GEICO Strategic Plan: Implementation, Strategic Controls and Contingency Plans
June 16, 2014
GEICO Strategic Plan
The GEICO corporation in 1996, became an owned subsidiary of Berkshire Hathaway, headed by Warren Buffet, one of the most successful investors. The implementation plan for the organization which developed strategic product analysis to include delivery of a variety of insurance products to customers. Some objectives, functional tactics, action items, milestones and a deadline, tasks and task ownership, and resource allocation exist GEICO’s Innovative merchandise targets internal and external to customers. GEICO implements an organizational change management to strategies that enhance operations, possess key success factors, possess a budget, the forecasted financials with a break-even chart, and risk management plan including contingency plans for identified risks monitor and provide controls.
The GEICO organization tactic includes self-service policy changes and virtual claim filing, 24 hour business hours available for customers, tools to navigate question and answers and discounts to save policyholders money. GEICO functions on an international scale and is a recognized specialty retailer that markets and delivers hundreds of different property and casualty lines of business. GEICO maintains 14 major offices around the country:
o 2014: Announce operations expanding to overseas operations to Germany and London
o 2015: Expand to more international locations
o 2016: Be the insurance carrier of choice for active military and their families.
One milestone is trying to fulfill the organization’s expectations. Particular policies and procedure have requirements are in need of change. The break-through in online insurance products and services stand taking the lead by...