Tag Archives: GEICO

GEICO on Major Hiring Spree

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Berkshire Hathaway’s GEICO is adding to its robust workforce in Indianapolis by hiring as many as 350 new associates as soon as possible in the fields of customer service, claims and sales.

“Just like Indianapolis, GEICO is thriving. We are thankful to be able to hire right now and grow our Indianapolis family. And, as a promote-from-within company, we’re dedicated to ensuring you advance your career,” Assistant Vice President Lona Montgomery said.

GEICO is also adding to its workforce in Macon, Georgia by hiring more than 500 new associates as soon as possible, mostly in Emergency Roadside Service (ERS) Representatives and Customer Service.

© 2021 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

GEICO Makes Insurance Acquisitions

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Berkshire Hathaway’s auto insurer, GEICO, has acquired Republic Group No. Two Company, a Missouri corporation formed in 1965.The transaction took place in January 2021.

GEICO acquired 100% of the voting shares of Republic Group No. Two Company and control of Southern County Mutual Insurance Co., a property and casualty insurer based in Dallas, Texas.

GEICO management has indicated its intention to reinsure Southern County 100% to an affiliate; however, the reinsurance agreement has not yet been put into effect.

© 2021 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is n

GEICO Making Hiring Push in Macon

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GEICO is adding to its robust workforce in Macon, Georgia, by adding 500 new associates by the end of the year.

There are immediate openings for Customer Service Representatives, Sales Representatives, Claims Service Representatives, Title Processing Specialists and Emergency Roadside Service Representatives with competitive salaries and GEICO’s Total Rewards benefits package, which includes health, dental and vision coverage, paid vacation and holidays, parental leave, continuing education and tuition reimbursement.

The Management Development Program is also seeking ambitious recent college graduates.

“There are more than 7,000 associates in our GEICO family here in Macon, and we are happy to see our family growing as we continue to go above and beyond to serve our customers,” Regional Vice President Frankie Silva said. “We are incredibly proud and fortunate to be able to offer career opportunities at a time when so many people are looking to get back on their feet.”

A member of the Berkshire Hathaway family of companies, GEICO is a stable company that was founded more than 80 years ago and has steadily risen to become the nation’s second-largest auto insurer. GEICO is a promote-from-within company that offers career growth, a supportive environment and many community engagement opportunities.

© 2020 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

GEICO On Hiring Spree

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GEICO is looking to fill hundreds of positions at 14 of its regional locations across the country.

The company has career opportunities available in Sales, Service, Claims and Information Technology at its offices in Buffalo, Chevy Chase, Dallas, Fredericksburg, Honolulu, Indianapolis, Kansas City, Lakeland, Macon, North Liberty, San Diego, Tucson, Virginia Beach and Woodbury.

Applications are currently being accepted online; potential candidates can apply by visiting the GEICO Careers homepage at geico.jobs.

With the vast majority of GEICO’s 41,000-associate population working from home, all interviewing, hiring, onboarding and training will be done virtually.

New hires will also work remotely until the company transitions associates back to offices.

© 2020 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

GEICO Extends Policy Cancellation Pause Through May 31

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With the economic effects of COVID-19 continuing to touch so many Americans, GEICO is extending its GEICO Giveback policy cancellation pause through May 31, 2020.

The company estimates the GEICO Giveback benefit to its customers will be approximately $2.5 billion.

On March 20, 2020, GEICO voluntarily announced it would pause policy cancellations due to non-payment and policy expiration through April 30, 2020. The company is extending the cancellation pause to further assist customers during this period of great uncertainty.

“As an insurer, we are used to being there for our customers at difficult times,” GEICO President and CEO Todd Combs said. “Our commitment to our customers is unwavering, and we are committed to supporting them through this unprecedented crisis.”

Earlier this month, GEICO announced it was providing a 15 percent credit to its private passenger auto, motorcycle and RV policyholders, where permitted. The GEICO Giveback is applied as policies come up for renewal between April 8 and Oct 7 (or April 8, 2020, and April 7, 2021, for 12-month policies). The credit also applies to new policies purchased through Oct. 7.

GEICO has also committed to offering maximum flexibility to policyholders who need special payment options and adjusting policies for customers driving less because of stay-at-home directives.

© 2020 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

GEICO Providing $2.5 Billion to Policyholders Through Policy Credits

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GEICO is providing a 15 percent credit to its auto and motorcycle customers as their policy comes up for renewal between April 8 and Oct 7. The credit will also apply to any new policies purchased during this period.

The credit is part of GEICO’s ongoing efforts to assist customers during the Coronavirus pandemic.

The average auto policy has a semi-annual premium of about $1,000 and generally covers more than one vehicle.

GEICO expects credits to average about $150 per auto policy and $30 per motorcycle policy. The company estimates the benefit to its 18 million auto and one million motorcycle customers will be approximately $2.5 billion.

Current customers can expect to see the discount when they renew. Customers do not need to take any action to receive this credit.

Shelter in place policies have reduced driving significantly. Vehicle accidents are down considerably, and although GEICO expects a return to near normal once the impacts of COVID-19 subside, GEICO remains committed to serving its customers’ changing needs in the best way it can.

“This ongoing crisis has widespread effects that will linger. That is why we wanted to give this credit for at least six months,” said GEICO President and CEO Todd Combs. “Our customers have been loyal, and we are committed to doing all we can to help them.”

Last month, GEICO announced it was pausing cancellations of coverage due to non-payment and policy expiration through at least April 30, 2020. Beyond that, the company has committed to offering maximum flexibility to policyholders who need special payment options as well as transitioning nearly all of its associates to work from home to continue providing the 24/7 service it is known for.

© 2020 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Commentary: GEICO Right to Bet on Maintaining Policyholder Loyalty

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Berkshire Hathaway’s auto insurer GEICO is pausing cancellation of coverage due to non-payment and policy expiration, effectively immediately. This pause will remain in effect through April 30, 2020.

In addition, GEICO is prepared to offer maximum flexibility, including special payment plans, to those who need it once normal billing operations are scheduled to resume.

“This ongoing situation impacts everyone, and we want our policyholders to have some peace of mind knowing we’ll be there when they need us most,” said GEICO President and CEO Todd Combs.

In taking this step, GEICO is betting that maintaining policyholder loyalty is more important than trying to squeeze cash out of customers that are out of the blue in a severe cash crunch.

While they may have some policies in arrears, on the positive side for GEICO is that self-quarantining due to the Coronavirus will lead to a dramatic reduction in new claims filed due to reduced mileage.

GEICO, like other leading auto insurers, such as Progressive, Liberty Mutual, and State Farm, normally runs multiple media campaigns. The reason for this is that in recent years the battle for policyholders is primarily a branding battle, not one of service or policy features.

Capturing the wallet of the consumer through the GEICO gecko, wood chucking wildlife, and office wandering camels, is a far more effective than listing the dry insurance features that policyholders are actually purchasing.

GEICO’s doing the right thing, both for consumers and for its bottom line. After all, losing customers at a time when they are down may add to customer acquisition costs down the road when the economy revives.

If GEICO can maintain brand loyalty, it will have done more to cement itself in the heart of the consumer than all the geckos in the world ever could.

© 2020 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

GEICO Files Federal RICO Lawsuit in California Against Glass Repairer

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Following several lawsuits in Arizona and Florida, GEICO has filed a federal lawsuit in California alleging an auto glass repair shop submitted fraudulent glass repair bills. GEICO seeks to recover damages alleging violations of the Civil RICO statute and the California Business and Professional Code as well as claims for common law fraud and unjust enrichment.

GEICO alleges that owners Tal Elzari and Navid Vatankhahan used their business, Winaffix Auto Glass, in a fraudulent scheme to overbill for windshield glass replacement.

Their alleged scheme involved creating false glass invoices designed to mimic those from legitimate car dealerships in order to fraudulently claim they were using expensive original equipment glass rather than less expensive alternative glass. In fact, it is alleged that Winaffix never purchased the glass their invoices claimed. They are also alleged to have performed glass replacement services without a license to do so.

GEICO says it intends to file future lawsuits in California and around the country in its continuing efforts to protect its customers and the public from fraudulent glass repair operators.

“GEICO is committed to protecting our customers from the negative effect that insurance fraud has on premiums,” said James Jones, assistant vice president of claims in GEICO’s Poway, California, office. “These incidents of fraud hurt consumers in California because they cause premiums to increase, and we will continue to pursue them with a zero tolerance.”

© 2020 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

GEICO on Hiring Spree in Georgia

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GEICO’s Macon, Georgia regional office is looking to extend job offers to more than 500 Central Georgia residents in 2020.

There are full-time and part-time career opportunities in Claims, Salvage, Emergency Roadside Service, Customer Service and Sales. Recent college graduates and others looking to train for leadership positions are encouraged to apply for the Emerging Leaders Program or Management Development Program. No prior insurance experience is necessary; training, mentorship and support are provided to all new associates.

New associates will join Central Georgia’s largest private employer and GEICO’s largest regional operation. They will be welcomed onto a team with a proven track-record of success. Last year, nearly 40 percent of GEICO associates in Macon received promotions for their efforts to provide quality service to GEICO’s ever-growing policyholders.

GEICO associates are offered the Total Rewards Program, with a wide range of benefits, including a health benefits package, retirement and finance options and continuing education opportunities. In addition, associates can expect career growth opportunities and a friendly and supportive environment in which to develop and thrive.

GEICO also provides associates with many opportunities to be involved in their community. GEICO has been the biggest contributor to the United Way of Central Georgia for the past 14 years, and associates have been honored for their volunteer work at Bibb County Public Schools and Middle Georgia Community Food Bank.

© 2020 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Berkshire Hathaway’s Todd Combs to Become Head of GEICO

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Berkshire Hathaway’s portfolio manager Todd Combs will be taking over the helm at GEICO as of next week. Current president and CEO Bill Roberts will move to vice chairman.

Roberts began his career with GEICO in 1984 as an officer in the Marketing department. Over his 35-year career, he has helped lead GEICO to become the second largest auto insurance company in the U.S. Roberts will become vice chairman of GEICO effective January 1, 2020.

Roberts has announced that he will retire from GEICO in December 2020.

“Bill told Ajit Jain, vice chairman of Berkshire Hathaway, and I in early November he was about to turn 70 and finishing up his 35th year with GEICO, and that he intended to retire at the end of 2020,” said Tony Nicely, GEICO’s executive chairman. “Bill has done an outstanding job leading and growing GEICO throughout his career. Our results throughout his career have been excellent and our culture is strong. He has put in place a strong plan for the coming year.”

“Todd has a strong career in insurance,” said Ajit Jain. “He initially worked at Progressive Insurance Company before going to graduate school to begin an investing career.”

Since 2010, Combs has been an investment manager at Berkshire Hathaway, and in addition to becoming GEICO’s CEO, Combs will continue to manage $14 billion of investments for Berkshire Hathaway.

“I am looking forward to taking on the responsibilities of CEO at GEICO,” said Combs. “They have a strong senior management team, a great organization of 40,000 employees, a great brand, and are a very successful insurance company.”

Combs will assume his position as GEICO’s CEO effective January 1, 2020.

© 2019 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.