 32,896 (2017)<ref name=2017BestPlacetoWork>{{cite news| url=http://fortune.com/best-companies/usaa/ | work=Fortune |
title=2017 Fortune Best Places to Work}}</ref>
| ratio = 13.27%
| rating = [[A.M. Best Company]] A++ (Superior, highest of 16 possible ratings)<br />
[[Moody's]] Investors Service Aaa (Exceptional, highest of 21 possible ratings)<br />
[[Standard & Poor's]] AA+ (Very Strong, second highest of 21 possible ratings)
| homepage = {{URL|www.usaa.com}}
| foundation = {{Start date and age|1922|6|20}}
| location = [[San Antonio]], [[Texas]]<br />[[United States]]
| locations = 4 financial centers <ref>{{cite news| url=https://www.usaa.com/inet/pages/usaa_financial_center#cartwheel-mapsection | work=USAA | title=Our Financial Centers}}</ref>
}}
The '''United Services Automobile Association''' ('''USAA''') is a [[Texas]]-based [[Fortune 500]] diversified [[financial services]] group of companies including a [[Texas Department of Insurance]]-regulated [[reciprocal inter-insurance exchange]] and subsidiaries offering banking, investing, and insurance to people and families who serve, or served, in the [[military of the United States|United States military]].<ref>{{cite news| url=http://money.cnn.com/magazines/fortune/fortune500/2010/full_list/101_200.html | work=CNN | title=Fortune 500 2010: Fortune 500 Companies 101-200}}</ref><ref>{{cite web|url=https://www.usaa.com/inet/pages/newsroom_factsheets_main|title=Operating Companies - USAA|author=|date=|website=www.usaa.com}}</ref><ref>{{Cite web|url=http://www.tdi.texas.gov/dtSearch/dtisapi6.dll?cmd=getdoc&DocId=2120514&Index=D%253a%255ccatalogs%255cwww%255cstaging%255cindex%255call&HitCount=106&hits=44+4b+d1+ed+10e+133+14b+15a+219+25c+37e+3ac+494+4b8+4d0+50c+58c+595+5f3+62e+679+67e+6db+719+75a+780+7b5+7ef+820+842+848+878+8b1+8ef+8fe+914+93a+954+9e2+cf3+d61+f57+f7c+f94+fd2+104a+1057+1080+10f6+1147+119d+11e5+11e9+1251+1285+12ca+12f3+1300+1346+1396+13ba+13f8+1438+1471+14c8+1537+155b+1570+1587+160b+1640+167d+168c+169a+16bb+16d0+1784+17fc+187c+1886+18a0+18b0+18b2+18ce+190d+1911+194c+1a71+1a7b+1a95+1aa5+1aa7+1ac3+1aed+1b54+1bab+1bc0+1bd8+1bfb+1c04+1c13+1c2d+1c2f+1c75+1d42+1d46+&SearchForm=%252fsearch%252ftdisearchform%252ehtml|title=dtSearch Engine Unable to Process Request|website=www.tdi.texas.gov|access-date=2016-05-06}}{{dead link|date=July 2018 |bot=InternetArchiveBot |fix-attempted=no }}</ref> At the end of 2017, there were 12.4 million members.<ref name="2017ReporttoMembers" />
USAA was founded in 1922 in [[San Antonio, Texas]], by a group of 25 U.S. Army officers as a mechanism for mutual [[self-insurance]] when they were unable to secure auto insurance because of the perception that they, as military officers, were a high-risk group.<ref name="overview">{{cite web |url=https://www.usaa.com/inet/wc/about_usaa_corporate_overview_main |title=Corporate Overview |publisher=USAA |accessdate=July 22, 2017}}</ref><ref name="dis">{{cite book |last=Spechler |first=Jay W. |year=1996 |title=Reasonable Accommodation: Profitable Compliance With the Americans With Disabilities Act |isbn=1-884015-94-8 }}, p. 229.</ref>
USAA has since expanded to offer banking and insurance services to past and present members of the Armed Forces, officers and enlisted, and their immediate families.
== History ==
The organization was originally called the '''United States Army Automobile Association'''. In 1924, the name was changed to '''United Services Automobile Association''', when commissioned officers of other U.S. military services became eligible for membership. The company opened offices in [[Frankfurt, Germany|Frankfurt]], [[Germany]], and [[London, England|London]], [[England]], early in its history. The company was formed based on a meeting of twenty-five United States Army Officers on June 20, 1922 at the [[Gunter Hotel]] to discuss the procurement of reliable and economical auto insurance.
USAA is headquartered in northwest [[San Antonio, Texas]], occupying {{convert|286|acres}} (a former horse farm).<ref>[http://www.mysanantonio.com/news/local_news/Speaker-to-be_has_deep_Republican_roots.html] {{webarchive |url=https://web.archive.org/web/20100701074629/http://www.mysanantonio.com/news/local_news/Speaker-to-be_has_deep_Republican_roots.html |date=July 1, 2010 }}</ref><ref name="goliath">{{Cite news |title=The ultimate niche: USAA's commitment to serving only people connected to the military, and its unusual structure and sales strategy, set it apart from the rest of the insurance industry. |date=November 1, 2002 |periodical=[[Goliath Business News]] |url=http://goliath.ecnext.com/coms2/summary_0199-2199998_ITM |last=Chordas |first=Lori |accessdate=2008-02-08 |archive-url=https://web.archive.org/web/20110615104241/http://goliath.ecnext.com/coms2/gi_0199-2199998/The-ultimate-niche-USAA-s.html|archive-date=June 15, 2011 }}</ref>
USAA is a pioneer of the concept of [[direct marketing]]; most of its business is conducted over the Internet or telephone using employees instead of agents. Until the 1960s the bulk of its business was conducted via mail. In the late 1960s, USAA began a transition from mail to phone-based sales and service. A toll-free number was launched in 1978, and Internet sales and service were launched in 1999 via its website.
The organization started offering [[Home insurance|homeowner's]] and [[life insurance]] in the 1960s, and [[broker]]age and investment management services in the 1970s, and [[bank]]ing services in the 1980s.
USAA offered restricted membership to civilians between September 2009 and August 2013. This membership provided access to USAA’s investment products, most bank deposit products, and life insurance. Auto and property insurance policies were not included for non-military members due to eligibility restrictions.<ref>[http://www.budgetsaresexy.com/2009/09/usaa-now-open-to-non-military-folk/] retrieved September 12, 2014</ref>
== Lines of business ==
=== Property, casualty, and life insurance ===
USAA offers a range of [[personal property and casualty]] (P&C) insurance, including [[automobile insurance]], [[homeowner insurance]], [[renters' insurance]], as well as [[Umbrella insurance|umbrella]] and [[Property insurance|personal property insurance]]. In addition to P&C insurance, USAA provides [[whole life insurance]], [[term life insurance]], and [[Annuity (financial contracts)|annuities]]. USAA's life insurance policies, while not completely unique in the industry, are different from most offerings since they do not include a war-exclusion clause.<ref>[http://www.investopedia.com/terms/w/war-exclusion-clause.asp Investopedia, ''War Exclusion Clause Definition'']</ref>
=== Banking ===
[[Banking]] services are provided by USAA [[Federal savings associations|Federal Savings Bank]]. The bank was established on December 30, 1983. According to USAA's 2015 Annual Report to Members, USAA held over $62.549 billion in deposits with more than 6.3 million accounts.
USAA Federal Savings Bank's bank lobby located in San Antonio is its only full-service banking location. Other cities, however, hold financial centers, often near military bases, which provide advice and assistance in obtaining services of any kind offered by USAA, in addition to opening those accounts online.
Banking services can be accessed in person, by mail, by phone, or through the internet. USAA Federal Savings Bank provides members with the ability to deposit checks to their accounts using mobile applications on the [[Apple Inc.|Apple]] [[iPhone]] and [[iPad]], mobile devices with Google's [[Android (operating system)|Android]] operating system, and Microsoft's [[Windows Phone]].<ref>[https://www.nytimes.com/2009/08/10/technology/10check.html?hpw USAA Bank Will Let Customers Deposit Checks by iPhone, New York Times, August 9, 2009] retrieved August 25, 2009</ref>
Major banking competitors include [[Bank of America]]-Military Bank, [[Pentagon Federal Credit Union]], and [[Navy Federal Credit Union]].<ref>[http://www.stripes.com/article.asp?section=104&article=27036&archive=true Choosing the right ATM in Germany a high-stakes decision, Stars and Stripes, March 23, 2005] retrieved September 24, 2008</ref>
=== Investing and financial planning ===
USAA provides brokerage services and no-load [[mutual fund]]s. Mutual funds established by other companies and can be purchased as well as held by USAA investment accounts (or IMCO).
== Target market ==
USAA's mission statement indicates its focus to serve its [[niche market]], which consists of members of the U.S. military and their immediate families. To that end, the association has always marketed directly to members of the U.S. military. USAA membership is offered to officers and enlisted personnel, including those on active duty, those in the National Guard and Reserve, Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS) and all those who have served in the aforementioned categories and who have retired or have been discharged honorably.<ref name="armytimeselig">"[http://www.armytimes.com/news/2008/08/military_usaamembership_080908w/ USAA expanding its membership base, Army Times], Retrieved August 10, 2008"</ref><ref name="usaaexpandselig">"[https://www.usaa.com/inet/ent_blogs/Blogs?action=blogpost&blogkey=newsroom&postkey=now_serving_all_who_have&order=1,7000&offerName=pubHome_Bnr_1_110509_VetExpansion09 USAA page on expanded eligility] {{Webarchive|url=https://web.archive.org/web/20120418161403/https://www.usaa.com/inet/ent_blogs/Blogs?action=blogpost&blogkey=newsroom&postkey=now_serving_all_who_have&order=1,7000&offerName=pubHome_Bnr_1_110509_VetExpansion09 |date=2012-04-18 }} Retrieved November 5, 2009"</ref> Children of USAA members are also eligible to purchase USAA's P&C insurance products, and former members of USAA are allowed to resume membership at any time (without an age limit).
Eligibility can be determined using its website; however, the site does not contain a comprehensive statement of eligibility.<ref>{{cite web|url=http://www.usaa.com/|title=USAA / Welcome to USAA|author=|date=|website=www.usaa.com}}</ref> USAA has, in the past, published a list of other eligible persons including special agents of the [[FBI]] and [[United States Secret Service|Secret Service]], agents of the various military investigative services ([[Naval Criminal Investigative Service|NCIS]], [[Air Force Office of Special Investigations|OSI]], [[United States Army Counterintelligence|CI]] and [[United States Army Criminal Investigation Division|CID]]), [[U.S. Foreign Service]] Officers, and officers from a variety of other smaller agencies.<ref>{{cite web|url=https://web.archive.org/web/19991013091301/http://usaa.com/cp_eligibility.asp|title=USAA - Eligibility Requirements for the Association|author=|date=13 October 1999|website=archive.org}}</ref> Recently, USAA has been sharpening its focus on members of the military. So, people working for certain non-military agencies that were accommodated in the past may find that they are no longer eligible.<ref>[http://www.afsa.org/USAID/USAA/USAAissues.cfm Afsa.org] {{webarchive |url=https://web.archive.org/web/20120606194308/http://www.afsa.org/USAID/USAA/USAAissues.cfm |date=June 6, 2012 }}</ref>
Historically, only U.S. military officers (among certain other federally sworn officers) were eligible to join USAA, with descendants of USAA members able to purchase insurance from USAA-CIC. It did not matter if one was an active duty or retired officer; one could join at any time. In 1973, membership was opened to members of the National Guard and Reserves, and in 1996, eligibility was expanded to enlisted members of the armed services. As the number of persons who have served on active duty in an enlisted status in the U.S. Armed Forces is quite large, USAA chose to limit the establishment of eligibility to those who were currently on active duty or who had recently separated. The same time limit on establishment of eligibility was then applied to military officers. In 2008, USAA expanded membership eligibility to all military personnel and retirees, and all veterans who separated after 1996.<ref name="armytimeselig" /> In November 2009, USAA expanded eligibility requirements to offer coverage to anyone who has ever served honorably in the US Military.<ref name="usaaexpandselig" />
Auto and property insurance and some banking services require that the customer meet membership eligibility criteria. USAA investment products<ref>{{cite web|url=https://www.usaa.com/inet/ent_utils/McStaticPages?key=why_choose_usaa_investments_main&wa_ref=wcu_insurance_main_tab_investments|title=USAA - Content not found|author=|date=|website=www.usaa.com}}</ref> as well as deposit-only banking services<ref>{{cite web|url=https://www.usaa.com/inet/ent_utils/McStaticPages?key=why_choose_usaa_banking_main&wa_ref=wcu_eligibility_main_tab_banking|title=USAA - Content not found|author=|date=|website=www.usaa.com}}</ref> are available to non-members.<ref>{{cite web|url=http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080804005287&newsLang=en|title=USAA Launches New Target Retirement Funds|author=|date=|website=www.businesswire.com}}</ref>
== Legal structure ==
One of the characteristics that allows USAA to operate differently than most other [[Fortune 500]] companies is that it is not a corporation. The United Services Automobile ''Association'' is an inter-insurance exchange, the establishment of which is provided for under the Texas Insurance Code.<ref>{{cite web|url=http://www.statutes.legis.state.tx.us/Docs/IN/pdf/IN.942.pdf|title=Texas Insurance Code, Section 942.|author=|date=|website=state.tx.us}}</ref> This insurance exchange is made up of current and former military officers and [[Non-commissioned officer|NCOs]] who have taken out P&C policies with USAA; thus they simultaneously are insured by each other and, as a group, own USAA's assets.
Normally, in the event of a catastrophe threatening the solvency of the exchange, each member could be held completely responsible for all the losses of all the other members. However, the Texas Insurance Code added a provision (Section 942.152) which stipulates that an inter-insurance exchange can, by agreement of the subscribers, limit member liability only to the premiums or premium deposits that the subscribers have paid to USAA.<ref>{{cite web|url=http://www.statutes.legis.state.tx.us/Docs/IN/htm/IN.942.htm#942.152|title=INSURANCE CODE CHAPTER 942. RECIPROCAL AND INTERINSURANCE EXCHANGES|author=|date=|website=www.statutes.legis.state.tx.us}}</ref>
Other insurance services are provided by a variety of wholly owned subsidiaries. Adult children of USAA members and U.S. military junior enlisted personnel make up a group known at USAA as "associate members" insured through a subsidiary called USAA-Casualty Insurance Company (USAA-CIC). USAA-CIC is not an insurance exchange but rather a Delaware Insurance Corporation. This is a subtle nuance but is important concerning the return of profits{{spaced ndash}}described below. Non-standard-risk drivers are insured by subsidiaries like USAA's County Mutual Insurance Company or USAA-General Indemnity Company. USAA also insures members in Europe through its subsidiary, USAA Limited.<ref>https://www.sec.gov/Archives/edgar/data/927820/000092782006000003/exhibit1-personscontroledby.txt</ref> It is uncommon for a U.S.-based insurance company to provide international P&C coverage, but USAA does so because so many military families are stationed out-of-country.
=== Returning profits to the insured ===
Since there are no shareholders, profits are retained for financial strength or returned to the members. Returns are accomplished through a Subscriber's Account, commonly known as a distribution. Each year a portion of USAA's profit is retained as "unassigned," the rest is allocated to each member's Subscriber's Account using a formula based on the amount of premium the member paid that year as well as the member's Subscriber's Account balance. The allocation of capital to a member's Subscriber's Account occurs early in the calendar year. Late in the calendar year a portion of the member's Subscriber's Account is distributed to the member via checks or electronic funds transfer. Members with more than 40 years of membership also receive a special yearly "senior bonus" distribution which amounts to 10% of the member's Subscriber's Account balance. The entirety of the Subscriber's Account belongs to the member, but is not completely distributed until approximately 6 months after the member no longer has a USAA P&C policy.<ref>{{cite web|title=USAA Subscriber's Account Brochure|url=https://content.usaa.com/mcontent/static_assets/Media/Subscriber_Acct_Distrib_Broch_Panels.pdf?cacheid=767819982_p|publisher=USAA|accessdate=8 August 2013}}</ref> In 2015, USAA returned $1.666 billion to its members.<ref>{{Cite web|url=https://www.usaa.com/inet/wc/reporttomembers_main_landing?akredirect=true#tab1|title=Welcome to USAA!|website=www.usaa.com|access-date=2016-05-06}}</ref>
Those not eligible to join USAA but who are eligible to purchase insurance from USAA's subsidiaries, such as USAA-CIC, may receive dividends as declared by USAA.<ref>{{cite web|title=USAA-CIC Nevada Declarations page|url=http://docs.nv.gov/doi/documents/home_policies/USAAForms/QR3CIC.pdf}}</ref>
== Leadership ==
Led by USAA Chairman of the Board Gen. Lester Lyles, USAF (Ret.), USAA’s Board of Directors named Stuart Parker CEO-elect in August 2014 to succeed former CEO Joe Robles after his retirement in February 2015. Parker became CEO in March 2015 and is a former USAF officer. He has been with USAA since 1998, serving in various leadership positions including Chief Operating Officer (COO) and CFO. Carl Liebert succeeded Parker as COO after serving as USAA Capital Corporation President. Carl Liebert is a former U.S. Navy officer, and joined the USAA management team in 2013.<ref>{{cite web|url=http://communities.usaa.com/t5/USAA-News/Stuart-Parker-Selected-to-be-USAA-s-Next-CEO-Carl-Liebert-to/ba-p/42122|title=USAA News|author=|date=|website=communities.usaa.com}}</ref>
USAA experienced much growth under its former CEO, retired Air Force [[Brigadier General]] [[Robert F. McDermott]]. The USAA building was constructed under his tenure and McDermott was behind USAA's shift from service-by-mail to service-by-phone.<ref>[http://sanantonio.bizjournals.com/sanantonio/stories/2006/08/28/daily5.html "Former USAA CEO McDermott dies at 86". ''San Antonio Business Journal'', August 28, 2006], retrieved September 18, 2008</ref> He was succeeded as CEO by retired Air Force General [[Robert T. Herres|Robert Herres]].<ref>[http://www.mysanantonio.com/obituaries/Former_USAA_Chairman_Herres_dies.html "Herres, former CEO of USAA and space program leader, dies at 75", ''San Antonio Express-News'', July 25, 2008]{{dead link|date=May 2011}}, retrieved September 18, 2008</ref> It was under Herres that USAA expanded its services to enlisted members of the military and developed [[Internet]] based financial services.<ref>[http://www.mysanantonio.com/business/columnists/David_Hendricks_Herres_took_action_to_strengthen_USAA.html Hendricks, David; "Herres took action to strengthen USAA", ''San Antonio Express-News'', July 25, 2008]{{dead link|date=May 2011}}, retrieved September 18, 2008</ref> Following General Herres as CEO was Robert G. Davis, a former Army officer<ref>[https://web.archive.org/web/20020106121020/http://www.collision-insight.com/news/20011214-usaa.htm USAA CEO Robert G. Davis Named Chairman-Elect, ''Collision Repair Industry Insight'', December 14, 2000], retrieved December 25, 2008</ref> who came to USAA with experience in a variety of financial services companies. Davis is said to have changed the culture at USAA; during his time at USAA, membership, assets and net worth grew significantly, and customer satisfaction declined precipitously.
His tenure, however, was not without controversy. Davis oversaw USAA's first layoffs and by some reports had a confrontational style of leadership. Davis had indicated to USAA employees that he intended to continue to lead USAA until 2010, however, he retired in December 2007.<ref>[http://www.mysanantonio.com/news/MYSA121607_01A_usaa_297e28b_html10503.html Poling, Travis E. and Jefferson, Greg; "For better or worse, Davis shook USAA up", ''San Antonio Express-News'', Dec. 16, 2007]{{dead link|date=May 2011}}, retrieved December 25, 2008</ref> The nature of his retirement seems to have been precipitous, as USAA CEO Josue Robles has stated that upon assuming the role of CEO, "I thought I was just going to be a temporary CEO and (the board) said, 'Guess what? The permanent CEO is you'."<ref>[http://www.mysanantonio.com/news/MYSA062208_01A_USAARobles_3f11179_html15061.html Poling, Travis E.; "USAA's Robles has 'military heart, business mind'", ''San Antonio Express-News'', June 22, 2008], retrieved December 25, 2008 {{webarchive |url=https://web.archive.org/web/20101120080709/http://www.mysanantonio.com/news/MYSA062208_01A_USAARobles_3f11179_html15061.html |date=November 20, 2010 }}</ref>
On Glassdoor.com, claims adjusters reported satisfaction at 3.5 on a scale of 1-5.<ref>{{Cite web|url=https://www.glassdoor.com/Reviews/USAA-Claims-Adjuster-Reviews-EI_IE3033.0,4_KO5,20.htm|title=USAA Claims Adjuster Reviews|website=Glassdoor|language=en|access-date=2017-07-23}}</ref>
== Miscellaneous information ==
USAA employs more than 32,000 people at its offices throughout the world.<ref>{{Cite web|url=https://www.usaa.com/inet/wc/reporttomembers_main_landing#tab1|title=USAA 2015 Report to Members {{!}} USAA|website=www.usaa.com|access-date=2016-05-03}}</ref>
[[File:USAA Office in Colorado Springs by David Shankbone.jpg|right|thumb|USAA's [[Colorado Springs, Colorado|Colorado Springs]] location]]
Besides its headquarters in San Antonio, USAA has a second major office in [[Phoenix, Arizona]], and other operations in [[Colorado Springs, Colorado]]; [[Chesapeake, Virginia]]; [[Tampa, Florida]]; [[Highland Falls, New York]]; [[London, England]]; [[Frankfurt, Germany]];<ref>{{cite web|url=https://www.usaa.com/inet/pages/about_usaa_corporate_overview_locations?akredirect=true|title=USAA Locations|author=|date=|website=www.usaa.com}}</ref> and [[Plano, Texas]].<ref>{{Cite web|url=http://www.bizjournals.com/dallas/news/2013/09/04/usaa-to-expand-plano-it-operations.html|title=USAA to expand Plano IT operations, create 680 jobs – Dallas Business Journal|website=Dallas Business Journal|access-date=2016-04-02}}</ref>
== See also ==
{{Portal|Business|Texas}}
* [[Comparison of online brokerages]]
* [[List of United States insurance companies]]
== References ==
<!-- This article uses [[Wikipedia:Footnotes]]. Please use this format in the article text when inserting references. Any external link inserted directly into this section will be swiftly deleted. -->
{{Reflist|30em}}
== External links ==
* {{Official website}}
{{San Antonio}}
{{50 largest US banks}}
[[Category:Banks based in Texas]]
[[Category:Banks established in 1983]]
[[Category:Companies based in San Antonio]]
[[Category:Financial services companies established in 1922]]
[[Category:Financial services companies of the United States]]
[[Category:Insurance companies based in Texas]]
[[Category:Life insurance companies]]
[[Category:Mutual fund families]]
[[Category:Online brokerages]]
[[Category:Privately held companies in the United States]]
[[Category:1922 establishments in Texas]]
{{Infobox company
| name = United Services Automobile Association
| native_name = United Services Automobile Association
| native_name_lang =
| logo = [[File:USAA logo.svg|150px]]
| type = [[Reciprocal inter-insurance exchange|Reciprocal]]
| area_served = Worldwide
| key_people = [[General]] [[Lester Lyles]], USAF (Ret.) <small>([[Chairman]])</small><br />Capt Stuart Parker, USAF (Ret.)<small> {{small|(CEO)}}
| industry = [[Insurance]], [[Banking]], [[Financial Services]]
| products = [[Insurance]], [[Banking]], [[Investments]], [[Retirement]], [[Financial Planning]], [[Brokerage]]
| revenue = {{increase}}[[United States dollar|USD]] 30.016 billion (2017)<ref name=2017ReporttoMembers>{{cite web|url=https://usaareporttomembers.com/reports/2017%20Report%20to%20Members.pdf | work=USAA | title=2017 USAA Report to Members}}</ref>
| net_income = {{increase}}[[United States dollar|USD]] 2.422 billion (2017)<ref name="2017ReporttoMembers" />
| aum = {{increase}}[[United States dollar|USD]] 128 billion (2015)<ref name=2015ReporttoMembers>{{cite news|url=https://www.usaa.com/inet/wc/reporttomembers_main_landing?akredirect=true#tab1 | work=USAA | title=2015 USAA Report to Members}}</ref>
| assets = {{increase}} [[United States dollar|USD]] 155.391 billion (2017)<ref name="2017ReporttoMembers" />
| equity = {{increase}} [[United States dollar|USD]] 30.6 billion (2017)<ref name="2017ReporttoMembers" />
| members = {{increase}} 12.4 million (2017)<ref name="2017ReporttoMembers" />
| num_employees = {{increase}} 32,896 (2017)<ref name=2017BestPlacetoWork>{{cite news| url=http://fortune.com/best-companies/usaa/ | work=Fortune |
title=2017 Fortune Best Places to Work}}</ref>
| ratio = 13.27%
| rating = [[A.M. Best Company]] A++ (Superior, highest of 16 possible ratings)<br />
[[Moody's]] Investors Service Aaa (Exceptional, highest of 21 possible ratings)<br />
[[Standard & Poor's]] AA+ (Very Strong, second highest of 21 possible ratings)
| homepage = {{URL|www.usaa.com}}
| foundation = {{Start date and age|1922|6|20}}
| location = [[San Antonio]], [[Texas]]<br />[[United States]]
| locations = 4 financial centers <ref>{{cite news| url=https://www.usaa.com/inet/pages/usaa_financial_center#cartwheel-mapsection | work=USAA | title=Our Financial Centers}}</ref>
}}
The '''United Services Automobile Association''' ('''USAA''') is a [[Texas]]-based [[Fortune 500]] diversified [[financial services]] group of companies including a [[Texas Department of Insurance]]-regulated [[reciprocal inter-insurance exchange]] and subsidiaries offering banking, investing, and insurance to people and families who serve, or served, in the [[military of the United States|United States military]].<ref>{{cite news| url=http://money.cnn.com/magazines/fortune/fortune500/2010/full_list/101_200.html | work=CNN | title=Fortune 500 2010: Fortune 500 Companies 101-200}}</ref><ref>{{cite web|url=https://www.usaa.com/inet/pages/newsroom_factsheets_main|title=Operating Companies - USAA|author=|date=|website=www.usaa.com}}</ref><ref>{{Cite web|url=http://www.tdi.texas.gov/dtSearch/dtisapi6.dll?cmd=getdoc&DocId=2120514&Index=D%253a%255ccatalogs%255cwww%255cstaging%255cindex%255call&HitCount=106&hits=44+4b+d1+ed+10e+133+14b+15a+219+25c+37e+3ac+494+4b8+4d0+50c+58c+595+5f3+62e+679+67e+6db+719+75a+780+7b5+7ef+820+842+848+878+8b1+8ef+8fe+914+93a+954+9e2+cf3+d61+f57+f7c+f94+fd2+104a+1057+1080+10f6+1147+119d+11e5+11e9+1251+1285+12ca+12f3+1300+1346+1396+13ba+13f8+1438+1471+14c8+1537+155b+1570+1587+160b+1640+167d+168c+169a+16bb+16d0+1784+17fc+187c+1886+18a0+18b0+18b2+18ce+190d+1911+194c+1a71+1a7b+1a95+1aa5+1aa7+1ac3+1aed+1b54+1bab+1bc0+1bd8+1bfb+1c04+1c13+1c2d+1c2f+1c75+1d42+1d46+&SearchForm=%252fsearch%252ftdisearchform%252ehtml|title=dtSearch Engine Unable to Process Request|website=www.tdi.texas.gov|access-date=2016-05-06}}{{dead link|date=July 2018 |bot=InternetArchiveBot |fix-attempted=no }}</ref> At the end of 2017, there were 12.4 million members.<ref name="2017ReporttoMembers" />
USAA was founded in 1922 in [[San Antonio, Texas]], by a group of 25 U.S. Army officers as a mechanism for mutual [[self-insurance]] when they were unable to secure auto insurance because of the perception that they, as military officers, were a high-risk group.<ref name="overview">{{cite web |url=https://www.usaa.com/inet/wc/about_usaa_corporate_overview_main |title=Corporate Overview |publisher=USAA |accessdate=July 22, 2017}}</ref><ref name="dis">{{cite book |last=Spechler |first=Jay W. |year=1996 |title=Reasonable Accommodation: Profitable Compliance With the Americans With Disabilities Act |isbn=1-884015-94-8 }}, p. 229.</ref>
USAA has since expanded to offer banking and insurance services to past and present members of the Armed Forces, officers and enlisted, and their immediate families.
== History ==
The organization was originally called the '''United States Army Automobile Association'''. In 1924, the name was changed to '''United Services Automobile Association''', when commissioned officers of other U.S. military services became eligible for membership. The company opened offices in [[Frankfurt, Germany|Frankfurt]], [[Germany]], and [[London, England|London]], [[England]], early in its history. The company was formed based on a meeting of twenty-five United States Army Officers on June 20, 1922 at the [[Gunter Hotel]] to discuss the procurement of reliable and economical auto insurance.
USAA is headquartered in northwest [[San Antonio, Texas]], occupying {{convert|286|acres}} (a former horse farm).<ref>[http://www.mysanantonio.com/news/local_news/Speaker-to-be_has_deep_Republican_roots.html] {{webarchive |url=https://web.archive.org/web/20100701074629/http://www.mysanantonio.com/news/local_news/Speaker-to-be_has_deep_Republican_roots.html |date=July 1, 2010 }}</ref><ref name="goliath">{{Cite news |title=The ultimate niche: USAA's commitment to serving only people connected to the military, and its unusual structure and sales strategy, set it apart from the rest of the insurance industry. |date=November 1, 2002 |periodical=[[Goliath Business News]] |url=http://goliath.ecnext.com/coms2/summary_0199-2199998_ITM |last=Chordas |first=Lori |accessdate=2008-02-08 |archive-url=https://web.archive.org/web/20110615104241/http://goliath.ecnext.com/coms2/gi_0199-2199998/The-ultimate-niche-USAA-s.html|archive-date=June 15, 2011 }}</ref>
USAA is a pioneer of the concept of [[direct marketing]]; most of its business is conducted over the Internet or telephone using employees instead of agents. Until the 1960s the bulk of its business was conducted via mail. In the late 1960s, USAA began a transition from mail to phone-based sales and service. A toll-free number was launched in 1978, and Internet sales and service were launched in 1999 via its website.
The organization started offering [[Home insurance|homeowner's]] and [[life insurance]] in the 1960s, and [[broker]]age and investment management services in the 1970s, and [[bank]]ing services in the 1980s.
USAA offered restricted membership to civilians between September 2009 and August 2013. This membership provided access to USAA’s investment products, most bank deposit products, and life insurance. Auto and property insurance policies were not included for non-military members due to eligibility restrictions.<ref>[http://www.budgetsaresexy.com/2009/09/usaa-now-open-to-non-military-folk/] retrieved September 12, 2014</ref>
== Lines of business ==
=== Property, casualty, and life insurance ===
USAA offers a range of [[personal property and casualty]] (P&C) insurance, including [[automobile insurance]], [[homeowner insurance]], [[renters' insurance]], as well as [[Umbrella insurance|umbrella]] and [[Property insurance|personal property insurance]]. In addition to P&C insurance, USAA provides [[whole life insurance]], [[term life insurance]], and [[Annuity (financial contracts)|annuities]]. USAA's life insurance policies, while not completely unique in the industry, are different from most offerings since they do not include a war-exclusion clause.<ref>[http://www.investopedia.com/terms/w/war-exclusion-clause.asp Investopedia, ''War Exclusion Clause Definition'']</ref>
=== Banking ===
[[Banking]] services are provided by USAA [[Federal savings associations|Federal Savings Bank]]. The bank was established on December 30, 1983. According to USAA's 2015 Annual Report to Members, USAA held over $62.549 billion in deposits with more than 6.3 million accounts.
USAA Federal Savings Bank's bank lobby located in San Antonio is its only full-service banking location. Other cities, however, hold financial centers, often near military bases, which provide advice and assistance in obtaining services of any kind offered by USAA, in addition to opening those accounts online.
Banking services can be accessed in person, by mail, by phone, or through the internet. USAA Federal Savings Bank provides members with the ability to deposit checks to their accounts using mobile applications on the [[Apple Inc.|Apple]] [[iPhone]] and [[iPad]], mobile devices with Google's [[Android (operating system)|Android]] operating system, and Microsoft's [[Windows Phone]].<ref>[https://www.nytimes.com/2009/08/10/technology/10check.html?hpw USAA Bank Will Let Customers Deposit Checks by iPhone, New York Times, August 9, 2009] retrieved August 25, 2009</ref>
Major banking competitors include [[Bank of America]]-Military Bank, [[Pentagon Federal Credit Union]], and [[Navy Federal Credit Union]].<ref>[http://www.stripes.com/article.asp?section=104&article=27036&archive=true Choosing the right ATM in Germany a high-stakes decision, Stars and Stripes, March 23, 2005] retrieved September 24, 2008</ref>
=== Investing and financial planning ===
USAA provides brokerage services and no-load [[mutual fund]]s. Mutual funds established by other companies and can be purchased as well as held by USAA investment accounts (or IMCO).
== Target market ==
USAA's mission statement indicates its focus to serve its [[niche market]], which consists of members of the U.S. military and their immediate families. To that end, the association has always marketed directly to members of the U.S. military. USAA membership is offered to officers and enlisted personnel, including those on active duty, those in the National Guard and Reserve, Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS) and all those who have served in the aforementioned categories and who have retired or have been discharged honorably.<ref name="armytimeselig">"[http://www.armytimes.com/news/2008/08/military_usaamembership_080908w/ USAA expanding its membership base, Army Times], Retrieved August 10, 2008"</ref><ref name="usaaexpandselig">"[https://www.usaa.com/inet/ent_blogs/Blogs?action=blogpost&blogkey=newsroom&postkey=now_serving_all_who_have&order=1,7000&offerName=pubHome_Bnr_1_110509_VetExpansion09 USAA page on expanded eligility] {{Webarchive|url=https://web.archive.org/web/20120418161403/https://www.usaa.com/inet/ent_blogs/Blogs?action=blogpost&blogkey=newsroom&postkey=now_serving_all_who_have&order=1,7000&offerName=pubHome_Bnr_1_110509_VetExpansion09 |date=2012-04-18 }} Retrieved November 5, 2009"</ref> Children of USAA members are also eligible to purchase USAA's P&C insurance products, and former members of USAA are allowed to resume membership at any time (without an age limit).
Eligibility can be determined using its website; however, the site does not contain a comprehensive statement of eligibility.<ref>{{cite web|url=http://www.usaa.com/|title=USAA / Welcome to USAA|author=|date=|website=www.usaa.com}}</ref> USAA has, in the past, published a list of other eligible persons including special agents of the [[FBI]] and [[United States Secret Service|Secret Service]], agents of the various military investigative services ([[Naval Criminal Investigative Service|NCIS]], [[Air Force Office of Special Investigations|OSI]], [[United States Army Counterintelligence|CI]] and [[United States Army Criminal Investigation Division|CID]]), [[U.S. Foreign Service]] Officers, and officers from a variety of other smaller agencies.<ref>{{cite web|url=https://web.archive.org/web/19991013091301/http://usaa.com/cp_eligibility.asp|title=USAA - Eligibility Requirements for the Association|author=|date=13 October 1999|website=archive.org}}</ref> Recently, USAA has been sharpening its focus on members of the military. So, people working for certain non-military agencies that were accommodated in the past may find that they are no longer eligible.<ref>[http://www.afsa.org/USAID/USAA/USAAissues.cfm Afsa.org] {{webarchive |url=https://web.archive.org/web/20120606194308/http://www.afsa.org/USAID/USAA/USAAissues.cfm |date=June 6, 2012 }}</ref>
Historically, only U.S. military officers (among certain other federally sworn officers) were eligible to join USAA, with descendants of USAA members able to purchase insurance from USAA-CIC. It did not matter if one was an active duty or retired officer; one could join at any time. In 1973, membership was opened to members of the National Guard and Reserves, and in 1996, eligibility was expanded to enlisted members of the armed services. As the number of persons who have served on active duty in an enlisted status in the U.S. Armed Forces is quite large, USAA chose to limit the establishment of eligibility to those who were currently on active duty or who had recently separated. The same time limit on establishment of eligibility was then applied to military officers. In 2008, USAA expanded membership eligibility to all military personnel and retirees, and all veterans who separated after 1996.<ref name="armytimeselig" /> In November 2009, USAA expanded eligibility requirements to offer coverage to anyone who has ever served honorably in the US Military.<ref name="usaaexpandselig" />
Auto and property insurance and some banking services require that the customer meet membership eligibility criteria. USAA investment products<ref>{{cite web|url=https://www.usaa.com/inet/ent_utils/McStaticPages?key=why_choose_usaa_investments_main&wa_ref=wcu_insurance_main_tab_investments|title=USAA - Content not found|author=|date=|website=www.usaa.com}}</ref> as well as deposit-only banking services<ref>{{cite web|url=https://www.usaa.com/inet/ent_utils/McStaticPages?key=why_choose_usaa_banking_main&wa_ref=wcu_eligibility_main_tab_banking|title=USAA - Content not found|author=|date=|website=www.usaa.com}}</ref> are available to non-members.<ref>{{cite web|url=http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080804005287&newsLang=en|title=USAA Launches New Target Retirement Funds|author=|date=|website=www.businesswire.com}}</ref>
== Legal structure ==
One of the characteristics that allows USAA to operate differently than most other [[Fortune 500]] companies is that it is not a corporation. The United Services Automobile ''Association'' is an inter-insurance exchange, the establishment of which is provided for under the Texas Insurance Code.<ref>{{cite web|url=http://www.statutes.legis.state.tx.us/Docs/IN/pdf/IN.942.pdf|title=Texas Insurance Code, Section 942.|author=|date=|website=state.tx.us}}</ref> This insurance exchange is made up of current and former military officers and [[Non-commissioned officer|NCOs]] who have taken out P&C policies with USAA; thus they simultaneously are insured by each other and, as a group, own USAA's assets.
Normally, in the event of a catastrophe threatening the solvency of the exchange, each member could be held completely responsible for all the losses of all the other members. However, the Texas Insurance Code added a provision (Section 942.152) which stipulates that an inter-insurance exchange can, by agreement of the subscribers, limit member liability only to the premiums or premium deposits that the subscribers have paid to USAA.<ref>{{cite web|url=http://www.statutes.legis.state.tx.us/Docs/IN/htm/IN.942.htm#942.152|title=INSURANCE CODE CHAPTER 942. RECIPROCAL AND INTERINSURANCE EXCHANGES|author=|date=|website=www.statutes.legis.state.tx.us}}</ref>
Other insurance services are provided by a variety of wholly owned subsidiaries. Adult children of USAA members and U.S. military junior enlisted personnel make up a group known at USAA as "associate members" insured through a subsidiary called USAA-Casualty Insurance Company (USAA-CIC). USAA-CIC is not an insurance exchange but rather a Delaware Insurance Corporation. This is a subtle nuance but is important concerning the return of profits{{spaced ndash}}described below. Non-standard-risk drivers are insured by subsidiaries like USAA's County Mutual Insurance Company or USAA-General Indemnity Company. USAA also insures members in Europe through its subsidiary, USAA Limited.<ref>https://www.sec.gov/Archives/edgar/data/927820/000092782006000003/exhibit1-personscontroledby.txt</ref> It is uncommon for a U.S.-based insurance company to provide international P&C coverage, but USAA does so because so many military families are stationed out-of-country.
=== Returning profits to the insured ===
Since there are no shareholders, profits are retained for financial strength or returned to the members. Returns are accomplished through a Subscriber's Account, commonly known as a distribution. Each year a portion of USAA's profit is retained as "unassigned," the rest is allocated to each member's Subscriber's Account using a formula based on the amount of premium the member paid that year as well as the member's Subscriber's Account balance. The allocation of capital to a member's Subscriber's Account occurs early in the calendar year. Late in the calendar year a portion of the member's Subscriber's Account is distributed to the member via checks or electronic funds transfer. Members with more than 40 years of membership also receive a special yearly "senior bonus" distribution which amounts to 10% of the member's Subscriber's Account balance. The entirety of the Subscriber's Account belongs to the member, but is not completely distributed until approximately 6 months after the member no longer has a USAA P&C policy.<ref>{{cite web|title=USAA Subscriber's Account Brochure|url=https://content.usaa.com/mcontent/static_assets/Media/Subscriber_Acct_Distrib_Broch_Panels.pdf?cacheid=767819982_p|publisher=USAA|accessdate=8 August 2013}}</ref> In 2015, USAA returned $1.666 billion to its members.<ref>{{Cite web|url=https://www.usaa.com/inet/wc/reporttomembers_main_landing?akredirect=true#tab1|title=Welcome to USAA!|website=www.usaa.com|access-date=2016-05-06}}</ref>
Those not eligible to join USAA but who are eligible to purchase insurance from USAA's subsidiaries, such as USAA-CIC, may receive dividends as declared by USAA.<ref>{{cite web|title=USAA-CIC Nevada Declarations page|url=http://docs.nv.gov/doi/documents/home_policies/USAAForms/QR3CIC.pdf}}</ref>
== Leadership ==
Led by USAA Chairman of the Board Gen. Lester Lyles, USAF (Ret.), USAA’s Board of Directors named Stuart Parker CEO-elect in August 2014 to succeed former CEO Joe Robles after his retirement in February 2015. Parker became CEO in March 2015 and is a former USAF officer. He has been with USAA since 1998, serving in various leadership positions including Chief Operating Officer (COO) and CFO. Carl Liebert succeeded Parker as COO after serving as USAA Capital Corporation President. Carl Liebert is a former U.S. Navy officer, and joined the USAA management team in 2013.<ref>{{cite web|url=http://communities.usaa.com/t5/USAA-News/Stuart-Parker-Selected-to-be-USAA-s-Next-CEO-Carl-Liebert-to/ba-p/42122|title=USAA News|author=|date=|website=communities.usaa.com}}</ref>
USAA experienced much growth under its former CEO, retired Air Force [[Brigadier General]] [[Robert F. McDermott]]. The USAA building was constructed under his tenure and McDermott was behind USAA's shift from service-by-mail to service-by-phone.<ref>[http://sanantonio.bizjournals.com/sanantonio/stories/2006/08/28/daily5.html "Former USAA CEO McDermott dies at 86". ''San Antonio Business Journal'', August 28, 2006], retrieved September 18, 2008</ref> He was succeeded as CEO by retired Air Force General [[Robert T. Herres|Robert Herres]].<ref>[http://www.mysanantonio.com/obituaries/Former_USAA_Chairman_Herres_dies.html "Herres, former CEO of USAA and space program leader, dies at 75", ''San Antonio Express-News'', July 25, 2008]{{dead link|date=May 2011}}, retrieved September 18, 2008</ref> It was under Herres that USAA expanded its services to enlisted members of the military and developed [[Internet]] based financial services.<ref>[http://www.mysanantonio.com/business/columnists/David_Hendricks_Herres_took_action_to_strengthen_USAA.html Hendricks, David; "Herres took action to strengthen USAA", ''San Antonio Express-News'', July 25, 2008]{{dead link|date=May 2011}}, retrieved September 18, 2008</ref> Following General Herres as CEO was Robert G. Davis, a former Army officer<ref>[https://web.archive.org/web/20020106121020/http://www.collision-insight.com/news/20011214-usaa.htm USAA CEO Robert G. Davis Named Chairman-Elect, ''Collision Repair Industry Insight'', December 14, 2000], retrieved December 25, 2008</ref> who came to USAA with experience in a variety of financial services companies. Davis is said to have changed the culture at USAA; during his time at USAA, membership, assets and net worth grew significantly, and customer satisfaction declined precipitously.
His tenure, however, was not without controversy. Davis oversaw USAA's first layoffs and by some reports had a confrontational style of leadership. Davis had indicated to USAA employees that he intended to continue to lead USAA until 2010, however, he retired in December 2007.<ref>[http://www.mysanantonio.com/news/MYSA121607_01A_usaa_297e28b_html10503.html Poling, Travis E. and Jefferson, Greg; "For better or worse, Davis shook USAA up", ''San Antonio Express-News'', Dec. 16, 2007]{{dead link|date=May 2011}}, retrieved December 25, 2008</ref> The nature of his retirement seems to have been precipitous, as USAA CEO Josue Robles has stated that upon assuming the role of CEO, "I thought I was just going to be a temporary CEO and (the board) said, 'Guess what? The permanent CEO is you'."<ref>[http://www.mysanantonio.com/news/MYSA062208_01A_USAARobles_3f11179_html15061.html Poling, Travis E.; "USAA's Robles has 'military heart, business mind'", ''San Antonio Express-News'', June 22, 2008], retrieved December 25, 2008 {{webarchive |url=https://web.archive.org/web/20101120080709/http://www.mysanantonio.com/news/MYSA062208_01A_USAARobles_3f11179_html15061.html |date=November 20, 2010 }}</ref>
On Glassdoor.com, claims adjusters reported satisfaction at 3.5 on a scale of 1-5.<ref>{{Cite web|url=https://www.glassdoor.com/Reviews/USAA-Claims-Adjuster-Reviews-EI_IE3033.0,4_KO5,20.htm|title=USAA Claims Adjuster Reviews|website=Glassdoor|language=en|access-date=2017-07-23}}</ref>
== Miscellaneous information ==
USAA employs more than 32,000 people at its offices throughout the world.<ref>{{Cite web|url=https://www.usaa.com/inet/wc/reporttomembers_main_landing#tab1|title=USAA 2015 Report to Members {{!}} USAA|website=www.usaa.com|access-date=2016-05-03}}</ref>
[[File:USAA Office in Colorado Springs by David Shankbone.jpg|right|thumb|USAA's [[Colorado Springs, Colorado|Colorado Springs]] location]]
Besides its headquarters in San Antonio, USAA has a second major office in [[Phoenix, Arizona]], and other operations in [[Colorado Springs, Colorado]]; [[Chesapeake, Virginia]]; [[Tampa, Florida]]; [[Highland Falls, New York]]; [[London, England]]; [[Frankfurt, Germany]];<ref>{{cite web|url=https://www.usaa.com/inet/pages/about_usaa_corporate_overview_locations?akredirect=true|title=USAA Locations|author=|date=|website=www.usaa.com}}</ref> and [[Plano, Texas]].<ref>{{Cite web|url=http://www.bizjournals.com/dallas/news/2013/09/04/usaa-to-expand-plano-it-operations.html|title=USAA to expand Plano IT operations, create 680 jobs – Dallas Business Journal|website=Dallas Business Journal|access-date=2016-04-02}}</ref>
== See also ==
{{Portal|Business|Texas}}
* [[Comparison of online brokerages]]
* [[List of United States insurance companies]]
== References ==
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== External links ==
* {{Official website}}
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[[Category:Banks based in Texas]]
[[Category:Banks established in 1983]]
[[Category:Companies based in San Antonio]]
[[Category:Financial services companies established in 1922]]
[[Category:Financial services companies of the United States]]
[[Category:Insurance companies based in Texas]]
[[Category:Life insurance companies]]
[[Category:Mutual fund families]]
[[Category:Online brokerages]]
[[Category:Privately held companies in the United States]]
[[Category:1922 establishments in Texas]]
