Trupanion SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 369
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SWOT Analysis of Trupanion with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

Trupanion

Parent Company

Vetinsurance International, Inc

Category

Pet Insurance

Sector

Insurance

Tagline/ Slogan

Medical insurance for your pet

USP

Committed to pet safety

STP

Segment

Pet insurance

Target Group

Cat and Dog owners

Positioning

Committed to pet safety

SWOT Analysis

Strengths

1. Trupanion was the first pet insurance company to be awarded the AAHA's Seal of Acceptance.

2. One simple plan for all pets

3. 90% coverage for treatments of injuries and illnesses

4. No payout limits- has no financial limits: per year, per illness, or per pet

5. Covers approved surgeries, diagnostic tests, medications, and hospital stays.

6. Covers prescription pet foods and dietary supplements

7. Pays customer based on actual veterinarian bill

8. Freedom to use any veterinarian at any hospital of the customer’s choice

9. One of the leading company in the pet insurance industry

Weaknesses

1.Despite its great  work, it is restricted to a few locations only

2. Highly competitive market with little points of differentiation in service offerings

Opportunities

1.Growing market-People increasingly showing interest in having pets, which is because of growing economy

2. Offer products at lower costs with reduced benefits- this might tap the segment which is not willing to pay for all the benefits.

3. Enter new markets with the knowledge gained from the present business.

Threats

1.Increasing number of competitors in this segment

2. Losing market share to competitors as they offer simpler and much cheaper products
3.Government regulations might influence the business strategy negatively.

Competition

Competitors

1. American Pet Insurance Company

2. Healthy paws

3. Petplan

4. Embrace pet insurance

5. Petfirst



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