preview

Strengths And Weaknesses Of The P & C Industry

Decent Essays

SWOT Analysis is a simple but useful framework for analyzing your organization's strengths and weaknesses, and the opportunities and threats that the company face. It helps you focus on your strengths, minimize threats, and take the greatest possible advantage of opportunities available to you will giving you the opportunity to ward off possible threats from external sources.

It can be used to "kick off" strategy formulation, or in a more sophisticated way as a serious strategy tool. You can also use it to get an understanding of your competitors, which can give you the insights you need to craft a coherent and successful competitive position.

Generating a SWOT analysis whether it is for a current company situation or an up and coming project; does the analysis give accurate and …show more content…

Whatever aspect of the P& C industry you operate out of, using a SWOT analysis to determine your strengths and weaknesses discovers ways to improve how your business functions. Identifying the external opportunities and threats helps you find ways to sell more policies and build the business.
A strength the of the P&C industry is to be able to offer a variety of Insurance products, such as auto, liability, life and health products to target a variety of market. Increase in products lines sells mean that an increase in business, a solid portfolio of customers mean a recurring revenue and a solid reputation.

Though I assume that all the insurance industry has gone paperless, one weakness that may still be prevalent is operating with paper transactions. Without paperless technology, selling policies, collecting payments and reminders may look old fashioned, not efficient and not be appealing to customers, both current and new. Lack of technology can also hamper the means to find new customers, and keep current ones from switching to another insurance

Get Access