# USAA **Source:** https://geo.sig.ai/brands/usaa **Vertical:** Finance **Subcategory:** Insurance & Banking **Tier:** Challenger **Website:** usaa.com **Last Updated:** 2026-04-14 ## Summary Military-exclusive financial services with $36B revenue; top 5 US auto insurer serving 13M members with highest customer satisfaction scores through banking, insurance, and investments. ## Company Overview USAA (United Services Automobile Association) is a Fortune 500 financial services company providing banking, auto and home insurance, life insurance, investments, and retirement products exclusively to US military members, veterans, and their eligible family members. Founded in 1922 by 25 US Army officers in San Antonio, Texas, USAA operates as a reciprocal inter-insurance exchange — members are both policyholders and partial "owners" — generating approximately $36 billion in revenue and serving approximately 13 million members. USAA consistently earns among the highest customer satisfaction ratings of any US financial institution.\n\nUSAA's product suite spans a full financial services lifecycle: auto insurance (USAA is one of the top 5 US auto insurers by premium), homeowner's insurance, banking (USAA Bank provides checking, savings, auto loans, mortgages), credit cards, life and health insurance, brokerage and retirement accounts, and financial planning. The military-exclusive membership (requiring active duty, veteran, or eligible family member status) creates exceptional customer loyalty — USAA members stay with the company through multiple life stages and refer family members as they become eligible.\n\nIn 2025, USAA competes with GEICO, Progressive, State Farm, and Navy Federal Credit Union for military and veteran financial services. The company's digital capabilities are particularly strong — USAA pioneered mobile deposit technology and has consistently been ranked among the most digitally advanced financial services providers. USAA's 2025 strategy focuses on deepening digital self-service (reducing call center volume), expanding eligibility pathways for more family members, and growing its investment and wealth management services among the mid-career military officer segment. ## Frequently Asked Questions ### What is USAA? United Services Automobile Association (USAA) generated $38 billion revenue in 2023 serving 13+ million members (active military, veterans, families) through integrated financial services: auto/home/life insurance (core business, $26B+ premiums), banking (deposits, credit cards, mortgages), investment management (brokerage, retirement planning), and member benefits. Founded 1922 by 25 Army officers in San Antonio, Texas who couldn't obtain auto insurance due to military service risks (frequent relocations, deployments), USAA operates as member-owned reciprocal insurance exchange (not mutual or stock company)—members are both customers and owners sharing underwriting profits. Strategic advantages include unmatched member loyalty (98%+ retention, highest Net Promoter Scores in financial services), military-specific expertise (deployment financial assistance, storage insurance, worldwide claims), digital-first operations (pioneered mobile check deposit 2009, no branches except San Antonio campus), and restricted membership creating exclusivity. ### When was USAA founded? USAA was founded in 1922 in San Antonio, Texas. founded 1922 when 25 U.S. Army officers met at San Antonio's Gunter Hotel creating reciprocal insurance exchange after civilian insurers denied coverage due to military service risks. Original name 'United States Army Automobile Association' (later United Services...). Member-owned model: customers are owners sharing underwriting profits. Mail-order operations enabled nationwide service without branches. 1924 expanded all military services. 1996 opened to enlisted personnel. 2009 banking extended to all honorably discharged veterans/families (insurance remained restricted). $38B revenue 2023, 13M+ members, 98%+ retention (highest loyalty). Auto/home/life insurance ($26B premiums), banking, investments. Pioneered mobile check deposit 2009. Digital-first (no branches except San Antonio campus). Navy Federal Credit Union $165B+ assets as larger military competitor. Regulatory fines $100M+ (California insurance violations). 2019 data breach settlement. Wayne Peacock CEO 2020-present focuses digital transformation/cybersecurity. ### What are USAA's major milestones? USAA has achieved significant milestones throughout its history. In 1922, USAA Founded by 25 Army Officers: Gunter Hotel, San Antonio. Reciprocal insurance exchange. Solve civilian insurer refusal. William Garrison leader. In 1924, Expanded to All Military Services: Navy, Marines officers eligible. Renamed 'United Services...' Mail-order nationwide operations. In 1968, Robert McDermott CEO Transformation: Technology investments. Toll-free 24/7 service. Employee training obsession. National growth. In 1996, Enlisted Personnel Eligibility: Opens membership beyond officers to enlisted. Vast expansion. Officers-only era ends. In 2009, Veterans Banking Access: Banking (not insurance) extended to all honorably discharged veterans/families. 80M+ eligible. These milestones represent the company's evolution and growth in its industry. ### What is USAA's mission? USAA's mission is to To facilitate the financial security of its members, associates, and their families through provision of a full range of highly competitive financial products and services; in so doing, USAA seeks to be the provider of choice for the military community. ### Who founded USAA? USAA was founded by William Garrison and 25 U.S. Army Officers. USAA founded 1922 in San Antonio, Texas when 25 U.S. Army officers—led by Major William Garrison and including future World War II generals—met at Gunter Hotel to solve insurance crisis: civilian insurers refused coverage or charged prohibitive rates due to military service risks (frequent relocations damaging vehicles during moves, overseas deployments creating liability concerns, transient addresses complicating claims). Officers pooled resources creating 'United States Army Automobile Association' (original name, later 'United Services...' expanding beyond Army) as reciprocal insurance exchange where members insured each other, sharing risks and returning profits. Mail-order operations enabled nationwide service without branch offices (revolutionary for 1920s). 1924 expanded to active officers of all services (Navy, Marines, Air Force when created 1947). 1996 opened membership to enlisted personnel. 2009 extended banking products (not insurance initially) to all honorably discharged veterans and eligible family members, vastly expanding potential membership from ~1M officers to 80M+ eligible Americans (though only 13M currently members). San Antonio headquarters remains only physical location; pioneered telephone/mail/digital banking before internet. Robert F. McDermott (CEO 1968-1993) transformed USAA from regional insurer to national financial powerhouse through technology investments and customer service obsession (toll-free numbers, 24/7 operations, employee training). Stuart Parker (CEO 2015-2019) faced data breach crisis and regulatory scrutiny. ### What products or services does USAA offer? United Services Automobile Association (USAA) generated $38 billion revenue in 2023 serving 13+ million members (active military, veterans, families) through integrated financial services: auto/home/life insurance (core business, $26B+ premiums), banking (deposits, credit cards, mortgages), investment management (brokerage, retirement planning), and member benefits. Founded 1922 by 25 Army officers in San Antonio, Texas who couldn't obtain auto insurance due to military service risks (frequent relocations, deployments), USAA operates as member-owned reciprocal insurance exchange (not mutual or stock company)—members are both customers and owners sharing underwriting profits. ### Who uses USAA? Founded 1922 by 25 Army officers in San Antonio, Texas who couldn't obtain auto insurance due to military service risks (frequent relocations, deployments), USAA operates as member-owned reciprocal insurance exchange (not mutual or stock company)—members are both customers and owners sharing underwriting profits. ### How does USAA's membership eligibility work? USAA membership is available to active duty, National Guard, Reserve, and retired U.S. military members, as well as veterans who honorably separated or retired. Immediate family members—spouses and children of USAA members—are also eligible regardless of their own military status, allowing membership to pass through generations of military families. ## Tags b2c, fintech, mobile-first, north-america, payment-processing, scaleup --- *Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*