Bankers Life and Casualty Insurance SWOT Analysis, Competitors & USP

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

SWOT analysis of Bankers Life and Casualty Insurance analyses the brand by its strengths, weaknesses, opportunities & threats. In Bankers Life and Casualty 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 Bankers Life and Casualty Insurance to benchmark its business & performance as compared to the competitors. Bankers Life and Casualty Insurance is one of the leading brands in the banking & financial services sector.

The article below lists the Bankers Life and Casualty Insurance SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the Bankers Life and Casualty Insurance SWOT Analysis:

SWOT Analysis of Bankers Life and Casualty Insurance

For Bankers Life and Casualty Insurance, 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.

Bankers Life and Casualty Insurance Strengths

The strengths of Bankers Life and Casualty Insurance 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 Bankers Life and Casualty Insurance :

1. Customer centric approaches and actions
2. Affordable insurance for middle income Americans
3. One of the largest individual insurers in the health and accident field
4. Offers a comprehensive portfolio of insurance products and has the first mover advantage in Medicare Supplement plans

Bankers Life and Casualty Insurance Weaknesses

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 Bankers Life and Casualty Insurance SWOT Analysis:

1. High amount of alleged complaints among long-term care clients, might question the credibility of the company
2.Competition from bigger players means limited market share


Bankers Life and Casualty Insurance Opportunities

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 Bankers Life and Casualty Insurance SWOT Analysis:

1. Improve awareness about achieving financial security during retirement
2. Product and Geographical Expansion

Bankers Life and Casualty Insurance Threats

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 Bankers Life and Casualty Insurance are as mentioned:

1. Regulatory requirements, might require updates to claim practices
2.Many existing and new players in the industry

3. Unfavorable economic conditions and changing govt policies can change


Bankers Life and Casualty Insurance Competitors

There are several brands in the market which are competing for the same set of customers. Below are the top 3 competitors of Bankers Life and Casualty Insurance:

1.American Income Life
2.Chicago Title Insurance Company
3.AAA Chicago

Hence this concludes the Bankers Life and Casualty Insurance SWOT analysis.

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About Bankers Life and Casualty Insurance

Bankers Life and Casualty Insurance Overview
Parent Company

CNO Financial Group

Category

Health Insurance

Sector

Banking & Financial Services

Tagline/ Slogan

For the Life of your Retirement

USP

Integrity, Customer-Focus, Excellence and Teamwork

Bankers Life and Casualty Insurance STP
Segmentation

Insurance needs of the retirement market

Target Market

Middle Income group Americans(mostly focused on retirees)

Positioning

Broad portfolio of life and health insurance retirement products

 

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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