K&K Insurance SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 241
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SWOT Analysis of K&K Insurance with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

K&K Insurance

Parent Company

Aon Plc

Category

Auto Insurance

Sector

Banking and Insurance

Tagline/ Slogan

Insuring the world’s fun

USP

Innovative and competitive insurance products developed for unique specialty markets

STP

Segment

Leisure, sports and entertainment insurance products

Target Group

Motorsport industry

Positioning

Involvement in industry along with in-depth knowledge to provide high quality and specialized service

SWOT Analysis

Strengths

1. Effective planning and expertise leading to market leadership
2. Parent company Aon is reputed brand name worldwide
3. Broad and diverse product portfolio that is innovative and competitive
4. Since its initial years it has been deeply involved in motorsport category

5. Unique understanding of the high risks associated with motorsport racing

Weaknesses

1. Very specialized consumer base makes it niche product and thus customer base is narrow
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

Opportunities

1. Further expansion into entertainment insurance, a customer base with huge untapped potential
2. Expansion of franchised power sport dealership program 
3. Tie ups with power sport providers at popular travel destinations

Threats

1. Highly competitive market

2. Lack of people opting for Insurance

3. Awareness among customers is increasing with more access to information

Competition

Competitors

1. Liberty mutual insurance
2. GEICO
3. 21st century insurance



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