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PEMCO Insurance SWOT and PESTLE Analysis

ID : 521077853| Apr 2023| 18 pages

COMPANY PROFILE -PEMCO Insurance

Business Sector :Insurance

Operating Geography :United States, North America

About PEMCO Insurance :

PEMCO Insurance is a Seattle-based personal-lines mutual insurance company that only services citizens of Washington and Oregon. The business was founded in 1942 by Robert J. Handy as an insurance firm for teachers who were members of the School Employees Credit Union of Washington. PEMCO Insurance expanded from its roots as an auto insurance firm for educators to encompass house, umbrella, renters, condo, and boat insurance. Members of the teacher's credit union can buy low-cost life insurance policies from PEMCO Life Insurance Company. Retail clients can purchase life and health insurance from the company. It also offers claim and asset management services. Customers can get an insurance quote by going to the company's website. The organization was awarded "One of America's Best Insurance Companies 2022" in November 2021.
PEMCO's USP is that it is a well-established carrier with over 70 years of expertise in the insurance industry that sells its coverage through a network of independent insurance agents that provide a more comprehensive and personalized experience for consumers looking for the correct coverage. The mission statement of the company reads, "Free our communities to worry less and live more. Our mission is deeply authentic and connects to what has always been true about us and makes room for ever-expanding possibilities. Differentiating and service-oriented, it represents our aspiration for the world, not just our organization"

PEMCO Insurance Revenue :


not available

Competitive Analysis of PEMCO Insurance

SWOT
PESTLE
The SWOT analysis for PEMCO Insurance is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Reputed insurance company providing 12+ types of insurance in Washington and Oregon
2. PEMCO has positive business ratings and a strong balance sheet
3. PEMCO is listed as one of the best insurance companies of USA
4. Strategic local advertising
5. PEMCO is the highest-ranking local carrier on the 2020 J.D. Power ratings
1. Lawsuit against PEMCO costed the company $14.1 million
2. Restricted coverage to only two states in the USA in spite of being in business for 70+ years
OpportunitiesThreats
1. Infusion of fresh breadth into management with appointment of new Director of NextGen Strategy and Implementation by PEMCO Mutual Insurance
2. .PEMCO Partners with Pets Best Pet Insurance to Offer Pet Coverage
3.PEMCO Insurance has started a school supply campaign
4.The pet insurance sector is anticipated to touch $12 million by 2027
5.The newly renovated Junior Achievement Center in Auburn has reopened
1. Entry of Tesla insurance plans can eat into the market share of PEMCO mutual insurance
2. Credit scores are no longer accepted in insurance, across the board according to states
3. As the risk of wildfires rises, insurers tighten their belts
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Detailed SWOT Analysis of PEMCO Insurance

Strength

1. Reputed insurance company providing 12+ types of insurance in Washington and Oregon: From Auto to Pet, one can trust PEMCO to provide a plethora of insurance options, tailored to fit one’s needs. Defending what matters to you the most, a few of the various types of insurances provided by the company in Washington and Oregon include Auto, Home, Condo, Renters, Umbrella, Boat, Specialty, and Pet. Emphasizing the fact that your car is an important asset, PEMCO’s Auto Insurance ensures that the responsible drivers and their vehicles remain safe by offering them competitive costs, customized policies, and remarkable customer service. Likewise, its home insurance policy safeguards your abode against all kinds of mishaps- fire, burst pipes, burglary, etc. Specialty insurance defends your property in case of a natural calamity like an earthquake while at the same providing you something extra- in life, in hobbies, and on vacations. As if this wasn’t enough, PEMCO also has a well-laid-out insurance plan for your furry friends and their well-being. Its pet insurance policy provides routine care coverage for your pets which, in turn, helps cut down on veterinary bills.With PEMCO’s Boat Insurance, your watercraft can be safeguarded all year long, both in and out of the water. The company also has an Umbrella policy (up to $5 million limits) that is more of liability protection and is beneficial in covering all the excess costs, in case your policy liability limits are exceeded. Apart from the above, the other insurances offered by PEMCO include water & sewer line insurance, collector vehicle insurance, manufactured home insurance, flood insurance, motorcycle and scooter insurance, earthquake insurance and a lot more.

2. PEMCO has positive business ratings and a strong balance sheet: PEMCO Mutual Insurance Company (PEMCO Financial)'s Strength Rating has been upgraded to B++ (Good) and the Long-Term Issuer Credit Rating has been upgraded to "bbb+" by AM Best. Profitability strategies, including as agency management, rate hikes and more severe underwriting requirements, fueled these gains. Due to PEMCO's technical advancements and enhanced performance, the loss and expenditure ratios are now comparable to those of the private passenger home and auto composite. Risk-adjusted capital at the highest level, as defined by Best's Capital Adequacy Ratio (BCAR), and low underwriting leverage measures underpin PEMCO's extremely strong balance sheet, which is partially mitigated by unfavorable reserve development.

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 :

  • American Family Insurance
  • State Farm
  • GEICO
  • Progressive Insurance
  • USAA

Major Brands :

  • Auto Insurance
  • Home Insurance
  • Renters Insurance
  • Pet Insurance
  • Specialty 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 PEMCO Insurance SWOT & PESTLE Analysis Report

1. Cyber Theft of Customer Data a Growing Risk for US Health Insurers https://www.fitchratings.com/research/insurance/cyber-theft-of-customer-data-growing-risk-for-us-health-insurers-29-06-2021
2 DEFENDING WHAT MATTERS TO YOU - https://pemco.com/types-of-insurance
3. AM Best Revises Outlooks to Positive for PEMCO Mutual Insurance Company -https://www.businesswire.com/news/home/20201217005688/en/AM-Best-Revises-Outlooks-to-Positive-for-PEMCO-Mutual-Insurance-Company
4. PEMCO NAMED BY FORBES AS ONE OF AMERICA’S BEST INSURANCE COMPANIES 2022 - https://pemco.com/blog/pemco-forbes-best-insurance-companies
5. Pemco takes regional approach to insurance advertising with Northwest defender series - https://www.thedrum.com/news/2019/03/25/pemco-takes-regional-approach-insurance-advertising-with-northwest-defender-series
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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PEMCO Insurance SWOT and PESTLE analysis has been conducted by Imran Khan and reviewed by senior analysts from Barakaat Consulting.

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