USAA announced an acquisition to provide usage-based insurance
In June 2021, USAA Savings Bank (USAA) announced its plans to acquire Noblr Inc., a car insurance company, which would enable USAA to offer usage-based insurance. This insurance product offers lower premiums and a pay-as-you-go pricing model for customers, which is particularly important for the company’s key customer segment of military members who can be frequently deployed. As an attractive pricing model for customers, the acquisition is expected to continue to support USAA in providing personalized pricing and advance the company’s growth strategy through innovation of new insurance products.
Balance Sheet|Product Innovation|Labor|M&A|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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