Lincoln Heritage Life Insurance SWOT
Lincoln Heritage is one of the largest final expense companies in the nation. They been organized in 1963(heritage, 2009), and have 664 million in assets and 4.2 billion of life insurance in force. So you can see that Lincoln heritage have no problem on paying there clams. Lincoln is also an Accredited BBB Business with an A.M. Best Rating of A- (Excellent). Lincoln heritage is true to the founding philosophy, they continue to have a reputation of have great customer service and satisfaction and a peace of mind. They had a vision to set a new bar for prompt, friendly and accurate service in the insurance industry. The following is the SWOT analysis included how in its marketing plan.
Strengths
Lincoln Heritage has a lot of strengths and a little bit of weakness but I will tell you two major strengths and weakness. One of the best strengths that Lincoln heritage has is having the only insurance company that provides funeral planning. What that mean that they work with a company called the funeral consumer guardian society that prearrange there whole funeral and go into detail like having what type of song you want to be played in your funeral and what type of clothing you want to wear. Another strengths that Lincoln heritage has is that they pay there clams within 24 hours. Like other company they wait a long time to pay their claims because they are looking for thing like the death certificate and other thing that may cause the other insurance company not to pay the claim. But as for Lincoln heritage we don’t wait for anything, we will deposit there money to the beneficiary account within 24hours. This is why these strengths make a distinctive competence for Lincoln heritage.
Weaknesses
Two major weaknesses that I see when working with the company is that there is not a good support team to help you out when you are working. What I mean is that when there is a new agent that comes aboard with the company the manager that hire them would only give them one day of training and then let the agent go to work. Then the agent would not really know what to do and have a difficult first time working and that why majority of the agent that start off doesn’t last and that is bad for the company. If the company is struggling to have agent then the company will not grow, so a good way to make this Lincoln heritage better on hire people is having a good support team and training so that the new agent would want to stay and work. Another weakness that Lincoln heritage have and need to improve on is there leads system. There leads are so expensive and when you first start you have to pay them out your pocket and then you can finance them but when you get pay they take it out your pay check and most of your pay check is gone(Kentucky , 2012). One way to fix that is having cheaper leads to buy so the agent can start making money.
Opportunities
Lincoln heritage have great opportunities for example working there would be one because you can make a lot of money. Second they have great Competitive group benefits like health insurance and life insurance and have the best retirement plan. Also if you are working at Lincoln heritage for 5 to 10 years you can retire and you would be set for life. And when working at Lincoln they have the best Exotic incentive trips like Dominican Republic and more. Another opportunity that Lincoln heritage has to offer is that they are the only life insurance company that provides funeral planning. No other companies do that, so that makes our company different from other insurance company out there. These opportunities can impact this organization by first having more employees because of the great benefits and second they have something that no other company have and that can help people with when there love ones pass away.
Threats
I recently found out that there is someone that is trying to sue Lincoln heritage for not paying his clam. He said that the agent told him is father health would not cause any changes to his police and Lincoln will be able to pay the clam ("Glassdoor," 2012). But come to find out that the guy father lied to the agent about his health and that cause the clam not to be paid when his father died. So he may or may not win that law suit. But if he win that law suit that will be bad for Lincoln heritage because people will see that and Lincoln will lose a lot of business that way. Another threat is that there are a lot of competitors that say bad thing about Lincoln heritage for example AARP would say that we are too expensive they are not there to help the customer. Also another competitor prudential cause Lincoln heritage to lose money and customer by having a cheaper rate and take all of Lincoln heritage clients. These threats can cause this organization to lose business and that not good for the company.
To summarize it all Lincoln heritage is a final expense company and have lot of strengths and some weakness and good opportunities and bad threats. Some good strength that Lincoln heritage has are there funeral planning and they pay there clams within 24 hours. And some weaknesses they have are and management skills and they have a poor lead system. Lincoln heritage also great opportunity like working at this company they have great benefits and Lincoln have a funeral planning that no other company have. Lincoln heritage are doing thing to improve on their weakness and have less treats so there company can become a better company.