Mission Vision Values Geico

Topics: Warren Buffett, Insurance, Berkshire Hathaway Pages: 3 (735 words) Published: September 2, 2012
Mission, Vision, and Values: Geico
EvaLynn H Green
August 6, 2012
Brian Dufrene
Mission, Vision, and Values

Government Employees Insurance Company (Geico), was founded by Leo and Lillian Goodwin in the mid-1930s, during the pinnacle of the great depression. The organization was originally focused on selling its insurance coverage to the United States government employees and military personnel. The Goodwin’s actively marketed Geico and after a year they wrote approximately 3,700 insurance policies and had 12 employees. During the 1960s Geico’s growth was exceptionally success with ten million policyholders. Geico’s insurance premiums extended to $150 billion. Geico’s net earnings were $13 million and the company opened offices that offered sales, services, and claims handling. At the beginning of the 1970s Geico’s good fortune was taking a turn for the worse because of the death of the Goodwin’s. The loss caused Geico to lose revenues. In the1980s Geico’s underwriting actives helped the company to gain its momentum and reputation, it was at this time that Geico unveiled the 24-hour, seven days a week, and 365 days a year call center for sales, service, and claims department. The purpose of this was to provide customers with ‘A’ level customer service.

During this time billionaire Warren Buffet gained interest in the company. After a meeting with the Warren Buffet’s company Berkshire Hathaway purchased the remaining shares of stock and Geico became one of Berkshire Hathaway’s subsidiaries. Today Geico has more than 11 billion auto policyholders and more17 million automobiles. Geico has 12 major call centers throughout the United States, employees over 26,000 individuals and is ranked the third-largest auto insurer in the United States. Geico added a new president, Tony Nicely, who had the vision to expand their customer base, increase the advertising and marketing budget, to become more visibly to prospective customers....
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