Posted in Banking & Financial Services, Total Reads: 1287
SWOT Analysis of GEICO with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis
Banking and Insurance
15 minutes could save you 15% on car insurance
Direct-to-consumer sales model
Car owners-individuals and businesses
Private passenger auto insurer with personalized attention to customers
1. One of the fastest-growing auto insurers in the U.S, currently second-largest private passenger auto insurer in US 2. Employs over 30,000 associates, provides twenty four-seven, 365 days a year 3. Enjoy high ratings from top agencies for financial strength and claims-paying ability 4. Popular advertising campaigns, large number of advertisements intended to amuse viewers
5. Coverage for over 22 million motor vehicles owned by more than 13 million policy holders
1. Direct to customer sales model causes operational constraints 2. Since 2013 dip in insurance penetration i.e. insurance premiums as a percentage of GDP 3. Intense competition in the auto insurance segment 4. Low interest rate scenario in the US hurts the profitability of insurers in the US
1. Involvement in motorsport sponsorships leading to enhanced brand awareness 2. Competitive prices in future 3. Full-fledged expansion into rideshare coverage
1. Highly competitive market 2. Lack of people opting for Insurance 3. Awareness among customers is increasing with more access to information
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