Published by MBA Skool Team, Last Updated: April 26, 2020
SWOT analysis of Progressive Insurance analyses the brand by 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. Progressive Insurance is one of the leading brands in the banking & financial services sector.
The table below lists the Progressive Insurance SWOT (Strengths, Weaknesses, Opportunities, Threats), top Progressive Insurance competitors and includes its target market, segmentation, positioning & Unique Selling Proposition (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
Personal lines, commercial auto, other-indemnity and service business.
Provision of personal and commercial automobile insurance, and specialty property-casualty insurance and other related services in the US, and Australia
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
SWOT Analysis of Progressive Insurance
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
Progressive Insurance Competitors
Below are the top 5 competitors of Progressive Insurance:
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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