Safeway Insurance Group SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 662
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SWOT Analysis of Safeway Insurance Group with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

Safeway Insurance Group

Parent Company

Safeway Insurance Group

Category

Financial Services

Sector

Insurance

Tagline/ Slogan

-

USP

Makes cheaper insurance the safe, great value choice with over 50 years of experience

STP

Segment

Auto, Home and Renter’s insurance

Target Group

Affordable families and individuals

Positioning

Privately held insurance company primarily into Auto insurance

SWOT Analysis

Strengths

1. Largest, privately held, family owned insurance company in the United States
2. Easy to use payment system with MySafeway
3. Safeway offers coverage to drivers who may have less than perfect driving records and may not be able to find coverage elsewhere and for those who have never had insurance coverage before

4. It offers customers a useful website with helpful tips such as what to do after an auto accident

5. Has excellent financial strength and customer service ratings

6. Operates through local agents who help the customer find affordable options to individual insurance needs

7. Good value for your insurance dollar and reliable customer service

Weaknesses

1. Very less visibility among common public

2. Coverage available only in a few US states

3. Operations limited to only in US means less revenues compared to global financial institutions

Opportunities

1. Increase of lower-income people who are eligible for coverage 2.Introduce more products in line with the changing needs of customers

Threats

1. Competition from major players as Safeway is still a small company
2. The addition of lower income people poses a huge challenge in terms of scaling up its operations

Competition

Competitors

1. Progressive Corporation

2. Geico

 


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