Insurance Competitive Landscape

Part
01
of two
Part
01

Competitive Landscape - Ladder Insurance and Chubb Insurance

Ladder differentiates itself by offering a quick online application process, while Chubb organizes charity events. In the spreadsheet, columns C and D have been filled with the requested information.

Ladder

Overview

Offerings

Market Strategies
  • Ladder has been "modernizing the process of acquiring life insurance, making it simpler and more convenient for consumers to get coverage". The company aims to remove unnecessary complications surrounding life insurance, as well as to improve the industry overall.
  • Ladder uses social media to announce received awards, share tips and point out facts surrounding life insurance. Also, their posts are sometimes focused on holidays, such as Labor Day.
  • The company also markets its services through innovative, creative videos on Youtube.

Expansion Strategies

Differentiation points

Chubb Insurance

Overview
  • Chubb Insurance is the largest commercial insurer in the U.S. and the world’s largest publicly traded P&C insurance company. The company operates in 54 countries and territories. Their services range from personal property insurance to health and life insurance. The insurance company has main offices in Zurich, New York, London and Paris and employs over 30,000 people.

Offerings

Market Strategies
  • Chubb Insurance is popular on social media, their Twitter account is followed by over 25,000 people. On social media, the company's posts mostly focus on events and success stories, such as important meetings.
  • The company emphasizes its personalized insurance coverage. When talking about their services, the company uses the word "craftsmanship". The company states they "believe insurance is more than underwriting, it’s a craft".
  • Chubb Insurance is actively advertising on TV. Their TV advertisements predominantly feature young couples standing in front of a big screen, watching their homes get destroyed from safety. Then, their homes are replaced with new ones. At the end of each advertisement, the line "Chubb. Insured." appears.

Expansion Strategies
  • Chubb has recently entered a 10-year partnership with VietABank to distribute life insurance products in Vietnam, according to SPGlobal.
  • Recently, Chubb has introduced a new offering intended for aiding professional service firms in mitigating professional liability, cyber liability and other exposures.
  • In July this year, Chubb Insurance has announced the company will stop underwriting new risks for companies that "generate more than 30 percent of their revenues from coal mining or energy production from coal". They've announced their insurance coverage for already existing coal-plant risks that surpass this boundary will be entirely phased out by 2022.
  • Chubb has also announced partnership with Dashlane, an online security platform, in order to provide its European customers with a Dashlane Premium License as part of their policy benefits. Other regions are also expected to receive these benefits.
  • Also, Chubb has recently announced a partnership with NAWBO, the National Association of Women Business Owners, in order to provide the Association members with small business insurance and education services.

Differentiation points
Part
02
of two
Part
02

Competitive Landscape - Tesla Insurance and USAA Insurance

Tesla Insurance can be availed by Tesla electric vehicle owners in California. Meanwhile, the United Services Automobile Association (USAA) provides insurance products for military personnel. The rest of the required details were inputted in the linked spreadsheet under columns E to F.

TESLA INSURANCE
  • Tesla Insurance was established in 2019.
  • Currently, the insurance product can only be availed by Tesla electric vehicle owners in California.
  • Customers who want to purchase the insurance can do so through the company's website.
  • The company's corporate headquarters are located in California and Nevada.
  • Tesla's total employee count is 48,817.
  • Tesla Insurance's marketing strategy involves highlighting the offerings of its insurance arm on its website and on its official Twitter account.
  • The company boasted that it can provide 20-30% lower insurance rates for its electric vehicle owners.
  • Examples of Tesla Insurance's creative campaigns can be found in this link.

UNITED SERVICES AUTOMOBBILE ASSOCIATION (USAA)
The rest of the required details were entered into the linked spreadsheet under columns E to F.
Sources
Sources

From Part 01
Quotes
  • "Radius Bank, a forward-thinking online bank, announced today the expansion of its digital marketplace to include life insurance offerings through Ladder. The integration allows Radius' personal banking clients to apply for and, if eligible, obtain a life insurance policy in a matter of minutes."
Quotes
  • "Chubb is the world’s largest publicly traded P&C insurance company and the largest commercial insurer in the U.S. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline"
  • "The company serves multinational corporations, mid-size and small businesses with property and casualty insurance and risk engineering services; affluent and high net worth individuals with substantial assets to protect; individuals purchasing life, personal accident, supplemental health, homeowners, automobile and specialty personal insurance coverage; companies and affinity groups providing or offering accident and health insurance programs and life insurance to their employees or members; and insurers managing exposures with reinsurance coverage."
  • "Chubb has more than $174 billion in assets and reported $38 billion of gross premiums written in 2018. Chubb’s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best."