GEICO SWOT Analysis

Published in Banking & Financial Services category by MBA Skool Team, Last Updated: April 26, 2020

Here is a detailed SWOT analysis of GEICO covering strengths, weaknesses, opportunities and threats.

GEICO Strengths

  1. One of the fastest-growing auto insurers in the U.S, currently second-largest private passenger auto insurer in US
  2. Employs over 30,000 associates, provides twenty four-seven, 365 days a year
  3. Enjoy high ratings from top agencies for financial strength and claims-paying ability
  4. Popular advertising campaigns, large number of advertisements intended to amuse viewers
  5. 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

  1. Direct to customer sales model causes operational constraints
  2. Since 2013 dip in insurance penetration i.e. insurance premiums as a percentage of GDP
  3. Intense competition in the auto insurance segment
  4. 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

  1. Involvement in motorsport sponsorships leading to enhanced brand awareness
  2. Competitive prices in future
  3. 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

  1. Highly competitive market
  2. Lack of people opting for Insurance
  3. 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

Banking & Financial Services

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.

Browse marketing analysis of more brands and companies similar to GEICO. This section covers SWOT Analysis along with Segmentation, Target Market, Positioning & USP of more than 2000 brands from over 20 industry sectors.

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