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Farmers Insurance Group SWOT & PESTLE Analysis

ID : 52999653| Jul 2021| 15 pages

COMPANY PROFILE -Farmers Insurance Group

Business Sector :Insurance, Financial Products

Operating Geography :United States, North America, Global

About Farmers Insurance Group :

Farmers Insurance Group is an American insurance company headquartered in Los Angeles, California. The company was founded by John C. Tyler and Thomas E. Leavey in 1928 and is a wholly owned subsidiary of Zurich Insurance Group. Farmers provide services like insurance, claims, payments, roadside assistance, etc. Its insurance portfolio consist of business, financial, travel trailer, pet, off-road and ATV, life, home, umbrella, auto, vacation home, condo renters, motorcycle, boat, renters and motor home insurance. Farmers Insurance has many companies under its umbrella, such as the Farmers Insurance Exchange, Fire Insurance Exchange and Truck Insurance Exchange which are owned by the policy holders and were organized under the law of State of California. The company has launched a Farmers Mobile App for its customers so that they can manage their insurance policies anytime, anywhere they want. Some of the features that the app consists are bill payments, reporting claims, viewing proof of insurance for auto and home policies, etc. As of December 2020, the company has approximately 19,844 employees in all 50 states of United States. On May 2021, Farmers was awarded with the Corporate Impact Award by the Los Angeles Fire Department (LAFD) Foundation for its generous effort and support towards the community’s firefighters.
Farmers Insurance Group’s unique selling proposition or USP lies in being one of the leading insurance companies in the United States. Farmers Insurance Group’s ambition statement reads, “Be the leader in delivering peace of mind, innovating for customers whenever and wherever they need us.”

Farmers Insurance Group Revenue :


US$12,592 million - FY ending 31st December 2020
US$11,869.7 million - FY ending 31st December 2019

Competitive Analysis of Farmers Insurance Group

SWOT
PESTLE
The SWOT analysis for Farmers Insurance Group is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Established player in the US market with a wide range of offerings and features in the prestigious Fortune 500 list.
2. Acquired a large number of successful insurance companies till date
3. The company has strong digital accessibility and technology advancements
4. Personalized attention is a hallmark of the Farmers Group
1. The Farmers Group has barely expanded outside the US
2. The company as faced a large number of lawsuits
OpportunitiesThreats
1. With its established brand name, Farmers Group can deepen its international presence
2. Develop and improve the company’s mobile app for increased at-home accessibility for customers
3. Continue to acquire insurance companies to create a diverse portfolio
4. Growth in Insurance Advertising Market benefiting Insurance companies
1. Reduced market share due to large number of Insurance companies
2. Disruptive technology and Insurtech is increasing the obsoleting rate in Insurance sector
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Farmers Insurance Group

Strength

1. Established player in the US market with a wide range of offerings and features in the prestigious Fortune 500 list: The Farmers Insurance Group was first established in the US in 1928 and has a long history and experience in the insurance sector. With continuous expansion and improvements, the Farmers Insurance Group offers an extremely large number of offerings to its clients, including Vehicle Insurance, Property and Casualty Insurance, Home Insurance, Life Insurance and Business insurance. The insurer also offers unique offerings such as Personal Umbrella Insurance, Recreational Insurance, Pet Insurance, Ride Share Insurance, Financial products and more. This wide range of insurance offerings allows Farmers Insurance to provide solutions to clients in one spot, as well as tap into larger insurance markets. The wide range of offerings also allows the company to average out gains and losses and always benefit from changing trends that boost a certain insurance product. The company is ranked at 256 on the Fortune 500 companies in 2021.

2. Acquired a large number of successful insurance companies till date: The Farmer’s Group is a well-established player in the market since over 90 years in the US market. The company has been strategic in its expansion and has involved itself in continuous consolidation within the industry, acquiring financially healthy insurance companies to grab a larger market share in the American insurance market. The Farmers Group has successfully acquired many insurance companies such as the Group of Foremost Insurance Companies, Group of Bristol West Insurance Companies and 21st Century Insurance Companies. Recently, in 2021, The Farmers Insurance Group acquired the Insurance giant MetLife and further increased its market share with this move. The company has shown consistently successful acquisition activities till date which is a major strength of the company.

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

Weakness

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

Opportunity

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

Threat

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

Major Competitors :

  • The AllState Corporation
  • Amica Mutual Insurance
  • Kemper Corporation
  • American Family Insurance
  • Plymouth Rock Assurance
  • State Farm
  • Auto Owners Insurance
  • Aviva Natural Health Solutions
  • Travelers Insurance
  • Liberty Mutual Insurance

Major Brands :

  • Farmers New World Life Family Insurance
  • Farmers Reinsurance Company
  • Illinois Farmers Insurance Company
  • Leschi Life Assurance Company
  • Mid-Century Insurance Company
  • Neighborhood Spirit Property and Casualty Company
  • Truck Insurance Exchange
  • Foremost Insurance Companies
  • Bristol West Insurance Companies
  • 21st Century Insurance Companies
  • MetLife
SWOT & PESTLE (combined)
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TABLE OF CONTENTS
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Check Out Analysis of Other Relevant Companies

References used in Farmers Insurance Group SWOT & PESTLE Analysis Report

1. Annual Report 2020 - https://www.farmers.com/content/dam/falcon/pdf/life-insurance/Annual_Report.pdf

2. Types of products & quotes: Farmers Insurance - https://www.farmers.com/insurance/

3. Farmers Insurance Exchange | 2021 Fortune 500 | Fortune - https://fortune.com/company/farmers-insurance-exchange/fortune500/

4. Farmers Mobile App: Farmers Insurance - https://www.farmers.com/mobile/

5. Farmers Insurance sued for fraud | Insurance Business -https://www.insurancebusinessmag.com/us/news/breaking-news/farmers-insurance-sued-for-fraud-248571.aspx

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

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SWOT & PESTLE.com (2021). Farmers Insurance Group SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/farmers-insurance-group/ [Accessed 23 Oct, 2021].

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

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Farmers Insurance Group SWOT and PESTLE analysis has been conducted by Muskan Arya and reviewed by senior analysts from Barakaat Consulting.

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