Progressive Insurance SWOT Analysis, Competitors, STP & USP

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

SWOT analysis of Progressive Insurance analyses the brand/company with its strengths, weaknesses, opportunities & threats. In Progressive 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 Progressive Insurance to benchmark its business & performance as compared to the competitors and industry. Progressive Insurance is one of the leading brands in the banking & financial services sector.

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

Progressive Insurance SWOT Analysis, Competitors, Segmentation, Target Market, Positioning, USP & Brand Analysis Table
Progressive Insurance Brand Analysis
Parent Company

Progressive Corporation

Category

Vehicle Insurance

Sector

Banking & Financial Services

Tagline/ Slogan

Making the world a little more progressive

USP

It is one of the best provider in the auto insurance segment for autos, vans, and pick-up trucks used by small businesses

Progressive Insurance STP
Progressive Insurance Segmentation

Personal lines, commercial auto, other-indemnity and service business.

Progressive Insurance Target Market

Provision of personal and commercial automobile insurance, and specialty property-casualty insurance and other related services in the US, and Australia

Progressive Insurance Positioning

They provide their customers with great rates, superior online and in-person customer service, and innovative, 24/7 claims service. Also positioned a s the company with many offerings in terms of product

Progressive Insurance SWOT Analysis
Progressive Insurance Strengths

Below are the Strengths in the SWOT Analysis of Progressive Insurance:

1. Increasing customer acceptance in the sector is generating market share
2. The distribution channel is very strong
3. Innovative ways of reaching and serving consumers increases customer satisfaction

4. They have strong liquidity and capital position

5. Strong workforce of over 25,000 employees

6. Uniqueness in insuring cars, motorbikes, boats

7. Sponsorship of various events has enhanced its brand image

Progressive Insurance Weaknesses

Here are the weaknesses in the Progressive Insurance SWOT Analysis:

1. Focus on few geographies limits their strengths and it has had its share of controversies
2. Operation expenses are impacting their profit margin

3. Cannot easily scale to compete with large players

Progressive Insurance Opportunities

Following are the Opportunities in Progressive Insurance SWOT Analysis:

1.  Passage of five-year NFIP reauthorization
2. Australian non-life insurance market is growing
3.  New technology like mobile technology creates possibilities in up-scaling the value chain

Progressive Insurance Threats

The threats in the SWOT Analysis of Progressive Insurance are as mentioned:

1. Tough competitive position
2. Increasing insurance frauds can increase their claim losses
3. Increased incidence of natural disasters testing claims paying capability

Progressive Insurance Competition
Competitors

Below are the top 5 Progressive Insurance competitors:

1. 21st Century Holding Company

2. Allstate Corporation

3. GEICO

4. GMAC Insurance Holdings Inc.

5. Liberty Mutual Insurance Companies


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 Progressive Insurance. The BrandGuide section covers SWOT Analysis, Competitors, Segmentation, Target Market, Positioning & USP of more than 2800 brands from over 20 industry sectors.

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