IntelliQuote Insurance Services SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 820
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SWOT Analysis of IntelliQuote Insurance Services with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

IntelliQuote Insurance Services

Parent Company

IntelliQuote Insurance Services

Category

Insurance

Sector

Banking and Financial Services

Tagline/ Slogan

Be prepared for life

USP

One of the first online life insurance agencies of its kind and is licensed to operate in 50 states

STP

Segment

Life Insurance

Target Group

Working and middle class

Positioning

Online Life Insurance agency

SWOT Analysis

Strengths

1. Excellent reputation from financial and insurance organizations

2. Good customer satisfaction, rated A+ on BBB ratings on a scale of A+ to F

3. Website enables customers to quote, bind and get the service, end to end solution is thus provided

4. Website is very user friendly and easy to navigate

5. Partners with some of the top rated Insurance companies like Lincoln National Life Insurance Company, Transamerica etc.

6. Full service, well established agency that employs knowledgeable and well trained staff

Weaknesses

1. A lot of personal information needs to be entered in order to receive a quote, which might be troublesome in some cases

2. There is no option to get quotes for multiple lines of insurance

3. Does not provide preexisting conditions for life insurance which might turn down people

Opportunities

1.  Can try to establish customer loyalty programs by introducing new schemes or features

2. Independent agents should be more proficient in customizing the insurance products as per the customer needs

Threats

1. Many number of resources available to a customer while making an insurance decision, since switching cost is low in the internet landscape, tough to retain customers
2. Needs to compete with many insurance websites especially with the increasing number of websites these days

Competition

Competitors

1. Independent Insurance agents and brokers
2. Bestlifequote



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