GEICO

GEICO is a personal lines auto insurance company based in the United States. GEICO stands for Government Employees Insurance COmpany. Despite the name, it was never a government agency but rather a private firm originally founded by Leo and Lillian Goodwin to market auto insurance directly to federal government employees and their families. GEICO was based on the assumption that such persons would constitute a more financially stable and less risky pool of potential insureds than the general public. After real-time access to computerized driving records became available in the 1970s throughout the United States, GEICO gradually began to insure the general public as well.

Related Topics:
Personal lines - Auto insurance - United States

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GEICO is well known by name in America, not only because of their humorous television ads, but also the sheer volume of them. This is because the company generally prefers to deal directly with consumers via the telephone and the Internet, freeing up capital that would otherwise be spent on employing insurance agents in the field. GEICO does, however, market their products through a small number of field agents, most of which are based near military bases. These agents are known as GFRs (Geico Field Representatives).

Related Topics:
Consumer - Telephone - Internet

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GEICO is a wholly-owned subsidiary of Berkshire Hathaway and currently provides coverage for 10 million vehicles owned by 6 million policyholders.

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