Farmers Insurance Group SWOT Analysis, Competitors, STP & USP
Published by MBA Skool Team, Last Updated: April 26, 2020
SWOT analysis of Farmers Insurance Group analyses the brand/company with 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 and industry. Farmers Insurance Group is one of the leading brands in the banking & financial services sector.
The table below lists the SWOT (Strengths, Weaknesses, Opportunities, Threats), top Farmers Insurance Group competitors and includes Farmers Insurance Group target market, segmentation, positioning & Unique Selling Proposition (USP).
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.
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
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
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.
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.
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