Erie Insurance Group SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 505
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SWOT Analysis of Erie Insurance Group with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

Erie Insurance Group

Parent Company

Erie Insurance Group

Category

Auto, Home, Commercial and life insurance

Sector

Banking & Insurance

Tagline/ Slogan

Seriously Good

USP

Best service

STP

Segment

Auto, Home , Commercial and Life Insurance

Target Group

Middle class, Small businesses

Positioning

Best service provider

SWOT Analysis

Strengths

1. Excellent customer service

2. 24/7 claim support

3. Covers condos and mobile homes

4. Their vast network of independent insurance Agents serves more than 4 million insurance Customers in 12 states and the District of Columbia

5. Erie Insurance has more than 5 million policies in force for auto, home and commercial insurance, and more than 300,000+ life, annuity and disability income policies in force.

6. More than 2,000+ agencies represent Erie Insurance across many states

7. More than 4,500+ Employees work at the company’s Home Office in Erie, Pa., and in the field offices across its territory

8. Erie Insurance Group is ranked among the 500 largest U.S. companies, in terms of revenue

9. Erie Insurance Group is one of the largest property/casualty insurance group.

Weaknesses

1. Coverage available only in a few US states and no global exposure

2.Highly competitive market and economic instability means low margins

Opportunities

1. Growing health insurance sector

2. To expand more in the USA

3. Introduce more products in line with the changing needs of customers

4. Expansion into new countries as well.

Threats

1. Regulatory changes might lead to more costs reducing the profit margins

2.Competitive pressures reducing the profit margin

3. Global financial situation

4. Insurance fraud is a big threat to the business

Competition

Competitors

1.American International Group, INC.

2.The Allstate Corporation

3.State Farm Mutual Automobile Insurance Company


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