Standard Insurance SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 753
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SWOT Analysis of Standard Insurance with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

Standard Insurance

Parent Company

Standard Insurance

Category

Insurance

Sector

Banking and Financial Services

Tagline/ Slogan

Insurance, Retirement Investments and Advice

USP

Wide range of products and services offered that suit the unique needs of a customer

STP

Segment

Insurance and Financial Services

Target Group

Individuals, employees and retirees

Positioning

Affordable insurance in your community

SWOT Analysis

Strengths

1. Committed to sustainability and a very active social worker with constantly evolving green practices

2. Committed to expedient, personal support and doing the right thing for customers
3. One of the first insurance companies to implement a waiver of premium – allowing permanently disabled policyholders to keep their insurance without paying any additional premiums

4. Maintaining an "A" rating from A.M. Best Company since 1928

5. Excellent customer service while still seeking attractive business opportunities

6. Disciplined business practices, sound investment strategies and unique industry expertise which together enable strong financial strength

Weaknesses

1. Very less known among the public hence less awareness

2. Operations are very less as compared to bigger insurance global brands

Opportunities

1. With the increasing need of sustainability and reduction in ecological foot print, Standard is going in the right direction and can further enhance its processes

2. Can introduce more products with the changing needs of the customers

Threats

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

3. Rapidly evolving markets, changing customer needs and challenging economic times

Competition

Competitors

1.Eagle Star Insurance
2.American Central Insurance Services
3.Century Insurance Centres

 


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