Posted in Banking & Financial Services, Total Reads: 5660
SWOT Analysis of Progressive Insurance with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis
Banking and Finance
Making the world a little more progressive
It is one of the best provider in the auto insurance segment for autos, vans, and pick-up trucks used by small businesses
Personal lines, commercial auto, other-indemnity and service business.
Provision of personal and commercial automobile insurance, and specialty property-casualty insurance and other related services in the US, and Australia
They provide their customers with great rates, superior online and in-person customer service, and innovative, 24/7 claims service. Also positioned a s the company with many offerings in terms of product
1. Increasing customer acceptance in the sector is generating market share 2. The distribution channel is very strong 3. Innovative ways of reaching and serving consumers increases customer satisfaction
4. They have strong liquidity and capital position
5. Strong workforce of over 25,000 employees
6. Uniqueness in insuring cars, motorbikes, boats
7. Sponsorship of various events has enhanced its brand image
1. Focus on few geographies limits their strengths and it has had its share of controversies 2. Operation expenses are impacting their profit margin
3. Cannot easily scale to compete with large players
1. Passage of five-year NFIP reauthorization 2. Australian non-life insurance market is growing 3. New technology like mobile technology creates possibilities in up-scaling the value chain
1. Tough competitive position 2. Increasing insurance frauds can increase their claim losses 3. Increased incidence of natural disasters testing claims paying capability
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