Assurant SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 1222
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SWOT Analysis of Assurant with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

Assurant

Parent Company

Assurant Inc. (AIZ)

Category

Diversified Insurance

Sector

Banking and Financial Services

Tagline/ Slogan

Our Plans are Based on Yours

USP

The company is a premium provider of targeted specialized insurance products with commitment to sustainable solutions

STP

Segment

Solutions, Specialty Property, Health, Employee Benefits

Target Group

Individuals, Families, Small employer groups, Businesses

Positioning

A company that is steadfast in its commitment to help protect what matters to the most to their customers

SWOT Analysis

Strengths

1. Well known for its corporate responsibility of in terms of community outreach, charity through Assurant Foundation, and environment protection.

2. The company has an experience of over 100 years with a team of industry expertise that has contributed to the strong performance.

3. The company’s management and board of directors is an experienced team with an average of more than 20 years of experience.

4. The company boasts of a talented and committed workforce of 14,500 employees in 12 countries

Weaknesses

1. The company is more concentrated in the U.S. region with limited international presence, which increases its geographic diversification risk.

2. The U.S. market is an intensively competitive market for insurance.

The company has a questionable quality of customer service.

Opportunities

1. There lies an opportunity for the company to expand into other markets.

2. The company can extend its product lines which is currently poor than its competitors.

3. The company can also work on further development of a cross selling strategy for their products.

Threats

1. The incidents of frauds and defaults in the insurance sector are a threat to the company.

2. The increase in the incidence of natural calamities and catastrophes can test the company’s underwriting profitability.

3. The credit crisis in the insurance industry poses as a threat to the company.

Competition

Competitors

1. CIGNA Corporation

2. The First American Corporation

3. United Health Group Incorporated


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