Safeco Insurance |
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Safeco is a well-known insurance company in the United States. Property and casualty insurer Hawthorne K. Dent founded the company in Seattle, Washington in 1923. 30 years later Safeco founded Selective Auto and Fire Insurance Company of America, also known as SAFECO. The first headquarters of Safeco was in Seattle and they later moved to an eight-story Brooklyn style building. In 1957 Safeco began to sell insurance products. After 11 years of selling insurance under the name of SAFECO the company changed their name to Safeco. At this time only mutual funds and commercial credits was offered to the public.There have been many developments with Safeco since it was established. In 1997 Safeco purchased American States Financial Corporation and Washington Mutual's WM Life Insurance Company. In 1999 R.F. Bailey (Underwriting Agencies) Limited of London was purchased by Safeco. Soon afterwards the company's economic luck changed and the company was restructured. In the following two years almost 40% of the workforce of Safeco was laid off. In 2001 the company's commercial credit operations were sold. The company sold its most profitable division, which was the life insurance and investment business, on March 15, 2004. Almost two years later in January of 2006 it was reported that Safeco would be selling their Redmond campus to Microsoft. There were other plans for a brand new 12-story office building across the street from their headquarters that would hold 1,300 employees. . On April 2006 there was an announcement by Safeco that they would be consolidating of operations of the company.
Safeco History
In 1923 Safeco founder, Hawthorne K Dent, took a radical business approach. A group was organized in order to combine the financial stability and responsibility to a stock company having underwriting as the preferred risk. Dent went against conventional wisdom by choosing the home base of Seattle for the company. Being in the Northwest was far away from the recognized insurance center of the cities of the Northeast. In the following years after the company began to sell life insurance they saw massive growth and development. In the 1960s the company diversified further and Safeco offering financial services and mutual funds. The company took great strides in 1997 when they purchased American States Financial Corporation. Safeco's presence was felt greatly in 1998, as the rights to name the new baseball stadium for the Seattle Mariners, Seattle's Major League baseball team, were bought by Safeco. The stadium now bears the company's name, as it is called Safeco Field. Currently the company is still growing and becoming more popular and services the insurance needs of drivers, homeowners of both small and mid-sized homes.
Safeco in the Workplace
Safeco employs some of the broadest talents in the insurance industry. There are a wide variety of programs that can be carried out only by a certain class of people, who are special in terms of race, religion, national origin, marital status, gender, and values. A different class of people carries out the company's diverse range of programs. The majority of the employees' focus groups are recommended for the success of the company. Safeco is committed in including people of different backgrounds and origins in the employee makeup. There are also many partners in distribution that represent Safeco. The company designs various products that are specific for their customers. Safeco designs various types of products so that each of the products caters to a specific type of customer. Safeco's business goals are to broaden the company's customer base, while at the same time coming up with initiatives and marketing materials that represent the diverse needs of Americans. The company's diversity program is set up in a way, so Safeco information is made available to you. They are also a company that is very accessible. The company has developed specific policies and guidelines that aid in building great relationships with their customers. Safeco also has diverse enterprises, which includes women, children, and people with disabilities.
Safeco is an insurance company that has been in the insurance industry for just over 50 years. They offer many types of insurance products to their customers and are committed to serving the insurance needs of Americans. They are also committed to diversity and including all types of people in their workforce and customer base.
