United Services Automobile Association offers a list of products and services in various key areas. These are insurance, banking, investing, retirement planning, health insurance, and real estate. The company is a Fortune 500, Texas-based company founded in 1922.
Product/Service Description
Although USAA offers several lines of business they have three main areas they focus on in relation to insurance: casualty, property, and life insurance. Although they offer whole life insurance including annuities, they do not include with their policies, a war-exclusion clause. The banking aspect of USAA was established December 30th, 1983, with a current old over of $62.549 billion worth of deposits in over 6.3 million accounts, giving the company the title of 28th biggest bank in the world. (USAA)
Target Market
In terms of target market, the company aims to serve U.S. military members as well as their immediate relatives. Therefore, their marketing efforts lay in reaching out to U.S. military members. Historically the company only let U.S. military officers apply for their products and services. However, things changed after 1973 when membership became available to those from the U.S. Reserves and National Guard. The eligibility requirements continued to change with 2009 heralding an
Military that ever served honorably.
Major Competitors
Because USAA provides banking and insurance services, major banking competitors for USAA are the Navy Federal Credit Union, Bank of America-Military Bank, and the Pentagon Federal Credit Union. Insurance competitors are State Farm Group, Allstate Insurance Group, and Liberty Mutual.
USP
The USP or Unique Selling Proposition for USAA Insurance must focus on their ability to cover the insurance needs of U.S. military members. Therefore, USAA's USP is: "There is no other insurance company like USAA Insurance. This company offers coverage like no other. The website is full of various insurance options that will suit the needs of any person looking for coverage. From umbrella insurance, to life and flood insurance, USAA Insurance also offers additional insurance solutions for any particular needs."
Ad Claims
"Have you served the United States and need insurance? Get the coverage you need now at USAA."
"Don't believe the hype, most insurance companies aren't looking out for your best interests, but we can at USAA."
"USAA gives military service members complete and comprehensive options for insurance."
"Why go somewhere that isn't tailored to serve those in the military?"
"What are you waiting for, USAA has got you covered."
Works Cited
USAA,. "USAA / Welcome To…
