Workmen’s Auto Insurance Company SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 358
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SWOT Analysis of Workmen’s Auto Insurance Company with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

Workmen’s Auto Insurance Company

Parent Company

Mercury General Corporation

Category

Automobile Insurance

Sector

Insurance

USP

Serving the needs of high risk drivers

STP

Segment

Auto Insurance – car owners/drivers

Target Group

High risk drivers- those who are unable to secure coverage through standard insurance companies. This can be due to a driving record with accidents and/or tickets, prior DUI, the driver's age, vehicle type, or others.

Positioning

Serving the needs of high risk drivers

SWOT Analysis

Strengths

1. Selling non-standard car insurance to individuals that are unable to secure coverage through standard insurance companies.

2. Business operations in many states

3. The brand was refreshed with a new logo, website and image in 2009.

4. Best pricing for non-standard products

5. All the policies offer true towing and roadside service, something most non-standards do not have. 6. Great customer service with a simple call.

6. Strong presence since 1949

Weaknesses

1. Intense competition means limited market share

2. Company operations are restricted to only a few locations

Opportunities

1. Extend the customer service to weekends as well- this might increase the customer satisfaction

2. Increasing the customer service by reducing the delay time and employing more educated and informed employees.

3. Sensitizing employees to problem handling

Threats

1. Threat of new entrants in this domain-non-standard auto insurance products

2. Customer dissatisfaction with the service might lead to negative word-of-mouth publicity which might affect the brand value 
3. Government regulations might have a huge influence in future 4. Chances of bankruptcy are very high considering the customers catered are high risk people – immediate bankruptcy in case of recession/ depression.

Competition

Competitors

1. Infinity Property and Casualty Corporation

2. Sentry Insurance

3. Farmers Insurance Group

4. Geico Corporation

5. The Allstate Corporation

 

 


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