GEICO SWOT Analysis
GEICO is one of the leading brands in the banking & financial services sector. GEICO SWOT analysis evaluates the brand by its strengths & weaknesses which are the internal factors along with opportunities & threats which are the external factors. Let us start the SWOT Analysis of GEICO:
Quick Glance:
GEICO Strengths
- One of the fastest-growing auto insurers in the U.S, currently second-largest private passenger auto insurer in US
- Employs over 30,000 associates, provides twenty four-seven, 365 days a year
- Enjoy high ratings from top agencies for financial strength and claims-paying ability
- Popular advertising campaigns, large number of advertisements intended to amuse viewers
- Coverage for over 22 million motor vehicles owned by more than 13 million policy holders
Above are the strengths in the SWOT Analysis of GEICO. The strengths of GEICO looks at the key internal factors of its business which gives it competitive advantage in the market and strengthens its position.
GEICO Weaknesses
- Direct to customer sales model causes operational constraints
- Since 2013 dip in insurance penetration i.e. insurance premiums as a percentage of GDP
- Intense competition in the auto insurance segment
- Low interest rate scenario in the US hurts the profitability of insurers in the US
These were the weaknesses in the GEICO SWOT Analysis. The weaknesses of a brand are certain aspects of its business which it can improve.
GEICO Opportunities
- Involvement in motorsport sponsorships leading to enhanced brand awareness
- Competitive prices in future
- Full-fledged expansion into rideshare coverage
Above we covered the opportunities in GEICO SWOT Analysis. The opportunities for any brand can include prospects of future growth.
GEICO Threats
- Highly competitive market
- Lack of people opting for Insurance
- Awareness among customers is increasing with more access to information
The threats in the SWOT Analysis of GEICO are as mentioned above. The threats for any business can be external factors which can negatively impact its business.
Hence this concludes the GEICO SWOT analysis.
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About GEICO
The table below gives the brand overview along with its target market, segmentation, positioning & USP
| GEICO Overview | |
|---|---|
| Parent Company |
Berkshire Hathaway |
| Category |
Auto Insurance |
| Sector | |
| Tagline/ Slogan |
15 minutes could save you 15% on car insurance |
| USP |
Direct-to-consumer sales model |
| GEICO STP | |
| Segmentation |
Auto Insurance |
| Target Market |
Car owners-individuals and businesses |
| Positioning |
Private passenger auto insurer with personalized attention to customers |
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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