GM has filed to trademark “GM Financial Insurance Company,” GM Authority has learned. The trademark will likely be used in conjunction with the expansion of GM Financial as an underwriting insurance company.
The new trademark was filed on January 24th, 2023 with the United States Patent and Trademark Office (USPTO). The application was assigned serial number 97766215, and carries a Goods and Services description of “Reinsurance underwriting.”
The new trademark filing will likely be used in conjunction with an expansion of GM Financial, General Motors’ captive finance arm, as an underwriting insurance company. In fact, not only does GM Authority expect GM Financial to become an underwriting insurance company, but according to GM Authority sources, GM Financial and CEO Daniel E. Berce have been eyeing the space for a while now.
For those readers who may be unaware, an insurance underwriter serves as a way of evaluating and analyzing specific risks in insuring people and assets. This allows an underwriter to establish pricing for a risk, with insurance underwriters assuming the risk of a possible future event, thus charging a specific premium in exchange for reimbursing a client in the event of damage.
Additionally, GM Authority expects OnStar Insurance to eventually be underwritten by GM Financial. Presently, OnStar Insurance is underwritten by Homesite Group Incorporated, with the exception of in California where OnStar Insurance is currently underwritten by American Family Connect Property and Casualty Insurance Company.
OnStar Insurance officially became available in all 50 U.S. states in early 2022, with the service becoming one of the fastest nationwide rollouts of an auto insurance product. OnStar Insurance Services is a use-based insurance service specifically tailored for GM owners, offering things like rewards for safe driving habits thanks to embedded tracking technology in GM vehicles. OnStar Insurance is part of the larger GM Ecosystem, and integrates with other elements of the GM customer experience.