Norwich Union SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 728
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SWOT Analysis of Norwich Union with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

Norwich Union

Parent Company

Aviva

Category

Insurance

Sector

Finance and Insurance

Tagline/ Slogan

-

USP

UK’s largest insurer. In general insurance it is more than 1.5 times the size of its nearest competitor

STP

Segment

Life and Auto Insurance

Target Group

Affordable individuals and small businesses

Positioning

Direct marketer of Life Insurance Products

SWOT Analysis

Strengths

1. Biggest life insurance provider in the United Kingdom, and has a strong position in motor insurance

2. Customized insurance services based on individual needs
3. Always tried to innovate and introduce new products to satisfy customer’s needs
4. International Operations and high quality business worldwide

5. Quality care at reduced costs from well trained professionals

6. Website is easy to use and has clear and accurate policy documents

7. Recognized as the most important insurer in UK present right from the time of World war I

Weaknesses

1.Handling process and speed of resolution is less efficient

2. “Pay as you drive” though was a very good solution to motorists, had to be closed because of lower than expected volumes

Opportunities

1. Demutualization allows the company a greater access to potential capital

2. Rebranding as Aviva would help the company have a global impact and a better reach

Threats

1. Competition from small and new players in the insurance industry
2. Increasingly knowledgeable and aware customers

Competition

Competitors

1.Eagle Star Insurance
2.Standard Life Insurance
3.Century Insurance Centres



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