21st Century Insurance SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 785
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SWOT Analysis of 21st Century Insurance with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

21st Century Insurance

Parent Company

Farmers Insurance Group of Companies

Category

Auto Insurance

Sector

Banking & Insurance

Tagline/ Slogan

Same great coverage for less

USP

Inexpensive-Cheap and best service

STP

Segment

Auto insurance

Target Group

Car owners-individuals and businesses

Positioning

Inexpensive-Low cost and best service

SWOT Analysis

Strengths

1.Provides private passenger auto insurance across many US states & the district of Columbia

2.Excellent credit rating- A rating according to AM Best Company, Financial strength rating A

3.Low rates attracting more people

4. Serves more than 10 million households with more than 20 million individual policies across all 50 states through the efforts of over 50,000 exclusive and independent agents and nearly 25,000 employees

5. 21st Century Insurance is focused on delivering excellent service to our customers

6. Awarded the Confirmit Ace Award five times.

Weaknesses

1. Intense competition in the segment

2. Low brand awareness and limited operations as compared to global players

Opportunities

1. Improving customer service by making it 24/7 available

2.Better handling of claims

3.Competitive prices in future

4.No abrupt or sudden changes in prices

Threats

1.Poor customer service might outweigh the low price advantage

2. Lack of people opting for Insurance

3. Increasing competitor activity can hurt the brand

Competition

Competitors

1. Liberty Mutual

2.State Farm

3.Allstate



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