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Assurant SWOT & PESTLE Analysis

ID : 52910353| May 2021| 12 pages

COMPANY PROFILE -Assurant

Business Sector :Insurance

Operating Geography :United States, North America, Global

About Assurant :

Assurant Inc., is a global supplier of risk management products and services. It is headquartered in New York, United States. The company provides a diverse set of specialty, niche-market insurance products in the property, casualty, extended device protection, and preneed insurance sectors. The company has approx. 14,250 employees as of early 2021. Assurant can trace its roots back to the founding of the La Crosse Mutual Aid Association, which was formed to sell disability insurance in Wisconsin in the early 1890s which later became the Time Insurance Company. N.V. AMEV of the Netherlands acquired the Time Insurance Company in 1978. In 1991, AMEV Holdings, Inc. was rebranded as Fortis, Inc. and later in 2004, Fortis' American business was renamed as Assurant and spun off from the parent company. The company operates three segments: Global Housing, Global Lifestyles and Global Preneed. Global Housing provides lender-placed insurance, mortgage solutions and multi-family housing. Global Lifestyles provides mobile device protection services and extended service contracts for consumer electronics and appliances, credit and other insurance and vehicle protection services and Global Preneed offers pre-funded funeral insurance and annuity products. In January, 2021 Assurant received a score of 100 percent on the Human Rights Campaign (HRC) Foundation’s 2020 Corporate Equality Index (CEI).
Assurant Inc.'s Unique Selling Proposition or USP lies in it being a global provider of risk management solutions. Assurant’s mission statement reads, "To help clients and customers protect what is important to them: their home, their personal property, and their ability to recover from natural, personal and financial catastrophes. At Assurant we offer a variety of insurance coverage programs and related services to leading businesses and consumers alike".

Assurant Revenue :


USD 10,086.8 million - FY ending 31st December 2019 (y-o-y growth 25%)
USD 8,057.6 million - FY ending 31st December 2018

Competitive Analysis of Assurant

SWOT
PESTLE
The SWOT analysis for Assurant is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Capable to expand to upcoming 5G device purchases’ trade-in financing programs
2. Continuous growth in revenues (25.39% CAGR) and assets (17.94% CAGR) since 2017 makes financing easy
3. Strategic acquisitions of market leaders to strengthen its presence in its segments
4. Positive customer sentiment giving Assurant a high rating in feedbacks, promising a loyal customer base
1. Significant amount of revenues from a few clients for 3 of its major product segments
2. Dependence on strategic acquisitions to expand rather than organic growth
3. Relying on external vendors and third parties to provide services to customers may reduce operational efficiency
4. Risk of debt downgrade of senior debt from BBB (S&P) and Baa3 (Moody’s) can hamper the business
OpportunitiesThreats
1. Auto industry of USA growing 3% in Q3 2020 marking recovery of demand and thus more insurance claims
2. Strong Y-o-Y growth of new home sales due to historically low mortgage rates will increase home insurance base
1. UK leaving EU may lead to disruptions as policy changes will be needed
2. Regular M&A deals of competitors in the industry reduces potential for growth
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Detailed SWOT Analysis of Assurant

Strength

1. Capable to expand to upcoming 5G device purchases’ trade-in financing programs: The mobile insurance market which is a part of Assurant Global Lifestyle segment is a large and growing market. With a subscriber base of more than 300mil, it is likely that the upcoming 5G standard will create a surge in demand of new devices which supports it. 5G will also be the key in driving development of “Internet of Things” and mobile devices will be crucial to facilitate the same. Smartphone penetration in developed markets like Japan, USA and Europe is high while it is growing in developing markets like India and South East Asia. 5G technology is also being integrated into vehicles for GPS functionality in developed nations as with the increased data transfer speeds at affordable prices, it seems likely that consumers will shift to it gradually with 5G capable mobile devices pouring into the market. Thus, customer support, device financing, buyback trade-in programs will be extremely vital along with repair and logistics insurances. By acquiring HYLA Mobile, Assurant is able to double its device processing volumes, expands its customer base, increased the device diversity and employee talent to handle this trend. With HYLA and Assurant’s own capabilities, it can improve the customer experience when device owners opt for trade-in programs of their older phones for 5G enabled ones. The acquisition will help Assurant prepare for the anticipated increase in volume and demand for trade-in solutions in the upcoming 5G trade-in cycles. HYLA’s software capabilities and Assurant’s end-to-end mobile device lifecycle management capabilities will create a comprehensive solution for the trade-in program which will have increased trade-in attachment rates, better consumer experience, maximized disposition values and add new revenue streams while being sustainable to the environment as well.

2. Continuous growth in revenues (25.39% CAGR) and assets (17.94% CAGR) since 2017 makes financing easy: Assurant focuses on lifestyle and housing products while having a small preneed segment too. It competes with many insurance companies, financial services, mobile device repair and logistics companies and software companies too. To remain competitive, it is crucial for Assurant to have a robust financial backing in its core businesses. In FY2019, Assurant was improved its revenues to USD 9.3 bil (USD 10.08 bil in total) and has had a CAGR of more than 25% since 2017 while also improving upon its asset size which stood at USD 44.3 bil. These strong financials have allowed Assurant to have enough liquidity (USD 534 mil in 2019) go for strategic merger and acquisition deals which has facilitated the strong growth of the company. The revenues also have grown across its segments, Global Lifestyle and Global Preneed, since 2017 while Assurant increased its net income by nearly 1.72 times compared to last financial year in its Global Housing segment. Its credit ratings are stated to be stable with A.M. Best Company rating its domestic and international insurance subsidiaries from B++ to A, implying that the financial strength of the company is in good to excellent condition. This stability allows positive outlook towards the company’s future and helps Assurant to grow better compared to its competitors and keeps increasing its asset and customer base in the process.

The remaining section under "Strengths" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

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Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

Major Brands :

  • Assurant Connected Living
  • Assurant Global Automotive
  • Assurant Global Preneed
  • Assurant Multifamily Housing Insurance
  • Assurant Manufactured Housing Insurance
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TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?

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Check Out Analysis of Other Relevant Companies

References used in Assurant SWOT & PESTLE Analysis Report

1. Assurant 2019 Annual report - https://s22.q4cdn.com/805855654/files/doc_financials/2019/ar/assurant-2019-ar-pdf-final.pdf

2. Assurant Acquires EPG, Inc. - https://www.assurant.com/newsroom-detail/NewsReleases/2020/December/assurant-acquires-epg-insurance-inc

3. Assurant closes its acquisition of HYLA Mobile - https://www.assurant.com/newsroom-detail/NewsReleases/2020/December/assurant-closes-its-acquisition-of-hyla-mobile

4. 2021 insurance industry outlook - https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/insurance-industry-outlook.html

5. Aging and Insurance: The opportunities of an older Europe - https://www.pwc.com/gx/en/insurance/pdf/ageing_and_insurance.pdf

The detailed complete set of references are available on request in the 'Complete report' on purchase.

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In-text: (SWOT & PESTLE.com, 2021)

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Assurant SWOT and PESTLE analysis has been conducted by Amit Kabi and reviewed by senior analysts from Barakaat Consulting.

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