Financial services giant USAA has awarded its media planning and buying account to Initiative after a review, the company has confirmed.
USAA, with over $17 billion in total assets, has spent around $20 million on ads annually according to Nielsen, but industry sources say the company is poised to ramp up spending next year to perhaps $100 million as it takes steps to raise its profile with the public after expanding eligibility for its services beyond the 7.8 million members of the U.S. military and their families.
Now, veterans and their families are also eligible for an array of the company’s financial products, including auto insurance, mortgages and other banking and investment services, raising USAA’s potential pool of customers to more than 60 million.
Neither Initiative nor USAA would discuss future spending plans, however.
The incumbent on the media assignment was full-service ad shop Campbell-Ewald, based in Warren, Mich. Campbell-Ewald however, will continue to handle USAA’s creative duties, which were not part of the review. Other contenders were not immediately available.
Initiative will handle the account out of its New York offices while Campbell-Ewald will continue to service the creative account out of Detroit and San Antonio, where the company is based.