Introduction

Ameritas Life Insurance Company is a mutual insurance company owned by Ameritas

Mutual Holding Company headquartered in Lincoln, Nebraska. The company first started in

1887 and was named the Old Line Bankers Life Insurance Company of Nebraska. Lincoln,

Nebraska was their location because there were no local insurance companies in the area. During

the first half of the 20th century, Bankers Life grew from a small company to selling insurance to

customers coast to coast. In 1988, Bankers Life changed its name to Ameritas Life Insurance

Corp. This name reflects its broad product line and its national scope. In 1998, they changed the

name once again and merged with Acacia Mutual Holding Corporation to form Ameritas Acacia

Mutual Holding Company, the first ever merge of two holding companies. In 2006, they merged

again with Union Central Mutual Holding and the company was renamed UNIFI Mutual Holding

Company. In 2012, they changed the name again to Ameritas Mutual Holding Company and

adopted the bison logo and adapted the Fulfilling Life tagline. In 2016, the revenue was 2.6

billion dollars with 3.8 million customers. These numbers are pretty small compared to other

insurance companies. Ameritas sells life insurance plans, dental/vision/hearing plans, retirement

plans, and disability income plans. Ameritas mission is We help make the lives of our

customers and their families better by offering proven, trusted and valued insurance and financial

solutions over lifetimes. This is what we do and we strive to do it better than anyone, and their

vision is We are the company that our customers, our partners and our associates are proud to

call theirs. Together we will touch more lives and help more people. They also have five

company values:

We will work hard to earn the trust of our customers, partners and each other.

We will be good business stewards of the resources that have been entrusted to us.
 We will attract, challenge, grow and reward our most valuable assets our people.

We will serve our communities with purpose.

We will always operate in adherence to the highest ethical standards.

We found most of our information off the Ameritas website, but also off various articles and

different insurance websites.

Strengths

Ameritas, while remaining a small, private company, maintains its status as a key player

in the insurance business. Internationally recognized financial analytics company, Standard and

Poors, ranks the company at an A+ insurance rating. Another prime example of Ameritas

strong ratings lie in the validation of A.M. Best, which awarded the organization an A. Ameritas

has three major strengths that have helped them be successful. 1) The company has strong core

values and ethical standards that inspire the company to live up to their mission of fulfilling

life. 2) Ameritas is a strong financial company which is backed by the ratings of Standard and

Poors and A.M. Best. 3) The company would not be as successful as it is if it didnt have such a

varied product mix. Within the companys product mix lies some unique products, especially in

the dental and vision product lines.

Ameritas strives to maintain a strong set of not only core values, but also high ethical

standards. To meet these standards, the company has guaranteed to follow a variety of strict

guidelines. These guidelines consist of devoting strong attention to customers, utilizing given

resources effectively and efficiently, and giving back to the surrounding community (About).

The values listed are the cornerstones that support Ameritas mission to help make the lives of
our customers and their families better by offering proven, trusted and valued insurance and

financial solutions over lifetimes (About). Ameritas core values are carried outside of the

workplace and displayed throughout the community. For example, Ameritas employees

volunteered in over 400 community service projects in 2015 alone (Giving). One of these

ongoing projects includes Childrens Dental Day, which has been sponsored by Ameritas for

over 10 years (Giving). This event has helped over 5,000 children and has an estimated value of

2.5 million dollars in dental care (Giving). To add on to community contribution, Ameritas also

sold over 1,000 t-shirts with all the earnings going into a relief fund (Giving). The proceeds of

the relief fund were donated to families who lost their houses to a tornado (Giving). These are

just a few of the ways that Ameritas has contributed to the community. In fact, Ameritas has an

entire website designated to community service and volunteering called The Hours Project (The

Hours Project). Currently, Ameritas employees have donated over 70,000 hours to community

projects and service (The Hours Project). This initiative demonstrates Ameritas commitment to

their mission of fulfilling life.

Ameritas is a strong financial company. As mentioned above, the company received an

A+ rating for insurer financial strength by Standard & Poors, as well as an A rating from the

A.M. Best Company for financial strength and operating performance (Insurance). Ameritas has

a capital and surplus to assets ratio of 11.3%, which puts Ameritas ahead of many of its

competitors (Ameritas - Financial Strength benchmarking). Ameritas ratio is 1.9% above the

industry average and also positions them in the top five of their listed competitors in the life

sector (Ameritas - Financial Strength Benchmarking). This high ratio reflects the capital that

Ameritas holds in reserve to protect the value of its assets (Ameritas - Financial Strength

Benchmarking). Ameritas also has a low debt to capital ratio of 4.2% (Ameritas - Financial
Strength Benchmarking). The ratio reflects the percentage of equity and debt that Ameritas is

using to fund the company (Ameritas - Financial Strength Benchmarking). Low debt to capital

ratios show that a company is financially stable, and that the company has strong long-term

financial policies (Ameritas - Financial Strength Benchmarking).

Ameritas expansive product mix is another strength they possess. The company has six

product lines including: annuities; disability income; life insurance; investments & financial

planning; retirement plans; and dental, vision, hearing, and Edge plans (Dental). Ameritas has a

strong positioning in the Dental and Vision insurance market, which brings high returns for the

company (A.M. Best). The company has innovative group dental products including the Dental

Rewards product, Fusion: The Ultimate Choice product, and LASIK Advantage product

(A.M. Best). Ameritas Dental Rewards product offers policyholders rollover maximums (A.M.

Best). The Fusion: The Ultimate Choice product is the companys combined coverage of dental

and vision (Dental). LASIK Advantage is a product that gives members benefits for multiple

laser vision correction procedures, and can be added onto other vision and dental plans (Dental).

Overall, Ameritas is able to uphold its values, its promises, and provide quality insurance.

Ameritas major strengths are vital to the success of the company as a whole. The strong

financial nature of the company is clear, and is supported by the ratings of A.M. Best and

Standard and Poors. Ameritas varied product mix and unique products, give the company a

strong competitive advantage in the insurance industry. The company has strong values and

ethical standards that influence the company to be actively involved in the community and to

give back. The strengths of Ameritas set them apart from their competitors and make them a

force to be reckoned with.

Weaknesses

The next part of the SWOT analysis is the weaknesses. Weaknesses are areas in which

the company can improve upon. If they do not improve, it can cause a loss in sales revenue and

even jobs. For Ameritas, we discovered five weaknesses and found ways in which they can

improve.

Ameritas first weakness is that their life insurance rates were slightly higher than other

companies. To test this, our team compared life insurance policy rates from three companies

(Ameritas, Prudential, and State Farm) by going on their websites and getting sample quotes for

35-year-old males (which is around when most people start buying life insurance) with normal

health (non-tobacco users). Rates are used from the state of Ohio with a coverage amount of

$250,000 with a monthly billing frequency. The rates that Ameritas gave for their preferred plus

(normal, healthy individuals who dont have any history with health risks) 30 year term policy

was $25.35 a month, while a very similar policy, with the same information entered, offered by

Prudential cost $23.41, and one offered by State Farm was $20.23 a month. So this very

generally demonstrates that Ameritas has slightly higher life insurance rates than other

companies.

A second weakness we found with Ameritas was that they didnt have any sales agents

that directly worked with the company. The main reason we found this to be a weakness was that

since independent agents are better able to look out for the customer's interests (which is a good

thing), they can end up choosing products from other companies. So if Ameritas' product prices

aren't competitive enough, they aren't guaranteed any sales. A reason to have agents that work

directly for you is that an agent who only works for one insurance company will typically have a
greater knowledge of the insurance company's products, and this allows them to select the

smartest products their company offers for the client.

Difficulty for businesses to find certain quotes without contacting a sales rep was another

weakness we found for Ameritas. It is easy to find quotes for life and health (dental, hearing, and

vision) insurance for individual section and health insurance for executive/employees benefits

for business and institution/municipalities section. The quote does provide detailed coverage.

"Focus 10 TERM INSURANCE from Business insurance gives quote term. However,

retirement plan, disabilities income, investment are not provided any quote term for

individual/business to figure out.

These are problems we found for the individual insurance quotes at Ameritas. For

disabilities income insurance there are no different choices to contact such as a wholesaler

except for financial professional. Also when clicking in DInamic Foundation, DInamic

Fundamental attainable coverage for disabilities income, the files give a general

information/concept for those dynamics only. Retirement plans and investments information

contact linked with that of the business section (as they are not separate links). As for annuities

index and variables annuities, they do give a calculate retirement income to get a general idea,

whereas deferred and immediate annuities do not. Additionally, there is no specific person to

reach out except for again a financial professional.

The weaknesses we found for Business, Institutions/Municipalities quotes are as follows.

Retirement plans do not give any quote terms. Investments do not give quote terms nor any

contact information except for my Streetscape and Albridge client access links which require

User ID to log in. This is inconvenient for first time searcher because people tend to favor of
having a quick access. The Affordable Care Act does not give any contact information except for

the line Please contact your local Ameritas representative which is inconvenient for a first time

searcher as well.

Ameritas fourth weakness was their non-centralized and somewhat outdated information

systems. There are many good reasons to have an updated, centralized information systems. One

such reason is that it can help decrease effort needed when looking for information such as

marketing or sales trends. It can also help with standardizing your informations systems as

everyone in the company will be on the same system. This helps with training new employees

and making sure everything is consistent. The final reason having less people that are needed to

keep track of the information and with less people needing to be hired you save money.

The final weakness of Ameritas insurance is that many individuals do not know who

Ameritas is or what Ameritas does. This has a direct relationship to their marketing efforts. The

company may spend many hours on marketing, but Ameritas should try different strategies to

make their name well known. In the technology driven era that we currently live in, many top

grossing companies utilize ads and commercials to drive their marketing strategies. When

researching Ameritas commercials on popular sites such as Google and YouTube, no

commercials that would appear on television show up. When I asked a total of thirty people in

Turner Hall if they have ever seen an electronic ad, billboard, or any version of advertisement

displaying the Ameritas name, all thirty said they hadnt. And although Ameritas has very well

run social medias including Twitter, Facebook, and Instagram, they have very few followers

which means that they lack the amount of influence needed to be able to increase their publicity

through these social medias. To increase popularity and make their name more noticeable,

Ameritas should make commercials for TV and put up many more advertisements.
Opportunities

Ameritas is largely built around one market: life insurance, but there are a couple

ways for Ameritas to expand their market. The opportunities Ameritas has to expand their

market are very promising. By expanding their market, Ameritas will become better

connected with their customers. Ameritas has a few good opportunities to limit the amount

of business they get from outside vendors and connect with their customers. The best

opportunities available for Ameritas are in expanding their market which will lead to a more

direct line to their customers. The opportunities that Ameritas can use to improve their

market include:

Microinsurance,

Catastrophe,

And Cyber insurance.

Ameritas has the opportunity to connect directly with their customers rather than go

through an outside vendor such as an independent agent. Microinsurance is one way for

Ameritas to do this. Microinsurance is a more affordable form of insurance for those that

live on low income. Individuals that would qualify are those that are living in poverty and

must sacrifice certain types of insurance, or even insurance as a whole, in order to afford

basic necessities. Although microinsurance has not been properly introduced in the US, it is

a still an interesting opportunity for Ameritas to expand its market to those that live on low

income. Many agents and consultants would not attempt to sell microinsurance, as they

would not make much profit in doing so, so this is an opportunity for Ameritas to sell

directly to the customer, instead of using agents to sell their insurance policies. By working
around the agents ameritas will get their name out and therefore increase the amount of

business they will receive from consumers.

According to cgap.org, the microinsurance market is very promising because from

2010 to 2013 the market grew from 76 million clients to 260 million clients (Aldrich). This

policy is unique and there are no other packages like this in the market. Microinsurance can

help individuals who live around the poverty line by helping them not be at a disadvantage

when an injury or catastrophe occurs so they can return back to work as fast as possible.

Another way for to expand their market and connect with their customers is through

catastrophe insurance. Currently Ameritas doesnt offer any form of catastrophe insurance.

For Ameritas to expand their market they could advertise to small startups with catastrophe

insurance. Ameritas is headquartered in Cincinnati, the birthplace of many small businesses,

making this the best area to move into this sector of the insurance market. Ameritas can offer

an insurance that would protect the individual behind the startup from completely losing

everything if something were to happen. Like if there was a fire and the small startup burned

down, then Ameritas would protect the individual from being at a complete loss. This would

give Ameritas another opportunity to connect with their customers and earn more of a

reputation with customers.

When Ameritas updates their entire technology database, then they can enter into the

cybersecurity and cyber insurance market. With its roots in errors and omissions (E&O)

insurance, cyber insurance began catching on in 2005, with the total value of premiums

forecasted to reach $7.5 billion by 2020. According to PwC, about one-third of U.S.

companies currently purchase some type of cyber insurance (Tittel). With this market being

relatively new to the insurance world, Ameritas can possibly get a head start with possible
clients and opportunities. Cyber insurance can cover other firms in the region if they have

large storage databases that they do not want to get hacked or breached into. Cyber

insurance can also cover the people or companies that allow for the breach to happen, such

as IBM or Cirrus Technologies, Inc. When Ameritas updates their technology, the cyber

insurance field is a good opportunity to get ahead of the competition.

Threats

An obvious threat to Ameritas is other mutual insurance companies such as Northwestern

Mutual, Mutual of Omaha, and larger insurance corporations such as Great American Insurance.

In order for Ameritas to pull ahead of its competitors, it must resolve the threats that face it.

These major threats include technology, marketing, and the use of independent agents.

Frankly, Ameritas struggles in keeping up with modern technology. This setback can

become dramatic as the world continues to advance and move towards a central database system

for processing large amounts of information. It is also imperative that marketing efforts be

improved. The average individual observes 5000 advertisements a day and processes only 100.

Ameritas needs to increase marketing efforts so their ads appear more often and stand out. With

the independent agents lies a trust component. This trust must be earned and leaves Ameritas at

the will of the agent to see that its products are sold. The largest threat Ameritas faces is its aged

technology. With the world continuously advancing, Ameritas falls farther and farther behind

the longer it waits to upgrade its technology and systems. It is evident that not much farther in

the future, insurance coverages will need to change to meet new technologies and that insurance

companies will need to upgrade their systems to process the mass amount of information that
will come with asserting risk into these new technologies. Competitors are already ahead due to

their upgraded technology. It was mentioned that Ameritas is currently in the process of setting

up a footprint system for their website that is similar to Amazon in that it will show items related

to you and this can boost the companys sales. Although they didnt inform us of when it would

be up, competitors already have this capability. With the lack of technology, Ameritas is falling

behind in competition. Competitors are able to get a step ahead, and customers are more likely to

go to a company that is up to date on the worlds technology. Eventually nothing will be on

paper, and at this rate it would seem as though Ameritas will still be in the paper age while

competitors find paper obsolete (Ralph).

Marketing is a major requirement to ensure business expansion and product recognition.

The word of mouth form of advertising can only be so reliable. With proper implements of

new and trending market strategies, even if implemented in a smaller area, Ameritas can improve

recognition and increase clientele (Lorette). When competing companies get their product on the

consumer's radar more quickly, the chances that consumers will choose a competitor's product

over an Ameritas product increase. Of course an initial marketing campaign can be expensive,

but even just starting small can help a company get its foot in the door and its product into

consumers heads. Implementing traditional broadcasted advertisements, promotional emails,

and a focus on online marketing are a great method to grab a consumer's attention (Libert).

Online marketing is a key factor in gaining brand recognition. 97% of consumers search for

businesses online (Woschnik). Because of this, it is imperative that Ameritas ensures it has a

strong online presence. Independent agents can also be an issue when it comes to successfully

selling Ameritas insurance. Independent agents are at the will of the consumer they are working

with. If Ameritas prices seem too high to a certain consumer, the agent will be likely to sell a
different insurance to fit what the consumer can afford to pay. Switching to selling insurance

directly can also be problematic with independent insurance agents as they may feel they are

being backstabbed by Ameritas and stop selling insurance for Ameritas altogether. Action must

be taken sooner rather than later in order for Ameritas to grow and keep up with competitors.

Additionally, competitors are adapting to new technology and are increasing their marketing

efforts. These technological threats can be solved by implementing new technologies such as

telematics. Creating user-to-user interface via new and improved apps that offer quotes, report

claims, and can summon agents to their homes. Upgrading technologies to better analyze large

sets of data is also a key factor to succeeding in the near future. The ability to analyze large

amounts of data more easily can sharpen actuarial data and allow Ameritas to make more

informed decisions when insuring certain products (Ralph).

As mentioned above, independent agents appear to be a huge threat to Ameritas and other

insurance companies as well. Independent agents work for themselves and nobody else. Just

because an independent agent has the authority to sell your product, does not mean that they will.

Independent agents get paid on commission of the products they sell, so they will only sell the

product if it will benefit them. For example, if there is a commission cap for independent agents

to sell a certain company's product and they reach the cap before the end of the year, then there is

no benefit for the agent to sell the product. Independent agents are a threat to Ameritas because

Ameritas has plans to start selling directly to the customer. It is very likely that the independent

agents will feel as though Ameritas is turning on them and taking money out of their pockets by

not giving said product to the agent to sell. Ameritas will definitely have take some action to

prevent this from happening. The agents will sell your product if they can earn a lot of money

and if you offer nice benefits. There is no doubt that Ameritas should either take action to
prevent this from happening or eliminate the possibility of this happening altogether. Of course,

Ameritas could raise commission on their other products, or they could also offer better benefits

such as nicer vacations. Raising commission caps and offering better benefits might prevent the

agents from turning away from selling Ameritas products. An option that would completely

eliminate the idea of agents turning on Ameritas is for Ameritas to do away with the agents. If

Ameritas sold insurance straight to the customer rather than through agents, Ameritas could

decrease spending and increase profits by not paying high commissions to the agents. However,

eliminating agents could not realistically be done overnight and would naturally take some time

to adapt to this change. Regardless of how you look at it, independent agents are an imminent

threat to Ameritas plans for development.

Ameritas appears to be struggling with their advertising and marketing strategies. This is

a huge threat to them. The company never seems to be advertised like their competitors are. If

one were to watch television or log into Facebook, there will almost always be an advertisement

for an insurance company that is not Ameritas. This is because other companies have a good

marketing strategy and they appeal to the public. Ameritas relies on their independent agents to

please the customers and hope that they will tell their friends to get their insurance. Fortunately,

there are multiple ways that Ameritas can improve their marketing strategy. One way that

Ameritas can start to improve their marketing strategy is to use different methods of

advertisement. Ameritas can try using advertisements on television or on social media. Using

social media will way for them to connect with younger consumers. Another way they could

improve their marketing strategy is by paying attention to online reviews left by customers. If

there are some negative ones, they could read and maybe reply to them to try and find out what

they could do to improve. A third and final way that Ameritas could improve their marketing
strategy is by trying to create a personal connection with their clients. Currently, Ameritas does

not work directly with their clients. If they were to do so, a personal connection could be made

and that could potentially lead to the clients telling their friends and family about their good

experience with Ameritas (Balinas).

Strategic Recommendations

After this SWOT analysis of Ameritas, we propose that the firms primary strategic

emphasis should be on captive agents, and improving marketing and technology because we

believe that doing so will help the firm build/sustain its competitive edge.

Placing emphasis on gaining captive agents will help Ameritas guarantee sales.

Currently Ameritas sells their products with independent agents who can sell any companys

product and are not required to be loyal to a particular company. If some or all of Ameritas

agents were captive, the firm could rest assured that the only sales the agents make are theirs.

This strategic recommendation would help Ameritas build/sustain their competitive edge because

some of their competitors, such as Northwestern Mutual, are already using captive agents, but

some still use independent agents. If Ameritas were to use captive agents, they could catch up to

some of their competitors, and get ahead of others.

Improving marketing will also increase sales because, at this point in time, many people

do not recognize the name Ameritas, let alone who they are and what they do. We recommend

that Ameritas makes use of digital ads and social media to advertise and market their products.

This strategic recommendation would help Ameritas build/sustain their competitive edge because
Ameritas competitors are mostly well known. If the firm were to market as much as and

similarly (or dissimilarly) to its competitors, Ameritas could easily catch up, if not surpass

altogether, and increase consumer recognition of the brand.

Improving Ameritas technology will make things easier for customers and employees

alike. As of now, Ameritas does not have a central database system. A central database system

would allow easier access to customers with different forms of insurance with Ameritas and also

make it easier for the employees assisting these customers if all of their insurance accounts could

be accessed on one single account. Updated technology will help potential customers in first,

choosing Ameritas, and second, choosing the specific insurance products that can meet their

needs. This strategic recommendation will help Ameritas build/sustain their competitive edge

because most of their competitors already have these capabilities in their central database

systems and on their websites. Keeping up with the times and modern technology will increase

Ameritas popularity with younger consumers.

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