Published by MBA Skool Team, Last Updated: April 26, 2020
SWOT analysis of Aflac analyses the brand by its strengths, weaknesses, opportunities & threats. In Aflac 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 Aflac to benchmark its business & performance as compared to the competitors. Aflac is one of the leading brands in the banking & financial services sector.
The article below lists the Aflac SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the Aflac SWOT Analysis:
For Aflac, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.
The strengths of Aflac looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the SWOT Analysis of Aflac :
1. Focus on niche helping defend global market leadership in supplemental health insurance 2. Long standing relationships with banks continue contributing to recurring sales 3. Strong balance sheet providing financial strength 4. Unique products with high customer loyalty
The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the Aflac SWOT Analysis:
1. Increasing concentration in Japan increases business risk 2. Losses on perpetual debentures likely to continue 3.Brand equity not strong enough compared to competitors
The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in Aflac SWOT Analysis:
1. Launch of new products likely to generate higher returns 2. Launch of new initiatives to enhance sales 3. Increasing natural calamities in Japan likely to enhance life insurance market growth potential
The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of Aflac are as mentioned:
1. Increasing competition in supplemental in health insurance sector 2. Increasing incidence and severity of natural disasters in Japan could affect underwriting profits 3. US insurance industry’s exposure to the ongoing Eurozone turmoil
There are several brands in the market which are competing for the same set of customers. Below are the top 3 competitors of Aflac:
The Aflac Duck is a unique marketing strategy for the firm
Accident, cancer /specified diseases, dental, hospital intensive care, life, lump sum cancer, lump sum cancer critical illness , short term disability
design insurance policies that can be used to help with those out-of-pocket expenses not covered by existing major medical coverage of U.S. consumers
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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