21st Century Insurance SWOT Analysis, Competitors & USP

Posted in Banking & Financial Services, Total Reads: 2535

SWOT analysis of 21st Century Insurance analyses the brand/company with its strengths, weaknesses, opportunities & threats. In 21st Century Insurance 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 21st Century Insurance to benchmark its business & performance as compared to the competitors and industry. 21st Century Insurance is one of the leading brands in the banking & financial services sector. The table below also lists the top 21st Century Insurance competitors and elaborates 21st Century Insurance market segmentation, target group, positioning & Unique Selling Proposition (USP).

21st Century Insurance SWOT, Competitors, Marketing STP & Brand analysis Table
21st Century Insurance Brand Analysis
Parent Company

Farmers Insurance Group of Companies

Category

Auto Insurance

Sector

Banking & Financial Services

Tagline/ Slogan

Same great coverage for less

USP

Inexpensive-Cheap and best service

21st Century Insurance STP
Segment

Auto insurance

Target Group

Car owners-individuals and businesses

Positioning

Inexpensive-Low cost and best service

21st Century Insurance SWOT Analysis
Strengths

Below is the Strengths, Weaknesses, Opportunities & Threats (SWOT) Analysis of 21st Century Insurance. Strengths are:

1.Provides private passenger auto insurance across many US states & the district of Columbia

2.Excellent credit rating- A rating according to AM Best Company, Financial strength rating A

3.Low rates attracting more people

4. Serves more than 10 million households with more than 20 million individual policies across all 50 states through the efforts of over 50,000 exclusive and independent agents and nearly 25,000 employees

5. 21st Century Insurance is focused on delivering excellent service to our customers

6. Awarded the Confirmit Ace Award five times.

Weaknesses

Here are the weaknesses in the 21st Century Insurance SWOT Analysis:

1. Intense competition in the segment

2. Low brand awareness and limited operations as compared to global players

Opportunities

Following are the Opportunities in 21st Century Insurance SWOT Analysis:

1. Improving customer service by making it 24/7 available

2.Better handling of claims

3.Competitive prices in future

4.No abrupt or sudden changes in prices

Threats

The threats in the SWOT Analysis of 21st Century Insurance are as mentioned:

1.Poor customer service might outweigh the low price advantage

2. Lack of people opting for Insurance

3. Increasing competitor activity can hurt the brand

21st Century Insurance Competition
Competitors

Below are the top 3 21st Century Insurance competitors:

1. Liberty Mutual

2.State Farm

3.Allstate

The brandguide table above concludes the 21st Century Insurance SWOT analysis along with its marketing and brand parameters.

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 21st Century Insurance. The BrandGuide section covers SWOT Analysis, USP, STP & Competition of more than 6000 brands from over 20 categories.

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