Wednesday, January 22, 2020
Business Analysis of 20th Century Insurance Essay -- Insurance Compani
Business Analysis of 20th Century Insurance Table of Contents History, Position, Targeted Market, Goals                         Page 3 Northridge Earthquake, Crisis                              Page 4 Comeback Kid, Results of PR Campaign                         Page 6 Developing a Crisis Plan,                                   Page 7 Crisis Team, Milestones for Communication                         Page 8 Issues                                                  Page 9 Plan Approval, Anticipated competitive responses                    Page 11 Recommended press release                                   Page 14 References                                             Page 15 Appendix A                                             Page 16 History 20th Century Insurance was established in 1958 and was the first company of its kind to sell automobile insurance without a middleman, known in the industry as a broker or agent. This direct sales approach allowed 20th to offer insurance at a much lower premium than its competitors. To date, 20th Century Insurance is still recognized as one of the most economical full service automobile insurers in the California market. Position In terms of market share, 20th Century is the fifth-largest car insurer in the state. The company's credit rating was recently upgraded from a B- to BBB+ and its stock is being traded around $21.50. 20th Century is also among the Valley's (headquarters office location) largest firms in both market capitalization and employees. The company currently employs in over 2,000 people. Targeted market For the first 30 years of the company's existence it enjoyed huge profits from selling only automobile insurance. These large profits were achieved, due in part, to its targeted market which are generally people in the age range of 30-60 who are classified as a low risk "good drivers". The company's structure of selling insurance directly to the customer while providing excellent customer service is also a driving force to its success.      In 1982 the company began offering homeowner's insurance and this venture also proved to be financially successful for the company. The vast majority of the homes insured by 20th Century are located in the Valley cites and at one time the homeowner's insurance made up about 10% of the company's business, however, to date it onl... ... business.                     References      Gross, A. (1998). Catastrophe planning: An essential part of comprehensive risk management. Insurance Advocate Kamer, L. (1997). Crisis planning's most important implement: The Drill. Communication World Littlejohn, F. Robert (1983). Crisis Management a Team Approach New York: AMA Management Briefing.      Newsom, D., Turk-Vanslyke, J., & Druckeberg, D. (1996). This is PR: The realities of public relations 6ed. United States: Wadsworth Publishing      Sanders, E. (1994). Some hard lessons in survival: Insurer faces own problems during quake. Daily News Schnaible, R. (1994) 20th Century Times: Earthquake!, January Shinkman, R. (1996) 20th Century bounces back to solid profitability:Insurer's 1996 net income may hit $100 million., Los Angeles Business Journal April 29-May 5      Sparks, D. (1995) On the Road Again. Financial World, December 5 Stavro, B. (1995) 20th Century on the Rebound After Settling Quake Claims. Los Angles Times September 12 Sullivan, B.(1999) Daily News: Comeback for 20th Century Insurance, January 13 Yoshitake, D. 20th Century puts quake trials behind. Daily News          Â
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.