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QBE Insurance Group SWOT & PESTLE Analysis

ID : 5262853| Sep 2020

COMPANY PROFILE -QBE Insurance Group

Business Sector :Insurance

Operating Geography :Australia & NZ, Global

About QBE Insurance Group :

QBE Insurance Group is one of the world's top 20 General Insurance and Reinsurance Companies. The firm is headquartered at Sydney. It has operations in all the key insurance markets like Personal Insurance, Compensation of workers, Business Insurance, Intermediaries etc. It provides localised services in Australia from more than 30 offices located in each state and territory. It is listed in The Australian Securities Exchange. The company has more than 17,000 employees across 38 countries.

QBE Insurance Group Revenue :

AU $ 15,092 million - FY December 2015

Competitive Analysis of QBE Insurance Group

SWOT
PESTLE
The SWOT Analysis for QBE Insurance Group is given below:
Strengths
Weaknesses
1. Diverse expertise of employees
2. Reliability
3. Broad competitive product range
4. High levels of service
5. High degree of flexibility
1. Recent capital crisis
2. Decline in combined operating ratio
Opportunities
Threats
1. Untapped insurance market of Africa
2. Growing group insurance market
3. Automation of underwriting
1. Highly competitive insurance market
2. Evolution of new technology which is leading to lower premiums
3. Highly complex products
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Detailed SWOT Analysis of QBE Insurance Group

Strength

1. Diverse expertise of employees: The Company employs 17,000 people, with diverse mix of experience, skills, insight and talent. This helps them in to understand the diverse clients they serve better.It also helps in recognizing and meeting the clients needs by providing good customer service. According to the Chairman (Mr.Marty Becker) this enables them to drive operational transformation and deliver on their business plans simultaneously.

2. Reliability: The Company is among World top 20 Insurance groups and has been serving for more than 125 years. It has been awarded “The General Insurer of the Year” by the National Insurance Brokers Association (NIBA) consecutively from 2002 to 2012. Thus the glorious past makes it reliable for customers. QBE also invests hugely in sponsor-ships to get strong recognition and customer loyalty. The sponsor-ships include popular teams like Sydney Swans of the Australian Football League, the NSW Swifts from the netball's trans-Tasman ANZ Championship, Perth Glory from the Hyundai A-League etc.

3. Broad competitive product range: QBE offers a wide range of products in all its major segments: Worker’s Compensation, Personal Insurance, and Business Insurance. This wide portfolio helps in retaining customers as QBE provides solution to all their needs. Moreover it also enables QBE to tap the entire insurance customer segment i.e. from individuals to huge organizations.

4. High levels of service: QBE has a wide network of 30 offices across each state and territory. This helps QBE in providing localized services to the customers. It also provides a facility of making claims online or via telephone for the comfort of the customers. The online quotes for a number of customer products are also present online. It makes it easier for the customers as they can check quotes online and directly contact the broker.

5. High degree of flexibility: QBE with help of Underwriting agencies and intermediaries provides flexibility tailored and flexible insurance solutions for the customers. It is possible for QBE to do this only because of its extensive network of intermediaries and brokers.

Weakness

1. Recent Capital Crisis: North America, QBE’s largest division lead to a full year of loss in the year 2013. Moreover the profit warning knocked QBE shares down by 22%, which wiped more than 4.2 billion Australian dollars (US$3.8 billion) off its market value. This was because of the action taken by management on under performing business, general market conditions and significantly lower premium from the LPI portfolio, which was a part of their Financial Partner Services business. Example: Bank of America was one of their main banking clients. After the sale of it’s significant proportions of loans, some policies got cancelled immediately and thus QBE had to refund an element of the unearned premiums.

Though through 2014 the company has managed to cover up some of the losses and achieve profitable growth.

2. Decline in Combined Operating Ratio: The Combined operating ratio has declined from 97.8 in 2013 to 96.1 in 2014. It is not a good sign. It indicates that the underwriting profit of the company declined.

Opportunity

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Threat

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SWOT & PESTLE.com (2020). QBE Insurance Group SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/qbe-insurance-group/ [Accessed 26 Nov, 2020].

In-text: (SWOT & PESTLE.com, 2020)

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

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