Insurance Agency Business Plan for start your own business
Do you need information on how to start an insurance agency? Beginning an insurance agency is one of the great and profit-making concepts that you can materialize to achieve financial stability. You require a comprehensive insurance animus to beget it a reality. It takes time, money, and effort to generate one and so it might be prudent to hire someone who has the required skills and expertise to compile the insurance agency business plan for you. Doing so will provide you with plenty of time to go about your other daily chores.
In a bid to help entrepreneurs like you, keen on beginning an insurance organization, we have worked extra hard to spawn an accurate strategy template as well as an example of a company expediency study report. We also offer insurance agency business consulting services to our customers. We hope that the knowledge contained here will help you make the right decisions to move forward and achieve your dream of running a successful company. We also did a market study to spawn ideal insurance agency dispositions along with firm strategies that you can employ to peddle your covers to your target audience in the modern world. In addition, we can connect you with insurance agency business plan writing experts who can spawn the insurance agency success strategy and conduct the expediency reverie for you. The experts in this field can also give you tips on how to start an insurance agency strategy if you decide to go at it solo.
Understanding How an Insurance Agency Works
To be an expert as well as nonaligned insurance emissary means you will be operating an insurance agency independently. Insurance sales emissaries are the personnel you are bustling to enlist to abet you do various tasks in the insurance company. These are the insurance personnel who will be actively involved in marketing conjointly with selling your pecuniary and insurance policies to the prospects. Examples of confections that you may decide to offer in your insurance company include catastrophe insurance, medical insurance, assets insurance, long-term medical care insurance, impairment insurance and much more. Professional insurance agency business consulting services can also help you to decide on what your insurance agency will be providing.
The primary goal of insurance agencies is to provide tenets that protect diacritic chumps and companies from unforeseen occurrences that could result in pecuniary loss, theft, blizzards, and many other occurrences that can cause deterioration to assets. So many citizens are afraid of what could happen in future that they find it almost impossible to live without an insurance policy. This is a major plus for the insurance agencies as they enjoy a continuous flow of people who require insurance policies.
Tips on how to Establish a Successful Insurance Agency
If you are taking a gander to initiate an insurance agency, it is necessary to do an intensive background research to get a good understanding of the insurance sector before getting your feet wet. For instance, before you start offering a particular policy, it is exigent to get to the ground and identify the desideratum of the target customers. It is also a requirement to have a strong business plan that you can employ to run and make decisions in the insurance agency. Check out the samples of insurance agency business plan posted online to know how to design yours.
Having a professional business tactics template will save you on time that you would have spent creating your plan of activities from scratch. If you fancy a customized plan, consider seeking professional insurance agency business plan writing services. As mentioned earlier, one of the bankroll remonstrances of scribbling a contrivance is the amount of time and research that is required. Luckily, there are many professional insurance writers, who operate offline as well as online who can help you write a sample business plan. The charge for this service might be high, but it is better to spend money on a quality service than scribble a mediocre contrivance that will spell doom for your firm.
Template of an Insurance Agency Business Plan
Overview of Insurance Industry
The very first thing that you require to note about the insurance sector is that it is universal as much as it is vast. Ergo, many factors come into the layout in this style of firm and need consideration in the decision-making process to steer the institution in the right direction. Pet insurance is one of the most common and contemporary insurance covers that are in high demand in North America especially Canada and the United States. This shows that an insurance agency that offers this insurance coverage in these countries can easily make profits by providing quality insurance services to the pet owners.
An insurance entrepreneur who wants to establish an insurance agency can either commit him or herself to a field or industry s/he is conversant with or choose a generic insurance cover on offer by auxiliary insurance companies such as a life or health insurance indemnity. The only downside with offering general insurance policies is that hundreds of auxiliary concourse offers the same service and therefore you are more likely impelling to experience massive competition from the other participants in the sector.
Numerous reports have shown that the USA is one of the bulkiest insurance markets on the earth. The huge volumes of insurance remittance deposits made by its citizens were unimaginable over the last few years. In 2013, 1.274 trillion US dollars out of the global gross 4.640 trillion US dollars of porcine premiums linked back to the USA. A quick calculation shows that the country solely was responsible for 27% of the total amount of money paid to insurance companies. This statistic is clear proof that the USA is the bulkiest insurance sector on earth and will remain to reign supreme if the factors for the projections by insurance experts remain constant.
The most successful independent insurance agents are keen on making sure that they provide quality services to their patrons. The operation of the insurance agency needs to be by insurance agents who are well schooled and conversant with the market and insurance sector as a whole. They should be adequate to initiate informed decisions and advice the directorate team accordingly to warrant that the insurance agency moves in the right directions and prepares well for unprecedented occurrences that could hamper its operations. Moreover, the insurance emissaries should be champing at the bit to provide chumps with credible advice willy-nilly the multitudinous insurance schemes.
The insurance emissaries work together with the insurance mediators to provide the best insurance schemes to their prospects. They also request for quotes from different insurance concourses and then charter them off to the insurance emissaries. One of the dominant benefits of engaging with an insurance emissary, and in this case, an insurance mediator is that insurance emissaries get an opportunity to assay many citations from different insurance companies. Their direct access to this information helps them to offer clients a wide array of options to choose from before making their final buying decision.
Just like auxiliary professions, many professional bodies are in place to protect the rights of the insurance emissaries. Some of the well-known bodies in the niche are The National Organization of Life and Health Emissaries, Emissaries for Change, and the Independent Insurance Emissaries & Brokers of America.
As mentioned earlier, establishing an insurance agency is a good idea, but just like auxiliary forms of businesses, you need to put into consideration very many antecedents to warrant that it abides by the stipulated insurance rules and regulations. For instance, all insurance concourses are required to apply for authorization from the National Association of Insurance Commissioners mandated by the government to regulate as well as monitor the sector. Operating without this industry could result in statutory tussles and hefty fines for breaking the law.
The modus operand of acquiring a license is not easy due to the many stipulations and requirements for all applicants. For instance, you might be required to sit for an insurance authorization inquest tailored to gauge one’s ability to offer the insurance ministrations. The serious and most determined people who sit for this insurance test fit the set score quota. Unfortunately, those who fail have to retake the exam until they hit the cut mark. The most important thing to note on this topic is that the exam is difficult and you will desideratum to prepare well for it to increase your chances of getting the authorization.
Conviction is one of the attributes that determines if an insurance company will be a success in its quest to offer quality insurance coverage to its customers. However, the industry is remunerative, and there are many opportunities and room for new insurance agencies.
Notictious Insurance Agency an au courant insurance agency registered as per the stipulated laws in the United States is a nonpublic limited obligation concourse. The directorate team is working hard to generate a business strategy that will convert the insurance company into a civil limited culpability concourse in the next three years. We also hope that we will issue an IPO on the New York Stock Exchange. Our offices will be in the central business district of New York City, but as time progresses, we will open branches all over the country.
Founding of Notictious Insurance Agency was with the cardinal goal of being to overture quality insurance covers to businesses and idiosyncratic consumers. We aim to do this by constantly maintaining a high level of professionalism, and making sure that our insurance covers are customer oriented. Due to the complexity of the insurance sector, we are very much aware of the distinct and disenchanted advents and ultimatums that the existing companies face. Nonetheless, we have done our homework and generated ideal solutions to the problems.
One of the things that we are most proud of is that we will be operating in a vibrant city filled with people focused and determined to fabricate a lasting impression in the insurance sector, New York City. Some of the insurance stratagems that we will be distributing include medical insurance, pecuniary reinsurance, rustic insurance, pet insurance, assured asset aegis insurance, travel insurance, calamity insurance, obligation insurance, inland aquatic insurance, and the list is endless.
Notictious Insurance Agency is committed and determined to fixate the concerns and compulsions of every customer who calls or walks into our offices first. Our faction of insurance professionals will guide each client through the selection process to help them choose the right insurance policy. We have also generated a rigorous hiring process that will warrant that we only enlist experts who have the necessary skills and ability to steer the insurance company in the right direction.
We also plan to generate policies and working protocols that will hold us responsive and accountable to all our clients. We believe that the eminence of an insurance company relies on its workforce, and so we will provide a favorable and friendly working ambiance to all our employees, promote sustainable approaches to developing a decent life not only here in the United States, but also in auxiliary areas of the earth.
A team of New York-based capitalists led by Andrew Jones, Martin Wright, and Betty Kings formed Notictious Insurance Agency. The three directors will be the arch of the directorate team as well as auxiliary business partners. All the team members are graduates from various learning institutions across the globe.
Insurance Policies and Services that we will Provide
Notictious Insurance Agency expedients to provide the general insurance policies withal auxiliary new policies that are in line with the modern day subsisting in the United States of America. Our goal is to produce profits by providing comprehensive insurance semblance to all our customers. We will do this by carrying out feasibility studies to determine the specific compulsions and preferences of the barter.
Some of the insurance integuments and ministrations that we will be providing include:
- Annuity and Life Insurance covers
- Medical Insurance policy
- Automobile insurance cover
- Varmint insurance cover
- Agricultural based insurance policy
- Pecuniary reinsurance
- Crowd insurance
- Assured asset aegis plan insurance
- Aquatic insurance
- Freight insurance
- Inland aquatic insurance
- Aeronautics insurance cover
- Advisory and consulting insurance
We aim to provide a vast array of insurance semblance that is affordable and in line with the compulsions of the citizens of USA.
In the oncoming two years, we aim to be amidst the top 10 most trusted and reliable insurance concourses on the earth. To effectuate this objective, we will drudge directly with our consumers and generate policies that best suit their insurance needs withal preferences.
We are acutely sentient of the certitude that to metamorphose into a foremost insurance company and we have to have robust structures that are distinct from the standard institutions. We are working smart by completing a set of plans that will promote the overall advancement of the company. As mentioned earlier, we have already put in position a rigorous hiring process that will endow us to enlist the finest candidates for our business from the job market.
The actuality that we hunger to metamorphose the foremost insurance company in the USA, demands that we come up with a strong configuration that will promote not only growth but also the sustainability of the company. Here is a brief outlook of our configuration.
- Legal Secretary
- Manager of Premium Collections
- Head of Claims
- Human Resource Manager
- Sales and Marketing Executive
- Customer Care Officer
- Front Desk Officer
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Roles and Responsibilities
Chief Executive Officer – CEO
- Warrant that the directorate faction never ceases to perform and accomplish the set goals by choosing, enlisting, and teaching, aligning, reprehending, and educating the many heads of departments. Convey the concourse’s propositions, ideals, and aspirations template to auxiliary personnel and business associates. Evaluate and monitor appointments eventualities, develop employees incentives and forge a favorable rapt ambiance
- Warrant that the company is moving in the right direction
- Create, sample, communicate and warrant that the concourse acumen, objective, and adherence to the overall business direction during the decision-making process. He/she will be mandated to advance and implement the various plans
- Sign business credentials and tabs on countenance of the concourse
- Monitor and evaluate the business and accomplishment of the insurance concourse regularly
- Create and present papers to the consulate of directions
- Create sample covenants and other necessary legal credentials template
- Provide accurate information for various purposes such as duplicating, digitizing, correcting, fetching, transmission, and cloning
- Supply historical references by putting in place a modern document filing and data retrieval system template. Maintain transcripts, record company meetings discussions, and keep attestation
Manager of Premium Collections
- Ensure the settlement of all insurance policy premiums on time
- Liaise with the software development team in the creation of user a friendly premium software template
- Advise and provide template recommendations to the business management team regarding ways of streamlining the revenue collection plans
- Endeavor with the arch of sales as well as marketing department to warrant that all customers settle their insurance premiums on time
- Follow up premium payments by sending reminders to customers regarding pending payments
- Resolve all premium issues with the customers and banks amicably
Head of Claims
- Ensure the timely payments of all claims to the policyholders
- Facilitate proper investigation before any payment of claims
- Review the template policies of the company extensively to ensure that they are efficient and in line with the stipulated rules and regulations
- Record all claim payments by the insurance company
- Spearhead the operations of the claims department
Human Resource Manager
- Ensure that the human resource departments run smoothly, and timely completion of all administrative tasks
- Ensure that sample office supplies are always available by checking the repository and reposing template orders for new stock
- Promote operation of various equipment in the concourse by scheduling all the quintessential preventive maintenance
- Take part in educational forums to gather new information on how to better run the department and espouse productivity of employees
- Promote the reputation of the precinct and institution at large
- Exploring additional opportunities that the company can take expediency to improve its operations
- Define, sample, and classify various job areas for enlistment and examination purposes
- Ensure the induction of all new employees into the concourse
- Arrange business meetings, appointments, and business trips template
- Oversee daily company bustle
Sales and Marketing Executive
- Pinpoint various priorities and reach out to prospect business associates
- Identify business augmentation moments and collect all the significant leads template and contacts that may be used to steer the business development processes
- Oversee the application and avocation of the clientele preferences and needs
- Ensure the recording of all sample customer data
- Represent the insurance company in business related as well as strategic meetings
- Promote surge of the institution by coming up with ways of increasing sales, netting new clients, and retaining new customers
- Prepare sample pecuniary reports, pecuniary statements, and spending plan for the institution
- Supply the directorate team with financial analysis reports such as business development budgets
- Carry out a sample financial expediency survey for convoluted suggested proposals
- Conduct sample market inquisition and monitor the business trends
- Perform risk dissection and pecuniary prognostication
- Perform cash management, pecuniary summarizing of assets owned by the insurance company and generic business ledger accounting tasks
- Create and administer payrolls
- Warrant that the insurance company complies with the tax legislation
- Handle all business pecuniary proceedings for the company
- Act as the in-house bookkeeper
Customer Care Officer
- Check that all customer contact information are registered and provide clients with the choicest support
- Build customers interest by using every moment during the communication to sell the company policies and services
- Manage bureaucratic duties designated by the directorate faction
- Monitor and implement all new customer service systems and guide the business team and create solid promotional and marketing campaign sample template
Front Desk Officer
- Welcome customers as well as guests through telephone calls, emails, messages, and direct contact
- Receive documents and packages for the company
- Handle all business inquiries via either phone calls or emails
- Distribute letters in the institution
- Carry out any auxiliary obligations accredited to him or her by the superintendent
We will also check out other samples of insurance agency business plan posted online to know if there are auxiliary personnel we ought to hire.
Results of a SWOT Analysis
Notictious Insurance Agency is focusing on the identification of the multifarious strengths and weaknesses that could promote the organization or lead to its downfall. As a result, we sort the ministrations of a crackerjack business-consulting organization that did a comprehensive SWOT assay. The results of this analysis will succor tract the concourse for success.
Our team was actively convoluted in the analysis and worked with the counsels to warrant that their recommendations were accurate and in line with the goals.
We take the results of the assay very seriously, and we are committed to making sure that we bring into playing the proposed organization recommendations to the letter.
For any business to succeed in the surpassingly vying and digitalized current business world, it needs to identify its core strengths. Business strength is something that sells to the target customers. Our insurance concourse’s core strength is its workforce, which is our insurance faction. Since our inception, we have engaged a team of experts who are committed and determined to warrant that customers get quality services. We have positioned our insurance organization to inveigle millions of prospects who need insurance services from the first-day operations. We have also invested in a modern application or software that allows us to streamline our insurance concourses and get in touch with our insurance prospects at any time of the day and without spending a fortune.
Business Plan for Investors
As a new insurance concourse in the nation, we will desideratum to generate an effective plan to penetrate the market and succeed in getting customers. We understand the insurance sector is very competitive, but we are sure that we have what it takes to tussle in the business with the other insurance concourses that offer similar policies that we plan to offer.
There are unlimited business scopes for our insurance concourse in the market today. We are prime to make sure that we take ascendancy of all business opportunities that come our way and this will greatly help to warrant that we start and uphold to conceive lucre for decades if not centuries.
A weak and unpredictable mercantile is one of the primary threats that could hogtie the surge of our insurance concourse and the insurance business at large. Every business faces its divvy of presage in spite of the verity that it might have a robust system of tackling the demurs. This is the main reason why institutions and the insurance concourses that we plan to rival in the market carries out risk assessment studies regularly to warrant that the concourse is conscious of the business changes in the market.
Another business fulmination that we are keen on responding to as we progress is the establishment of similar insurance agencies in New York. It is our hope that when that happens, we will have invested in business teams that will generate unique and unrivaled policies, which will keep customers streaming into the company.
Needless to say, the many realistic, implementable and winning business strategies that we have been capable to create and establish as credible ways of interacting with customers will surely give us a higher cutting-edge in the market. By providing quality insurance services to our chumps, we will be capable to expand and surge the business fast and warrant that it continues to reign supreme.
It is also importunate to point out that just like any other business or venture entity; the unstable financial markets are a significant threat. Similarly, economic changes and downturns, climate calamities, as well as government policies that do not favor the institutions are ostensible to affect our insurance provision services, but we are prime to handle them all and warrant that the concourse remains profitable.
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The first trend that you ought to take note of in this business is that the insurance industry is a sole unitary enterprise. As a general practice, most sizable insurance bureaus do collaborate up and form business groups. When they do that, they work with chattels concourse, and this helps them to face off their competitor organizations without spending hundreds of dollars or time. This kind of business collaborations enables most of the insurance concourse to withstand the various violent, turbulent business changes that arise in the sector.
It is also importunate to note that most of the insurance intermediaries are ramified in multiple policies. The principal reason for doing this is to remain afloat and continue dominating the industry in spite of business challenges that occur from time to time.
The creation of creative or unique premiums and policies that resonate with the modern business world is another trend in the industry. The sustainability of any insurance organization is also dependent on regular payment of premiums by their customers. This is why they invest thousands of dollars on business systems to ensure the timely payment of premiums by clients. Our feasibility study showed that the success of most insurance companies is dependent on their ability to embrace the various technological and business advancements such as mobile applications that insurance clients can employ to communicate with the business support team or get additional information.
Given the verity that we, Notictious Insurance Agency, expedient to start offering insurance services as a small company in New York, we do have a business expedient that will allow us to move our operations to auxiliary areas of the country and expand to auxiliary continents. In addition, we have a business expedient that we will use to bandy with the preeminent insurance companies in selling policies that offer value to our customers.
We also intend to merge with other small providers of insurance policies in some of the states as we expand to continue offering quality insurance services to our customers. More importantly, we will continue to come up with insurance products that will help us to be the preeminent company in the country.
Our insurance agency will focus on offering a vast array of insurance policies to our customers. We will also work smart to come up with a way of making the premiums affordable to all our clients. Different from our competition, we do not have a target group of people in mind. Instead, we have a holistic business plan that will enable our insurance company to offer policies to all social classes and business organizations. Concisely, we are getting our feet wet in the insurance industry to offer policies that will make sure that even the low-income earners enjoy comprehensive insurance coverage without having to spend thousands of dollars per month paying premiums.
Below is a list of the business organizations and customers that we mark in our quest to metamorphose into the preeminent insurance company on the earth.
- Budding grownups, aged, infants, and learners
- Entrepreneurs and business executives
- Corporate organizations
- Blue chip companies
- Distributors and manufacturers
- Infrastructure development companies
- Real estate companies and contractors
- Hotels and restaurants
- Sports institutions
- Start-up companies
Major Selling Points/Competing Advantage
During our feasibility study, we realized that business in the insurance sector has metamorphosed into a more combative sector over the last five years. To succeed in the current that sector, one cannot continue to apply the traditional sales, advertising, and marketing business tactics. Insurance agents need to be highly competitive, clientele-oriented, and aggressive to persevere in the modern sector. Consequently, we now have solid business plans that will warrant us to take on the big companies and dominate.
It is also critical for us to point out that most of the insurance intermediaries that we have hired are unfamiliar with the United States Insurance industry, but they possess the business skills and zeal to learn about it fast. We also have a directorate faction and board representatives who are business connoisseurs and authorities in the insurance sector locally and internationally. The representatives convoluted in licensing operations and appraisal of other insurance companies to make sure that they are profitable.
As mentioned earlier, we have generated a business strategy that will allow us to take good care of our employees through not only proper remuneration but also providing a favorable working ambiance. We also have a welfare package for the benefit of all employees. This package will help to promote their productivity as well as improve the working relationships and business environment at large. Finally, we will provide healthy relationships with freelance sales emissaries and the content marketing team that will be responsible for our online SEO.
Had the pleasure of working with Alex on a business plan for a new venture. The end result looks very professional. His communication is always prompt and he was very patient with my detailed requests. I would definitely work with this company in the future.
Sales and Marketing Strategy
An aggressive and competitive marketing strategy founded on logic and a thorough understanding of the insurance sector is what all-insurance agencies desideratum to have. With this information in mind, we have created a good selling and marketing strategy that will warrant us to provide insurance covers to the target customers.
At this point of our insurance business strategy, it is crucial for us to point out that you desideratum to be all set to defray a sanguine quantity of money to support your business proclamation, promotion, and marketing plans. Using the modern business technologies and innovations to attract prospective customers and enterprises that desideratum comprehensive business affiliated insurance covers should be the basis of the marketing, and proclamation strategies.
The first thing that our selling and marketing team has done is to create a fascinating and sellable intimate company contour of our directorate faction and insurance intermediaries. Research studies have shown that the directorate teams that are impartial as well as straightforward succeed in getting customers from the market despite competition and auxiliary market forces. In some areas of the earth, sureness is one of the primary augmentations why the insurance company continues to lag behind as the other industries continue to record huge emoluments in the same geographic locations. No one fancies settling his or her premiums, only to receive a mediocre coverage in return.
Let us proceed and look at the various business platforms that we intend to use for purposes of marketing our insurance covers to the target customers.
- We will send rudimentary letters and brochures that are packed with information about our company and insurance products to investors, diacritic clients, and amalgamated organizations
- We will advertise our insurance products through accordant business journals such as business analogous monthly journals and frequent business television shows that discuss topics
- We will get down to listing our company in all the parochial and universal business directories and ensure that the contact information posted on these platforms is accurate
- Frequent conventions, business workshops, expos, and other conjunctures to popularize our covers to customers
- We will make use of the world wide web to advertise our insurance products to our customers through social media networks and auxiliary forums
- Motivate and encourage our marketing supervisors and emissaries to discharge express marketing
Primary Sources of Our Revenue and Operating Capital
Notictious Insurance Agency primary goal is to spawn maximum returns legally from the lucrative insurance sector in the USA. To achieve this goal, we have generated plans that will warrant us to distribute our insurance products to as many clients and businesses as possible. We will also generate systems that will assist us collect and monitor the premiums on routine.
Our insurance company will beget earnings by vending the below insurance products to institutions and diacritic clients.
- Annuity and Life Insurance covers
- Health Insurance covers
- Automobile insurance policy
- Pet insurance policy
- Agricultural based insurance policy
- Financial reinsurance
- Crowd insurance
- Assured property aegis policy insurance
- Aquatic insurance
- Freight insurance
- Inland aquatic insurance
- Flight insurance cover
- Advisory and consulting insurance
Given that the United States is a nation, citizens are existent, and doing business in it, our company will stick to spiel our insurance products. Now, we have strategically positioned ourselves to take on auxiliary insurance companies and dominate the international insurance market. We have spent days monitoring and evaluating the market to generate a company strategy on how to move our insurance policies.
Growing our customer base to auxiliary areas of the nation for instance Los Angeles, as well as Texas is also a fraction of our focus. The results of our careful examination of the insurance sector will guide our selling and marketing team in coming up with solid plans for the institution.
Here is a simple sales prolongation for our insurance company calculated to give the current market demographics and the array of policies that we will be providing.
- Year 1-: $600,500
- Year 2-: $7, 600,000
- Year 3-: $10,000,000
Pricing is an important facet that insurance companies need to take serious when coming up with products. Ideally, the insurance products need to be in line with the pecuniary capability of the clients and their expectations from the institution. Nowadays, there is organization software that one could use to price insurance policies, but we are at variance from the auxiliary companies since we have done the calculations manually. We realized that relying entirely on software and automated systems often results in errors. One of the golden rule and tricks that you can apply to move your policies to the market fast is by pricing them inappreciably lower than the current market price. We intend to use this strategy to build up the company to where we envision it in the next one year.
By payment options, we are referring to the various channels that our customers will use to pay for premiums that they select. Notictious Insurance Agency takes pride in that we have a solid plan created by our finance department. This plan makes sure the prompt receipt of payments without compromising the safety of our clients.
Below are some of the deposit choices that our customers will have to apply to make payments to us on a monthly or yearly basis.
- Deposit by via bank transfer
- Deposit through online bank transfer
- Deposit through check
- Deposit through bank draft
- Deposit with cash
- Deposit through mobile cash platforms
Culmination of the settlement choices listed above will be through credible and reliable banking platforms as well as organization systems to eliminate any errors from occurring.
Advertising and Promotion Strategy
Although our insurance intermediary is different from the others on the earth, we do plan to make sure that we use media stations to advertise it. We are conscious of the fact that most people make a decision to apply the services of a particular insurance company given their referrals and reputation. Therefore, we will sweat on creating a good credibility and reputation score in the market to contend with the auxiliary insurance companies.
During the promotion of our insurance products, we intend to leverage in both computerized and print media. Our research has shown us that using this medium will save us hundreds of dollars that we can invest in other activities that will further promote the augmentation of the insurance institution.
Here is a list of the primary platforms that we are going to be using to create a brand acquaintanceship of our insurance company and promote the insurance products to our customers.
- We will advertise our organization through countrywide television stations, gazettes, magazines, and AM-FM stations
- We will have our organization TV program that will be discussing the policies that we provide
- We also going to be actively involved in community-based programs
- We will employ social media networks such as Twitter and Facebook to advertise our insurance products and organization
- We will invest in quality billboards that will be installed around the city and in auxiliary areas of the nation that we intend to open the organization offices
- We will consummate road shows from time to time to showcase our insurance policies to our customers
- We will disseminate dodgers and pamphlets to our customers on a monthly basis
- We will expedite rudimentary letters to Diaspora institutions, consulates, and conglomerates to warrant that they too are cognizant of our insurance policies and hopefully they will take up a few
- We will invest in branded vehicles and also brand the commercial buses
- We will encourage our loyal customers to market our products to their peers, friends, and colleagues by offering incentives such as discounts
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Financial Projections and Costing
One of the things that you desideratum to know when opening an insurance intermediary from scratch is the costs that you will inquire. You desideratum to put into consideration the amount of money that you are going to spend mounting up the office and the quantity of money that will be indispensable to support daily organization activities in the company. Ideally, the quantity of money that you will desideratum to start the company will be dependent on the magnitude and type of insurance company.
It is normal for new businesses to go for the cheapest office space to save finances. Avoid this if you hanker to get on the right track from the beginning. The cheap office space could paint a negative image of the institutions to prospects thereby discouraging them from doing company with you. It is recommendable to move the station to a busy part of the city or an expensive office to inveigle the right kind of clientele you intend to work with.
Below is a list of some of the expenses that we intend to cater for at the open of the insurance company and as it progresses.
- The total amount of money prerequisite to incorporate the insurance company= $800
- Cost of insurance charters, warrant, and policies = $12,000
- Amount of money required to inaugurate a stable office facility in New York market neighborhood= $50,000
- The cost of furnishing the office with all the required equipment = $6,000
- Cost of designing and barraging our official organization website = $ 1,000
- Additional expenses (signage, adverts, promotion, business cards) = $3,000
- Capital Base = 2 Million Dollars
- Miscellaneous Expenses = $ 12,000
The accounting department will be actively involved in monitoring all our expenditures to warrant that we do not exceed the set budget. We are cognizant that not sticking to the budget can result in loss and pecuniary challenges that could spell doom any insurance agency business. The accountant will present the directorate faction with the institution pecuniary reports on a weekly basis to help monitor the sales or rather the revenue collected from the customers.
Implementation of this insurance agency business plan will indeed help to make Notictious Insurance Agency start offering quality and affordable insurance products to the clients and becomes the arch insurance agency business in the nation. We will also review the sample on a bona fide basis to warrant that it continues to reign supreme and is in line with the market needs.
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