Farmers Insurance Group SWOT Analysis, Competitors & USP

Published by MBA Skool Team, Last Updated: April 26, 2020

SWOT analysis of Farmers Insurance Group analyses the brand by its strengths, weaknesses, opportunities & threats. In Farmers Insurance Group SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.

SWOT Analysis is a proven management framework which enables a brand like Farmers Insurance Group to benchmark its business & performance as compared to the competitors. Farmers Insurance Group is one of the leading brands in the banking & financial services sector.

The table below lists the Farmers Insurance Group SWOT (Strengths, Weaknesses, Opportunities, Threats), top Farmers Insurance Group competitors and includes its target market, segmentation, positioning & Unique Selling Proposition (USP).

Farmers Insurance Group SWOT Analysis, Competitors, Segmentation, Target Market, Positioning, USP & Brand Analysis Table

Farmers Insurance Group

Parent Company

Farmers Insurance Group

Category

Automobiles, homes and small businesses

Sector

Banking & Insurance

USP

Competitive prices and good service

STP

Segment

Auto Insurance, Home insurance

Target Group

Automobiles, homes and small businesses

Positioning

Competitive prices and good service

SWOT Analysis

Strengths

1.Competitive with numerous discounts-Accident free, Good student, Dual Auto/Home Purchase

2. Offers Beneficial programs to encourage safe driving Y.E.S(You are essential to safety), Claim Application
2. Seasoned clients receive top of the line rates

3. Farmers has a special plan for collectible cars

4. Good customer service

5. Competitive prices

6. Serves more than 10 million households with more than 20 million individual policies across all 50 states

7. It has over 50,000 exclusive and independent agents and nearly 25,000 employees.

Weaknesses

1. Incidents of criticism of alleged complaints to state insurance departments & a few lawsuits have hurt the brand image

2. Intense competition means limited market share & no global presence

Opportunities

1.Sister company 21st century can also help the business grow

2. Yellow cab partnership-“ Let us drive you home this holiday season”.

3. MTV Network Partnership  and University of Farmers partnership can help increase stability

4. Expansion if business portfolio and reaching out to newer geographies

Threats

1. Increasing competition can affect operations

2. Recessions can directly affect business

3. Economic situation and government policies have a direct impact on the firm’s performance.

Competition

Competitors

1. The Allstate Corporation

2. Nationwide Mutual Insurance Company

3. State Farm Mutual Automobile Insurance Company


This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

Similar analysis has also been done for the competitors of the company belonging to the same category, sector or industry. Browse marketing analysis of more brands and companies similar to Farmers Insurance Group. This section covers SWOT Analysis, Competitors, Segmentation, Target Market, Positioning & USP of more than 2500 brands from over 20 industry sectors.

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