USAA CEO: ‘In our DNA to step up in challenging times’
USAA President and CEO Wayne Peacock had only been at the helm of The American Legion’s preferred provider of financial services a few weeks when the COVID-19 pandemic struck. To confront it, he tapped into advice he had been given some years ago from former USAA CEO Maj. Gen. Josue Robles: “Everything starts with taking care of our employees.”
The task was enormous. “To prevent COVID from spreading at work, we moved 30,000 of our employees to work from home, in just nine days,” Peacock told thousands of veterans gathered in Phoenix Tuesday for the 102nd National Convention of The American Legion.
USAA also swiftly acted to cover the costs of COVID-19 testing and care for employees, provided three extra weeks of paid time off to deal with pandemic-related issues and set up drive-through meal distributions when restaurants were closed and grocery store shelves were bare.
“It turned out that Gen. Robles was right,” Peacock said. “Our team members paid it forward, by going above and beyond, to deliver for our members. Team USAA rallied to create financial breathing room for more than 1 million of our members’ families. We deferred payments on credit cards and loans. We offered special payment arrangements on insurance premiums, and we waived non-sufficient funds charges and other fees.”
Also, as auto insurance claims were fewer due to less driving, USAA policy holders received “three rounds of special dividends at a time when I know every dollar mattered.”
Numerous calls, emails and notes from USAA members were filled with gratitude for the relief during the difficult time. USAA customer satisfaction – rated 9 on a scale of 10, Peacock explained – can still improve by “investing now to become even more efficient and more responsible. We are modernizing our processes and technology to improve experiences for you… to make sure our teammates, our people, are at their best every day.”
And when needs were highest during the daunting months of isolation and uncertainty over the last year and a half, USAA and its foundation was at work on such causes as reducing veteran homelessness, supporting veteran-run businesses, helping with Memorial Day and educational programs and public health concerns.
“When needs intensified last year, USAA and USAA Foundation committed close to $90 million to advance pandemic-related relief, education, civic bridge-building and other vital goals.”
He said USAA employees have contributed millions from their own pockets since the beginning of 2020 to support veteran causes during the crisis and logged thousands of volunteer hours.
“I would say it’s in our DNA to step up in challenging times. When times are tough, we pull through by pulling together.”