Before you sign up with Geico Home Insurance, shouldn’t it be a must for you to know what kind of company they are? Just like in dating, when we get to know someone on a deeper more intimate level, we tend to be more trusting towards them. Geico is a company that with a history that has been dubbed as “An American Success Story”. The company has been known to be built on ingenuity, perseverance, innovation, resilience, and hard honest work. The great thing about this company is that they started with humble beginnings during the peak of the Great Depression, through the years, the company has proven itself and became one of the most successful companies in the nation. This is exactly the reason why Geico is said to be an American Success story.
We can say that Geico was a product of love because the founders were Leo and Lillian Goodwin. The two were husband and wife. They founded the Geico company in the year 1936. They were doing good, but still they needed to expand their company and that was only possible in the year 1948 when Lorimer Davidson who was an investment banker, decided to join the company and expand it’s pool of investors. It cannot be denied that Davidson had been a great help to the growth of the company. In 1951, Columbia University business student Warren Buffett made his first purchase of Geico stock. You may be familiar with Warren Buffett as the successful billionaire through stock exchange. However, in 1951, Leo Goodwin decided to retire and leave his company in the hands of Lorimer Davidson. Under his supervision, the company was able to open its first headquarters at Chevy Chase, MD.
Davidson took the company to new heights with his extensive knowledge when it came to finances. It was in the year 1964, that the Geico company passed the one million policies in force or they call this as the PIF mark. It was a great year for the company. In 1965 to 1966, Geico Insurance premiums managed to reach one hundred and fifty million dollars. The net earning of the company double to thirteen million dollars. The following years Geico carried on until the year 1980, where it introduced to the country their 24/7/365 telephone customer service. It means that their customer service was available for everyone 24 hours a day, 7 days a week, and 365 days in a year. I am not sure of the exact date when Davidson stepped down as the CEO of the company, but it was on 1993 when the new chairman named Olza “Tony” Nicely implemented a new strategy that was aimed to expand the customer base. The company now also focused on advertising results in a high national visibility.
Remember Warren Buffett? In the year 1996, his name came up again in Geico when he purchased the outstanding Geico stock which somehow made Geico a subsidiary of Bershire Hathaway Inc. As I said in the paragraph before, the company focused on advertising in the year 1993 so it was in the year 1999 where the company mascot of a Gecko made it’s debut in a wildly popular Geico campaign.
Somehow the advertisements really did good for the company that in 2002 Geico was able to pass it’s five million PIF mark. In the year 2004, Geico Caveman entered the scene with this slogan: “So easy a Caveman can do it” ad campaign. All that advertisements must have done very well because when the year 2007 rolled in, Geico was able to pass their eight million PIF mark, but it’s even more surprising that just two years after that, Geico passed their nine million PIF mark, and they were also able to open businesses in Massachusetts. This move made Geico coverage and services available in all the 50 states of the country and this included the District of Columbia.
In the year 2010, Geico was able to pass their ten million PIF mark. If you noticed, the spacing between Geico passing their PIF mark has reduced. Geico became the first insurance company that allowed customers to purchase a policy in a mobile friendly format via an iPhone or even Android mobile devices. In the year 2012, Geico passes their eleven million PIF mark, and this was closely followed by passing their twelve million PIF mark in 2013. In this year, they have also been insuring more than twenty million vehicles. When 2014 rolled in, the statistics just seemed to be getting better and better for Geico. They passes their thirteen million PIF mark and are now insuring more than 22 million vehicles. Today, Geico’s assests have reached 32 billion US Dollars! That is just amazing! It seems like this company will just continue to grow and grow as years go by! Be a part of this growth! Sign up with Geico!
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