Family Heritage SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 491
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SWOT Analysis of Family Heritage with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

Family Heritage

Parent Company

Torchmark Corporation

Category

Insurance

Sector

Insurance

Tagline/ Slogan

A Torchmark Company

USP

Through its wide range of insurance products, keeps you protected in case of an unexpected illness or accident

STP

Segment

Life and health Insurance

Target Group

Working professionals and Families

Positioning

Supplemental Insurance for American Families

SWOT Analysis

Strengths

1. Customer centric and exceptional Customer service
2. Best supplemental policies with return of premium
3. Offers a return of premium benefit, which allows clients to get their money back if they have not had any claims during the term of their policy
4. It provides its supplemental products to help pay for costs of an illness that health insurance policies do not cover

5. National network of sales representatives who are well trained and professional

6. Ensures Security and Protection of its customers through its wide range of services and products

Weaknesses

1. Return of premium policy raises consumer’s cost

2. Recommended for customers who already have major medical coverage of some sort

3. Rating of B++ on a BBB scale of A+ to F,  might be considered vulnerable by a few customers, the rating is now A after it has been acquired by Torchmark

Opportunities

1. Make sound and safe investments that will not be impaired by a changing economy
2.Introduce more products and benefits in Health coverage as with the current policy, customers might hardly be able to use the benefits unless they have a family history of illness

Threats

1. Advances in medicine and inflation in medical costs
2. Increasingly aware and knowledgeable customers

Competition

Competitors

1.Global life and accident Insurance Company
2.Inspire Providers Insurance Company
3.The Blitz Group



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