MK-00411 Competitive Analysis - Farmers Insurance Group

 

 

 

PRINS INSURANCE –COMPETITIVE ANALYSIS WORKSHEETS – FARMERS INSURANCE GROUP

 

 

Competitor name

Farmers Insurance Group Agents

 

 

 

Target Market

Family Insurance including financial

 

 

 

Date evaluated

November 18, 2002

 

 

 

Positioning  - Competitor’s positioning strategy and USP

Since our founding in 1928, we have been committed to improving the communities where our customers, agents and employees live and work. Investing in our communities is nothing new to Farmers. We have been proud, active partners in bettering the lives of our neighbors across the country for many decades.

Today, the Farmers Insurance Group of Companies is the country's third-largest writer of both private passenger automobile and homeowners insurance.

We continue to invest considerable resources in programs that improve safety, enhance educational opportunity, and increase civic participation in communities across America. In addition to our institutional support for these causes, we are undeniably proud of the thousands of Farmers agents and employees who generously contribute additional dollars and hours of volunteer time to organizations in their neighborhoods.

Whether you’re Single and just starting out, or Retired and planning new adventures, your Farmers agent can provide solutions to help solve your worries and achieve your dreams.

Where are you in life?

Antonio… Single and just starting out in life.
Deirdre… Loving life, career and a good income.
Maria and Marco… Newly married and eager to plan the future together.
Nancy and Larry… Married with children and lots of financial goals.
Kathy… Recently divorced and ready for a fresh start.
Phoebe and Nick… Empty nesters, enjoying extra cash and time together.
Jenny and George… Soon to retire and planning new adventures together.

USP? – We are third in providing Auto & Homeowners insurance;  We are big and everywhere in the country; We will take care of you through your life cycle.

 

 

 

Strengths

Large quality company

Well known by everyone

Has advertised forever

Is first or second or third in peoples mind for personal insurance

 

 

 

Weaknesses

Farmers Insurance Agents don’t like to be stuck with only one company to write for.  The agents don’t trust that Farmers will provide a competitive price continuously, and thus putting their whole agency in jeopardy.

Farmers stresses financial services.