Question

What are four threats and four opportunities for the automotive insurance industry?

Answer 1

Threat.

1. automotive industry-main threat from the new entrant's industry in the market.

2. they may also have to face customer dissatisfaction with the service that results in negative image and Publicity of the brand.

3. regulations made by the government also affect the automotive insurance industry in a considerable amount.

4. it may also risk for the chances of bankruptcy because the customer considered catered because of high-risk people that cause immediate bankruptcy in the case of depression and recession.

Opportunities -

1. industry can increase customer service by reducing the time in dealing and employing more efficient and productive employees.

2. efficiently sensitise and trained the employees in problem handling.

3. increase customer satisfaction by providing customer service to customers regularly.

4. always be active and suggest the customer about the different products and insurance policies etc. which result in higher build relationship with the customers.