02-27-2014 03:32 PM
By Joe Robles,
President and CEO of USAA
When FORTUNE® magazine informed us that USAA made its coveted list of the World’s Most Admired Companies, the first thing I thought was: “We need to let the real winners know.”
Sure, it’s USAA’s name on this prestigious list, ranking third among 17 property and casualty insurance companies eligible for the list. And it is industry peers – executives, directors and analysts – who rate the companies on nine criteria ranging from quality of products and services to financial soundness. But I think I know why USAA is well regarded by those in our industry, and it has everything to do with the people we serve and the employees who serve them.
Nearly 92 years ago, 25 Army officers gathered to insure one another when no other company was willing to take a chance on their “risky” military lifestyles. Turns out those companies badly miscalculated. Military families have all the best qualities you could ever want in a customer. They live their lives according to a few core military values like service, loyalty, honesty and integrity.
In practical terms, what this means is our members meet their obligations. They pay their bills. They look out for their families. They think about the future. And they stay loyal to companies who are loyal to them. In fact, an amazing 98% of USAA members have stayed with us year after year.1 And many pass along the legacy of USAA membership generation after generation.
Today, more than 10 million members are part of the USAA family. Because USAA is only as strong as our membership, each of them should have his or her name added to this distinction.
And make room for about 26,000 additional honorees. USAA employees are a reflection of our membership. They’re mission-oriented, caring and they know more than a little something about the daily challenges of military families. More than one in five employees has worn our nation’s uniform or is a spouse of a veteran or active-duty service member. Some are serving in the reserves even as they come to work at USAA every day. Many more are fathers and mothers, brothers and sisters or other family members of military service members.
Ask most any USAA employee, and he or she can recite our mission to help facilitate the financial security of military families by providing a full range of financial services and products. But it’s our employees’ heart for military families that is evident when you watch them in action – on the scene, helping a member take the first steps to rebuild from the rubble of a devastating tornado. Or on the phone, compassionately helping a recent widow unravel financial paperwork.
Our employees are as loyal as our members. Nearly one in 10 has been with USAA for 25 years or more – dedication nearly unheard of in a job-hopping world.
We’re gratified to be on the FORTUNE World’s Most Admired Companies list. But let’s be sure to direct the admiration to those most deserving of it.
Joe Robles is President and CEO of USAA, a full-service financial organization serving more than 10 million members.
198% based on member data from 2008-12.
Use of the term “member” or “membership” does not convey any eligibility rights for auto and property insurance products, or legal or ownership rights in USAA. Ownership rights are limited to eligible policyholders of United Services Automobile Association. “Honorably served” means a discharge type of “honorable.” Membership and product eligibility and underwriting restrictions apply and are subject to change. Eligible former dependents of USAA members may purchase auto or property insurance if the member obtained USAA auto or property insurance.
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