MK-00419 Competitive Analysis - Summary

 

PRINS INSURANCE – COMPETITIVE ANALYSIS WORKSHEET

 

 

 

Competitor name

State Farm Insurance Agents

 

 

 

Target Market

Family Insurance including financial

 

 

 

Date evaluated

November 18, 2002

 

 

 

Positioning  - Competitor’s positioning strategy and USP

  • Whatever your insurance needs -- auto, home, life or health -- your State Farm agent has the tools and expertise to help you select a plan that works for you.
  • An agent can provide valuable information about insurance, the risks that make it necessary, and how to protect yourself from those risks and get the most for your premium dollar. Your agent can provide information about frozen pipes, weather safety, disaster preparedness, quality building techniques, auto safety and anti-theft, and many other topics.
  • Often, in most states, you can be paid on the spot for many small claims involving damage to your vehicle, home or other property. All you do is present the bill to your agent.
  • All your State Farm premiums can be combined into one convenient monthly payment -- just like you budget other purchases. Or at your request, payments can be automatically deducted from your checking account.
  • State Farm agents can offer a variety of financial products and services through State Farm Bank®.
  • If you already own State Farm insurance, ask your agent for a Family Insurance Checkup (FIC). An FIC is simply a meeting during which you and your agent review your insurance coverages to make sure they meet your needs. The checkup includes an examination of all your State Farm coverages -- and it's FREE.
  • Your Registered State Farm Agent can provide the guidance and support that you need over time to help you pursue your personal financial goals.
  • USP - Like a good neighbor, State Farm is there

 

 

 

 

Strengths

Large quality company

Well known by everyone

Has advertised forever

Is first or second in peoples mind for personal insurance

 

 

 

Weaknesses

State Farm does get some bad publicity sometimes because they have so much business.  Problems come up and newspapers love to pick up on them.

State Farm prices their product higher for our market segment.  They are less money on the younger people under 25, but higher on the 35 to 55 year olds.