business plan sample for insurance agents

Insurance Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• Insurance Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

Insurance Agency Business Plan

You’ve come to the right place to create your own business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their insurance companies.

Essential Components of a Business Plan For an Insurance Agency

Below we describe what should be included in each section of a business plan for a successful insurance agency and links to a sample of each section:

• Executive Summary – In the Executive Summary, you will provide a high-level overview of your business plan. It should include your agency’s mission statement, as well as information on the products or services you offer, your target market, and your insurance agency’s goals and objectives.
• Company Overview – This section provides an in-depth company description, including information on your insurance agency’s history, ownership structure, and management team.
• Industry Analysis – Also called the Market Analysis, in this section, you will provide an overview of the industry in which your insurance agency will operate. You will discuss trends affecting the insurance industry, as well as your target market’s needs and buying habits.
• Customer Analysis – In this section, you will describe your target market and explain how you intend to reach them. You will also provide information on your customers’ needs and buying habits.
• Competitive Analysis – This section will provide an overview of your competition, including their strengths and weaknesses. It will also discuss your competitive advantage and how you intend to differentiate your insurance agency from the competition.
• Marketing Plan – In this section, you will detail your marketing strategy, including your advertising and promotion plans. You will also discuss your pricing strategy and how you intend to position your insurance agency in the market.
• Operations Plan – This section will provide an overview of your agency’s operations, including your office location, hours of operation, and staff. You will also discuss your business processes and procedures.
• Management Team – In this section, you will provide information on your insurance agency’s management team, including their experience and qualifications.
• Financial Plan – This section will detail your insurance agency’s financial statements, including your profit and loss statement, balance sheet, and cash flow statement. It will also include information on your funding requirements and how you intend to use the funds.

Next Section: Executive Summary >

Insurance Agency Business Plan FAQs

What is an insurance agency business plan.

An insurance agency business plan is a plan to start and/or grow your insurance business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your insurance agency business plan using our Insurance Agency Business Plan Template here .

What Are the Main Types of Insurance Companies?

There are a few types of insurance agencies. Most companies provide life and health insurance for individuals and/or households. There are also agencies that specialize strictly in auto and home insurance. Other agencies focus strictly on businesses and provide a variety of liability insurance products to protect their operations. 

What Are the Main Sources of Revenue and Expenses for an Insurance Agency Business?

The primary source of revenue for insurance agencies are the fees and commissions paid by the client for the insurance products they choose.

The key expenses for an insurance agency business are the cost of purchasing the insurance, licensing, permitting, and payroll for the office staff. Other expenses are the overhead expenses for the business office, utilities, website maintenance, and any marketing or advertising fees. 

How Do You Get Funding for Your Insurance Agency Business Plan?

Insurance agency businesses are most likely to receive funding from banks. Typically you will find a local bank and present your business plan to them. Other options for funding are outside investors, angel investors, and crowdfunding sources. This is true for a business plan for insurance agent or an insurance company business plan.

What are the Steps To Start an Insurance Business?

Starting an insurance business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop An Insurance Business Plan - The first step in starting a business is to create a detailed insurance business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your insurance business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your insurance business is in compliance with local laws.

3. Register Your Insurance Business - Once you have chosen a legal structure, the next step is to register your insurance business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your insurance business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Insurance Equipment & Supplies - In order to start your insurance business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your insurance business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful insurance business:

• How to Start an Insurance Business

Where Can I Get an Insurance Business Plan PDF?

You can download our free insurance business plan template PDF here . This is a sample insurance business plan template you can use in PDF format.

How to build an insurance agency business plan

A great business plan can guide you through every critical early step of building your company. As you start your insurance company , your plan can help you refine your vision, set objectives, and define the details of your business.

Done right, it can help you secure investors, financing, and more. Done poorly or not at all, your new agency may not get off the ground.

Let’s look at the benefits of creating a business plan and what yours should include.

Why do you need a business plan?

Before diving into the details of building a plan, let’s start with why you should write one in the first place.

After all, a good business plan requires careful research, writing, and review. But it’s worth the effort.

Companies that plan grow 30% faster than those who don’t.

A solid plan can help you make sound decisions when you’re first starting out and as you grow. Even down the road, it can help you secure funding from banks and investors. And insurance carriers often want to see your plan before they’ll partner with your agency.

Beyond these benefits and your own peace of mind, creating a business plan can help you:

• Set realistic objectives
• Allocate resources
• Streamline workflows
• Improve communication
• Grow your business

Once your business gets off the ground, periodically reviewing your plan is a great way to clarify your goals and refine how you’ll reach them.

A Journal of Business Venturing study has shown that companies that plan grow 30% faster than those who don’t.

How do you write a business plan?

Business plans can be as different as the businesses they describe, but they generally provide highlights of your business in 5,000 words or less.

Your insurance agency plan must define your business strategy if you plan to seek financing. Essentially, your plan needs to be useful to you and intriguing to investors.

Standard business plan templates typically include these sections.

Executive summary

The executive summary is a snapshot of your insurance business.

For an established agency, this section might include its mission statement and detail its past successes. For a startup, the executive summary might highlight the experience of the business owners and their motivation for starting an insurance agency.

For both new and established businesses, you can also include your agency’s general financial information. This might be an overview of your book of business or a list of current investors.

The executive summary is usually the first impression investors have of your business. Make sure it packs a punch and provides a compelling story.

Company description

A company description gets more specific about what your business does on a day-to-day basis.

The company description explains your keys to success. These can be the value you provide to customers and what sets you apart from the competition. Sometimes they’re one and the same. Pinpoint what you bring to the local insurance market, like:

• A prime office location
• Unparalleled expertise
• Unique products

You may want to include a SWOT analysis that details your business’s strengths, weaknesses, opportunities, and threats.

List of products

This section lists every insurance product that your business offers or plans to offer in the future.

Be sure to include product benefits, sales forecasts, and how you plan to acquire and manage the products.

You may also want to explain how independent agents can secure direct appointments with insurance carriers. Many investors may be unfamiliar with this process.

Market analysis

The market analysis shows your understanding of the insurance market in general. And more importantly, where your agency fits in the mix.

If you plan to fill a niche, explain why and how. Either way, describe your target market and the competition.

Potential investors may also want to see specific market goals, such as your target market share along with an explanation of how and when you’ll achieve it.

Marketing strategy

Every insurance agency needs to reach new customers to grow its business and be successful. In this section, outline how you’ll market your business to attract new customers and increase sales to current ones.

Briefly summarize your strategy, including some details like whether you plan to use traditional and/or digital marketing channels. This might also be a good place to share your sales strategy for converting leads into customers.

Organization and management

The organization and management section introduces your executive and management teams, including a summary of their unique qualifications.

Detailing your team’s experience and talent helps establish your agency’s credibility. It also builds trust in your business and leadership team.

You may also want to include an organizational chart that breaks down your business infrastructure and operations.

Financial plan

If your business is looking for funding, you’ll usually need to identify start-up costs and provide five years of prospective financial data. This typically includes:

• Balance sheets
• Income statements
• Cash-flow statements
• Capital expenditure budgets

You may want to include a break-even analysis that delves into the specific profitability of your products. Consider adding a short financial analysis of the most profitable industry trends.

Funding request

If you're seeking investors for your insurance company, add a funding request at the end of your business plan. Typically, a funding request mentions:

• The amount of funding you’re looking to secure.
• An estimate of your future funding needs.
• How you plan to use the funding.
• Your strategy for dealing with developments like a buyout.

If you’re ready to draft your business plan, the Small Business Administration (SBA) provides this business plan template to help you get started.

How to present your insurance agency business plan

Once you’ve completed your business plan, give it a chance to shine in the spotlight.

Presentation matters, so make it professional. Use an easy-to-read font and clear charts and diagrams to illustrate your points. Be prepared to provide both a digital and print version to potential business partners, banks, or investors.

How you present matters, too. Whenever possible, meet in person to build more trust and rapport.

And even though your business plan is full of details, your audience will likely ask you to expand or explain. Come prepared to respond to any potential objections.

Your thorough, compelling business plan can help build the foundation for your success. If you devote the time and energy needed to create a great one, it could pay large dividends for your business.

Complete Insureon’s easy online application today to compare quotes for business insurance from top-rated U.S. carriers. Once you find the right policy for your small business, you can begin coverage in less than 24 hours.

Hannah Filmore-Patrick, Contributing Writer

Hannah is a contributing writer with a diverse writing and content building background. She's worked on topics from technology to insurance. She's competent with both language and SEO, and continues to work with a variety of business verticals to create engaging, optimized content.

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Launch Your New Insurance Agency With This Business Plan Template

Whether you're a brand new agent or one with several decades of experience, the idea of opening a new insurance agency probably seems daunting—where do you start?

One of the first things you’ll need to do is come up with a business plan for your insurance agency. After all, you can walk into a bank or a potential investor’s office looking for funding, but you won’t get very far unless you have a robust insurance agency business plan that proves you’re on the right track toward turning a profit in the near future.

Follow the steps below when building out your insurance business plan to maximize your chances of securing funding and getting your new agency off to a strong start.

7 Steps To Build Your Insurance Agency Business Plan

1. develop your executive and business summaries..

In business plan terms, the executive summary is the driving force behind your other decisions. It should explain why you’re starting your agency. The business summary is similar, but it should narrow down your “why” into a list of “hows.”

Ask yourself:

• Why do you want to open an agency?
• What types of insurance do you wish to sell?
• What do you hope to accomplish?
• What return on investment do you expect to receive?
• How are you going to generate demand and ensure supply for your service?

Jot your answers down so you can refer back to them as you move forward.

2. Decide whether you want to be a captive agent or an independent agent.

Many large agencies, such as Allstate and Farmers, work with captive agents who can only sell insurance for that specific provider. Independent agents, on the other hand, can sell insurance for multiple providers, but they get locked out of working with the big-name captive carriers who only work with captive agents. (Read more about captive agents here and get a seasoned agent’s POV on both types of agents here. )

Before you can nail down the details of the rest of your business plan, you’ll have to make a choice between these two options.

3. Do a market analysis.

Though it might seem like a tedious process, conducting a thorough market analysis is crucial to your success. Analyzing your local market—including the backgrounds, shopping behaviors, and preferences of your target customers—gives you the insights you’ll need to attract these folks to your business.

Your market analysis will look a little different depending on whether you prefer to be a captive or an independent agent. The state you live in is another factor that will affect your analysis—in fact, it may even influence your decision to be captive or independent.

Take a close look at the demographics of your region.

• How many homeowners live in your state?
• What’s the average insurance premium per home?
• How many people live in each home, on average?
• How many drivers live in your state?
• How many vehicles does the average household own?
• Do you live in an area with an aging population ?
• How many families live in your region?
• What insurance carriers do locals in your state gravitate toward?
• In your area, what might be some successful strategies for retaining clients (rather than just acquiring them)?

These questions are all important, but pay particular attention to the last one. If you open an agency without a plan for client retention, you’re going to struggle. And, unfortunately, this is one of the most overlooked aspects of an insurance agency business plan.

4. Identify where you’ll find your first clients.

It’s one thing to know there are X number of potential clients living in your state, but it’s quite another to have a plan that will help you reach out to those folks and land your first policy sales.

Some investors will require a list of leads before they’ll even consider funding your agency. Even if it’s not a requirement, it’s always a good idea to have a pipeline ready to go. This is where getting set-up for purchasing warm leads from EverQuote can put you in a great position for success.

Plus, tackling this step before you even open your doors will help you better understand the costs you’ll incur—and therefore how much startup funding you will need.

You might also consider other options, such as placing ads in local newspapers, going to networking events, investing in digital marketing, sponsoring local Little League teams, or asking for referrals.

5. Create a financial plan.

Many new agencies fail because their owners overlooked something critical during startup. Do your best to look at your financial plans from every angle:

• Where will you find leads, and how much will they cost?
• What is your advertising budget?
• Does this budget line up with the going rates of local newspapers, billboards, or online ads?
• Do you plan to have 1099 employees or W2 employees selling insurance for your agency?
• How will you decide on a commission and benefits structure for these employees?
• What retention and loss ratios (for clients and employees) do you expect based on the numbers of other agencies in your area?
• How will you handle the delay between policy renewals and income hitting your bank account?
• If there are X amount of people shopping for insurance in your area, what percentage of those people are in a niche you can serve?
• From that percentage of potential clients, how many do you think you can successfully land?
• If you sell policies to these customers, how much will you earn from their premiums?
• How do your projected profits compare to your expected advertising costs, the cost to buy leads, office rent, and other expenses?

Take detailed notes of your calculations, and try to run the numbers a few different ways to obtain a conservative outcome, a likely outcome, and a “best case scenario.”

6. Draw up a formal business plan using a proven format.

Your notes will be incredibly valuable as you move forward, but you’ll need a way to present them clearly and concisely in a way that looks attractive to investors.

Loan officers and investors don’t want to read long-form essays detailing your business background and your ideas for the future. Keep your format simple and straightforward, with clear sections that answer the questions investors will want to know.

We recommend a format similar to the following:

Executive Summary Overall mission Primary objectives Keys to success Financial plans Profit forecast for at least three years Business Summary Business overview Summary of startup costs Funding you’ll require Company executives/ownership Services Services you provide Market Analysis Overall business analysis Details of your competition Buying patterns of your competition Your planned buying patterns Market segmentation and analysis Target market strategies Include details for each market segment Strategy Your competitive edge Marketing strategy Sales strategy Yearly sales projections Key milestones Management Your plan for finding staff Financial Plan Funding you have accepted Funding you will need Detailed startup costs Calculations for your break-even point Projected profit Yearly profit Gross and net yearly profit Anticipated losses, if any Cash flow patterns Plans for balance sheet Calculations of important business ratios

7. Revise and adjust your plan over time.

You may not secure funding for your agency immediately. Even if you do, you’ll likely find that your real world numbers don’t match up exactly with your calculated projections. Plus, carriers frequently change their underwriting policies, and the economy itself is always in a state of flux.

Keep your business plan current by updating the information anytime circumstances change.

Start your journey with a full lead pipeline from EverQuote.

One of the scariest parts about starting a new agency is not being certain where and when you’ll be able to start making sales.

Skip the fear and the unknown and go right to making sales with warm real-time leads from EverQuote. Whether you’re still trying to find startup funding or your doors are already open, you can always boost your business and maximize your chances of a steady income by working with EverQuote.

Connect with us today.

Topics: Featured , Insurance Agency Growth

About the Author Chris Durling, VP of P&C Sales

Chris Durling is a visionary leader in P&C insurance sales and distribution, with over 10 years of experience in the industry.

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Home > Business Plan Templates > Insurance Agency Business Plan Template With Examples

Insurance Agency Business Plan Template With Examples

Apr 7, 2024 | Business Plan Templates

As you navigate through this insurance agency business plan template, remember that the primary goal is to thoroughly represent your business concept, operational plans, and financial projections for your insurance agency.

This template is merely a guide; it’s essential to tailor it to fit your agency’s unique attributes and market positioning, ensuring your ideas and strategic direction are communicated effectively. Because every insurance agency is different in its own way, it is okay to modify this business plan to suit your specific situation better.

Always back up your findings with solid data wherever possible and provide clear, concise explanations. Insurance can be a complex field for many individuals.

Your ability to simplify these complexities into understandable terms will serve you well in your plan and in the agency’s overall operations.

Table of Contents

1. Executive Summary

The executive summary provides a brief, comprehensive synopsis of your insurance agency. While it appears at the beginning of your plan, it is often written last to ensure that it encapsulates all critical points from the rest of the sections.

Introduction and Agency Overview

Start by succinctly introducing your insurance agency—its name, the types of insurance it covers (auto, health, home, life, etc.), and why it stands out in the market.

Example: SecureNow Insurance Agency is a customer-centric firm that provides holistic, efficient, and tailored insurance solutions. Its primary focus is on auto, home, health, and comprehensive business insurance packages.

Mission and Vision Statement

Your mission and vision should communicate the agency’s core principles, strategic goals, and commitment to its clientele.

Example: Our mission is to ensure our clients have peace of mind by offering personalised insurance coverage that adequately caters to their particular needs. Our vision is to be the leading insurance agency known for its exceptional customer service and innovative insurance solutions.

Geographic Area and Accessibility

Detail the area where your insurance agency primarily operates. Discuss where you have a significant market presence and the main demographic in these regions.

Example: SecureNow operates within the tri-state area, serving thousands of individuals, families, and businesses within these regions, offering them convenience and quicker claim processing.

Type of Insurance Services Offered

Briefly describe the kind of insurance services you provide.

Example: SecureNow offers a multitude of comprehensive insurance products – auto insurance for various vehicle classes, home insurance covering homeowners and rentals, health insurance with personalised plans, and business insurance covering liability, worker’s compensation, and commercial property.

Key Goals and Objectives

Outline your key short-term and long-term goals. These should be SMART (Specific, Measurable, Achievable, Realistic, Time-bound) goals.

Example: Our primary goal for the next year is to grow our customer base by 25% and increase our policy renewal rate to 85%. Over the next five years, we aim to expand into two additional states and to be rated among the top 5 most trusted insurance agencies in our operating regions.

2. Services Overview

This section offers an in-depth understanding of your insurance agency’s offerings, their relevance, and their potential impact on your customers’ lives.

Service Definition and Themes

Describe in detail the insurance products and services your agency provides. Explain the guiding principles for each type of insurance policy.

Example: SecureNow Insurance Agency provides a range of insurance services, each framed to offer our customers maximum protection and peace of mind. They encompass Auto Insurance, accommodating a range of vehicles and drivers; Home Insurance, offering comprehensive coverage for homeowners and renters; Health Insurance, aligning with varying needs and budgets; and Business Insurance, offering tailored solutions from liability to commercial asset protection.

Range of Insurance Services

List and highlight the main features of the services under each insurance type.

Example: Our Auto Insurance includes liability coverage, collision, comprehensive, and personalised bundles. Our Home Insurance provides coverage for the structure, personal belongings, liability, and additional living expenses. Health Insurance varies from basic coverage options to more comprehensive plans, including specific disease policies. Business Insurance delivers solutions for property damage, worker’s compensation, liability protections, and more.

Target Customer Analysis

Detail who benefits most from your policies, indicating how they are targeted and why they are the principal focus of your services.

Example: Our target customers range from young drivers seeking auto insurance, homeowners and renters needing property protection, individuals and families requiring health coverage, and large and small businesses seeking to mitigate their operational risks. Our focus remains on these groups as they represent a broad segment of the population most in need of reliable, affordable, and customizable insurance solutions.

3. Agency History and Organisation

This section provides a historical background of your insurance agency and insight into its organisational structure.

Legal Status and Structure

Specify your agency’s legal status—is it a limited liability company (LLC) , a partnership , a corporation, or a sole proprietorship ? Discuss why the particular business structure was chosen.

Example: SecureNow operates as a Limited Liability Company (LLC), chosen for its protective attributes and flexibility. This structure offers protection against personal liability and provides operational and management flexibilities akin to a partnership.

Owners and Management Team

Briefly introduce your agency’s owners and management, outlining their experience and contributions.

Example: SecureNow is owned and managed by John Doe and Jane Smith. John, a seasoned insurance professional with over 20 years in the industry, manages strategic decisions and partnerships. With an extensive background in customer service and operations, Jane oversees day-to-day operations, ensuring top-notch customer service and smooth agency functioning.

Key Milestones

Highlight key milestones in your agency’s history to demonstrate growth and impact over time.

Example: SecureNow was established in 2010 as a two-person firm, initially only offering auto insurance. In 2012, we expanded our services to include home insurance, followed by health insurance in 2015. We introduced our comprehensive business insurance solutions in 2018. Today, we serve over 10,000 clients across the tri-state area, thanks to our continuously expanding product portfolio and customer-centric approach.

4. Business Model

This section will depict how your agency operates, generates revenue, and strives towards financial sustainability.

Primary Revenue Sources

Describe your insurance agency’s main sources of income; this could include commissions, contingency bonuses, and fee-based services.

Example: SecureNow’s primary revenue stream comes from commissions on each policy sold and renewed. We also earn contingency bonuses based on reaching certain targets set by the insurance carriers and fee-based income from consulting services for complex business insurance needs.

Planned Partnerships and Collaborations

Consider any partnerships or collaborations you intend to establish, including partnerships with other businesses, insurance carriers, and influential organisations.

Example: SecureNow is looking to form partnerships with major auto retailers and real estate agencies to provide insurance services to their customers, broadening our customer reach. We are also planning to collaborate with niche insurance carriers, expanding our range of specialised insurance products.

Special Projects

If any special initiatives are planned that can boost agency income or offer significant benefits to your agency, explain them here.

Example: One of our major upcoming initiatives is the launch of a comprehensive mobile app aimed at streamlining claim processes, making it easier for customers to buy, manage, and claim insurance. This app will not only help in customer retention but, with features like refer-a-friend, it will also help attract new customers .

5. Market Analysis

This section offers a deep dive into the market in which your insurance agency operates, including existing market needs, target demographics, and competitive environment.

Current Market Needs

Describe the insurance-related needs currently observed in your market. Use data and real examples to illustrate these needs.

Example: The tri-state area where we operate has a high concentration of small businesses (over 200,000), representing a significant demand for reliable business insurance solutions. Additionally, with an average of 5 million registered vehicles and a high homeownership rate, there is a substantial need for auto and home insurance packages.

Target Market Analysis

Detail the demographic, socioeconomic, and other relevant characteristics of the customers your agency aims to serve.

Example: Our target market encompasses small business owners in need of robust business insurance, drivers requiring comprehensive, affordable auto insurance, homeowners and renters seeking varying degrees of home insurance, and individuals/families at different life stages seeking health coverage. Our customer base is diverse and spans demographics, posing unique insurance needs, which we aim to cover comprehensively.

Competitive Analysis

Assess other insurance agencies operating in the same space, explore their approach, and underscore how your services differentiate.

Example: While other agencies in the region primarily deal with one or two types of insurance, SecureNow sets itself apart by providing a comprehensive roster of insurance services – auto, home, health, and business. Coupled with our personalised approach and excellent customer service, we offer a one-stop solution for varied insurance needs.

Positioning and Strategy

Explain how your agency is positioned to cater to market needs, target demographics, and competitive landscape. Detail your strategy to meet these needs.

Example: SecureNow positions itself as a full-service insurance agency, offering a wide range of products that cater to diverse customer segments under one roof. Our strategy involves educating our customers about their insurance needs and providing them with personalised solutions. We leverage our strong relationships with various insurance carriers to offer competitive rates and comprehensive coverage.

6. Marketing and Acquisition Strategy

This section outlines how you plan to attract new clients to your insurance agency, generate awareness about your range of services, and retain existing customers.

Marketing Strategy

Outline your approach to increase visibility and generate leads.

Example: SecureNow’s marketing strategy leverages both online and offline channels. We use Search Engine Optimization (SEO) and paid search advertising to increase our online visibility on popular search engines. Simultaneously, we utilise direct mail campaigns, local radio advertisements, and community events to broaden our reach within the local community.

Acquisition Plan

Describe your plan to acquire new customers. This plan may incorporate strategies like referral incentives, partnerships with other businesses, and lead-generation methods.

Example: We focus on customer referrals, offering incentives for every successful referral. SecureNow also plans to collaborate with local automobile dealerships and real estate agencies, providing insurance services to their customers to garner new clients.

Community Engagement and Outreach

Discuss your initiatives to engage with the community beyond the provision of insurance services.

Example: SecureNow regularly holds free insurance education seminars and financial planning workshops for the local community. We sponsor local events and sports teams, contributing to our brand visibility and showcasing our commitment to the community.

7. Operations

This section will cover how your insurance agency functions on a day-to-day basis, detailing staff recruitment, technology needs, and the agency’s operational structure.

Team Recruitment and Roles

Define how you plan to staff your insurance agency—the roles required, standards for each position, hiring plans, and recruitment strategies.

Example: SecureNow intends to recruit a mix of experienced professionals and new talent for roles including Insurance Agents, Customer Service Representatives, and Claims Handlers. We will also employ digital marketing experts to oversee our online presence and a strong management team to lead the agency. We aim to recruit from local colleges and also via online job portals to find individuals passionate about the insurance sector.

Office Structure and Management

Discuss the composition and function of your office. What roles do your employees play, and how are tasks divided among them?

Example: Our office operates with a hierarchy of Management, Sales, Customer Service, and Claims. While the management team oversees agency operations and strategic partnerships, the sales team focuses on acquiring new business and maintaining relationships with existing customers. The customer service team handles customer queries and escalations, and the claims team oversees the smooth processing of insurance claims.

Technology Requirements

Discuss the technology you need for smooth operation. This might include CRM for client management, digital tools for online marketing, or efficient hardware/software for everyday tasks.

Example: SecureNow utilises a CRM system to manage our client database, policy renewals, and marketing campaign data. We also employ digital tools like Google Analytics for online marketing efforts and use secure data servers to store sensitive data.

Office Space Requirements

Outline your requirements in terms of physical location. Do you need office spaces, meeting rooms, or parking lots?

Example: SecureNow currently operates from a commercial office building with spaces allocated for customer interactions, staff operations, and a meeting room. As a part of our five-year plan, we aim to open two more branch offices within the tri-state area.

8. Sales Strategy and Customer Retention

This section covers how your insurance agency plans to sell its services to potential customers and retain current clients.

Sales Tactics

Outline your strategy to sell insurance policies.

Example: SecureNow’s sales approach is primarily consultative, focusing on understanding customer needs and providing tailored insurance solutions. Our sales team is well-trained to communicate the benefits of our policies effectively and clarify any potential questions or doubts.

Website and Social Media

Discuss your agency’s online presence and how it would be used for customer communication and selling policies.

Example: SecureNow maintains an intuitive website where customers can learn about various insurance products, get quotes, and contact us for further assistance. We also run social media profiles on major platforms, sharing information on insurance basics, updates about our services, and customer success stories.

Customer Engagement and Retention

Explain how you plan to retain customers and enhance their satisfaction.

Example: SecureNow emphasises customer retention through personalised service, timely claim settlements, and regular communication. Our devoted customer service team efficiently handles policy inquiries and claim requests. We also run a loyalty rewards program that offers discounts on policy renewals and additional services for long-term customers.

9. Financial Projections

This section focuses on your agency’s financial aspects, detailing how funds will be generated and utilised.

Current/Projected Budget

Detail out whether you’re presenting your current budget or projecting a budget for the next financial year, including income and expenses.

Example: SecureNow’s projected income for the upcoming financial year is $1 million, taking into account commissions, fee-based incomes, and other sources. Operating expenses (office rent, staff salaries, marketing spending) are expected to amount to around $650,000, with profit expected to stand at $350,000 post-tax.

Proposed Financing

Discuss your proposed financing options, such as loans, investors, etc.

Example : At the moment, SecureNow operates on revenue earned through commissions and fee-based services. However, we are considering inviting investors for future expansion plans and exploring low-interest business loan options for immediate cash flow support.

Key Financial Assumptions and Justifications

Detail underlying assumptions in your financial plan, justifying why these assumptions have been made.

Example: Our projected revenue assumes a 15% increase in new policies and a 90% customer renewal rate based on the previous year’s growth. We believe this is achievable given our aggressive marketing plan and the introduction of new insurance products. We have also accounted for a 5% contingency fund in our budget to cover unexpected expenses.

10. Appendices

This section includes any additional documents or supporting material related to your agency’s business plan.

Organisational Chart

Include a visual representation of your insurance agency’s structure.

Example: An organisational chart highlighting the hierarchy from management to sales, customer service, and the claims department will make the agency structure clearer to stakeholders.

Resumes of Key Staff

Attach resumes or brief bios of key members of your management and staff to assure potential investors, partners, or even customers of their qualifications and expertise.

Example: We have included the resume of our Agency Manager, who has extensive insurance sector experience and has led SecureNow to become one of the most preferred insurance agencies in the area.

Detailed Budget

Provide a detailed budget if your financial plan references an annual budget with a breakdown of income and expenditures.

Example: An exhaustive breakdown of our annual budget shows our judicious allocation of resources, justifying operational expenses and projected revenues.

Related Market Research

Include any market research or customer data analysis that supports your business plan and gives weight to the strategies presented.

Example: Data from a Recent Customer Survey indicates high satisfaction levels with our services, validating our customer-centric approach. Similarly, results from a Market Analysis show a steady demand for comprehensive and personalised insurance solutions in our operating area, supporting our expansion plans.

Wrapping Up Our Insurance Agency Business Plan Template

Remember, an effective business plan doubles as a roadmap for your agency and an instrument of engagement for potential investors, partners, and high-ranking personnel you may seek to attract to your organisation.

Taking the time to complete this process will help you better understand your market, operational, and financial goals, which will help you navigate your insurance agency to success. Good luck!

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How To Write an Insurance Agency Business Plan + Template

Creating a business plan is essential for any business, but it can be especially helpful for insurance agencies that want to improve their strategy and/or raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every insurance agency owner should include in their business plan.

Download the Ultimate Insurance Business Plan Template

What is an Insurance Agency Business Plan?

An insurance agency business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write an Insurance Agency Business Plan?

An insurance agency business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Insurance Agency Business Plan

The following are the key components of a successful insurance agency business plan:

Executive Summary

The executive summary of an insurance agency business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

• Start with a one-line description of your insurance agency
• Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

If you are just starting your insurance agency business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your insurance agency firm, mention this.

You will also include information about your chosen insurance agency business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of an insurance agency business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

• What part of the insurance agency industry are you targeting?
• How big is the market?
• What trends are happening in the industry right now (and if applicable, how do these trends support the success of your company)?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, customers of an insurance agency may include individuals, families and small businesses.

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or insurance agency services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your insurance agency may have:

• In-depth knowledge of the insurance industry
• Broad product offering
• Customer focus and commitment to service
• Well-trained and experienced team
• Proven track record

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

• Product/Service : Detail your product/service offerings here. Document their features and benefits.
• Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
• Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
• Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. 
• Or, you may promote your insurance agency via a mix of all the channels listed.  

Operations Plan

This part of your insurance agency business plan should include the following information:

• How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
• What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for an insurance agency include reaching $X in sales. Other examples include signing up a certain number of customers, expanding to a new location, or launching a new product or service.

Management Team

List your team members here including their names and titles, as well as their expertise and experience relevant to your specific insurance industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

• Revenue : how much revenue you generate.
• Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
• Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Insurance Agency

Balance Sheet

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

• Assets : All of the things you own (including cash).
• Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
• Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Insurance Agency

Cash Flow Statement

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

• Cash Flow From Operations
• Cash Flow From Investments
• Cash Flow From Financing

Below is a sample of a projected cash flow statement for a startup insurance agency .

Sample Cash Flow Statement for a Startup Insurance Agency

You will also want to include an appendix section which will include:

• Your complete financial projections
• A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
• Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your insurance agency . It not only outlines your business vision, but also provides a step-by-step process of how you are going to accomplish it. All in all, a business plan is a key to the success of any business.  

Finish Your Insurance Agency Business Plan in 1 Day!

Insurance Agency Business Plan Template

Written by Dave Lavinsky

Writing a Successful Business Plan For Your Insurance Agency + Template

If you’re looking to start or grow an insurance agency , you need a business plan. Your plan will outline your business goals and strategies, and how you plan on achieving them. It will also detail the amount of funding you need, and if needed, present a case to investors and lenders regarding why they should invest in your business.

In this article, we’ll explain why you should invest the time and energy into creating an insurance agency business plan, and provide you with an insurance agency business plan template that includes an overview of what should be included in each section. Download the Ultimate Insurance Agency Business Plan Template here >

Why Write a Business Plan For an Insurance Agency ?

There are many reasons to write a business plan for an insurance agency , even if you’re not looking for funding. A business plan can help you see potential pitfalls in your business strategy, as well as identify opportunities you may not have considered. It can also help you track your progress and adjust your plans as needed.

That said, if you are looking for funding, a business plan is essential. Investors and lenders want to see that you have a solid understanding of your industry, your customers, and your competition. They also want to know that you have a realistic view of your financial situation and how much money you’ll need to get started.

How To Write a Business Plan For an Insurance Agency  

While every business plan is different, there are 10 essential components that all insurance agency business plans should include:

Executive Summary

Company description, industry analysis, customer analysis, competitor analysis, marketing plan, operations plan, management team, financial plan.

Keep in mind that you’ll need to tailor this information to your specific type of insurance agency , but these 10 components should be included in every plan.

The executive summary is the first section of your business plan, but it’s often written last. This is because it provides an overview of the entire document.

In the executive summary, briefly explain what your business does, your business goals, and how you plan on achieving them. You should also include a brief overview of your financial situation, including how much money you’ll need to get started.

For organizational purposes, you could create headings for each main section of your business plan to highlight the key takeaways.

For example, your insurance agency executive summary might look something like this:

Company Overview

[Insert Company Introduction / Short Summary]

Business Goals

[Insert Business Goals & How You Plan To Achieve Them]

Industry Overview

[Insert Industry Statistics on the Size of Your Market]

Competition

[Insert Overview of Competitors & Your Competitive Advantage]

[Insert Information About The Marketing Strategies You Will Use To Attract Clients/Customers]

Financial Overview

You can add and/or remove sections as needed, but these are the basics that should be included in every executive summary.

The next section of your insurance agency business plan is the company description, where you’ll provide an overview of your business.

Include information about your:

• Company History & Accomplishments To Date

Mission Statement and/or Company Values

With regards to the company overview, here you will document the type of insurance agency you operate. For example, there are several types of insurance agencies such as:

• Life insurance agency
• Health insurance agency
• Auto insurance agency
• Homeowners insurance agency
• Commercial Insurance Agency

For example, an insurance agency company description might look something like this:

We are an X type of insurance agency .

Company History

If an existing company: Since launching, our team has served X customers and generated $Y in revenue.

If startup: I conceived [company name] on this date. Since that time, we have developed the company logo, found potential space, etc. 

This is just an example, but your company description should give potential investors a clear idea of who you are, what you do, and why you’re the best at what you do.

The next section of your business plan is the industry analysis. In this section, you’ll need to provide an overview of the industry you’re in, as well as any trends or changes that might impact your business.

Questions you will want to answer include:

• What is the overall size of the insurance industry?
• How is the industry growing or changing?
• What are the major trends affecting the insurance industry?
• Who are the major players in the insurance industry?

For example, your industry analysis might look something like this:

The size of the insurance industry is $XX billion.

It is currently growing at an annual rate of XX% and is expected to reach $XX billion by the year 20XX. The insurance industry has been booming in recent years.

Major trends affecting the industry are larger companies consolidating and the rise of digital marketing and e-commerce.

How We Fit Into The Industry

This is just an example, but your industry analysis should give potential investors a clear idea of the overall industry, and how your company fits into that industry.

The next section of your insurance agency business plan is the customer analysis. In this section, you’ll need to provide an overview of who your target customers are and what their needs are.

• Who are your target customers?
• What are their needs?
• How do they interact with your industry?
• How do they make purchasing decisions?

You want a thorough understanding of your target customers to provide them with the best possible products and/or services. Oftentimes, you will want to include the specific demographics of your target market, such as age, gender, income, etc., but you’ll also want to highlight the psychographics, such as their interests, lifestyles, and values.

This information will help you better understand your target market and how to reach them.

For example, your customer analysis might look something like this:

Target Market & Demographics

The demographic (age, gender, location, income, etc.) profile of our target insurance agency customer is as follows: 

– Age: 25-60

– Gender: Male/Female

– Location: Anywhere in the United States

– Income: $50,000-$250,000

– Education: College degree or higher

Psychographics

Our core customer interests are as follows: 

– Saving money: They are always looking for ways to save money, whether it’s on their insurance premiums or other household expenses.

– Convenience: They value convenience and want to be able to do business with companies that make their lives easier.

In summary, your customer analysis should give potential investors a clear idea of who your target market is and how you reach them.

The next section of your business plan is the competitor analysis. In this section, you’ll need to provide an overview of who your major competitors are and their strengths and weaknesses.

• Who are your major competitors?
• What are their strengths and weaknesses?
• How do they compare to you?

You want to make sure that you have a clear understanding of your competition so that you can position yourself in the market. Creating a SWOT Analysis (strengths, weaknesses, opportunities, threats) for each of your major competitors helps you do this. 

For example, your competitor analysis might look something like this:

Major Competitors

XYZ Company is our major competitor. Its offerings include this, this and this. Its strengths include XYZ, and its weaknesses include XYZ.

Competitive Advantage

Your competitor analysis should give potential lenders and investors a clear idea of who your major competitors are and how you compare to them.

The next section of your business plan is the marketing plan. In this section, you’ll need to provide an overview of your marketing strategy and how you plan on executing it.

Specifically, you will document your “4 Ps” as follows:

• Products/Services : Here is where you’ll document your product/service offerings.
• Price : Detail your pricing strategy here.
• Place : Document where customers will find you and whether you will use distribution channels (e.g., partnerships) to reach them.
• Promotion : Here you will document how you will reach your target customers. For instance, insurance agencies often reach new customers via promotional tactics including online advertising, direct mail, and personal selling.

For example, your marketing plan might look something like this:

Products/Services

We offer the following products/services: 

We will use a premium pricing strategy to establish ourselves as the highest quality brand.

We will serve customers directly and through a partnership with XYZ company.

As you can see, your marketing plan should give potential investors a clear idea of your marketing objectives, strategies, and tactics.

The next section of your business plan is the operations plan. In this section, you’ll need to provide an overview of your company’s day-to-day operations and how they will be structured.

• What are your company’s daily operations?
• How are your company’s operations structured?
• Who is responsible for each task?

Your operations plan should be detailed and concise. You want to make sure that potential investors have a clear understanding of your company’s day-to-day operations and how they are structured.

You will also include information regarding your long-term goals for your operations and how you plan on achieving them.

For example, your operations plan might look something like this:

Daily Operations

Our company’s daily operations include XYZ.

Operational Structure

Our company is structured as follows:

• Department 1
• Department 2
• Department 3

Each department is responsible for XYZ tasks.

Long-Term Goals

Our long-term goals for our operations are to achieve the following over the next five years.

Date 1: Goal 1

Date 2: Goal 2

Date 3: Goal 3

Date 4: Goal 4

Your operations plan should give readers a clear idea of your company’s day-to-day operations, how they are structured, and your long-term goals for the company.

The next section of your business plan is the management team. In this section, you’ll need to provide an overview of your management team and their experience.

• Who is on your management team?
• What are their qualifications?
• What is their experience?

Your management team ideally includes individuals who are experts in their respective fields. You want to make sure that lenders and investors have a clear understanding of your management team’s qualifications and experience, and feel they can execute on your plan.

For example, your management team might look something like this:

Our management team is comprised of the following X individuals with the following experience.

Team Member 1: 

Team member 1’s qualifications and experience include XYZ.

Team Member 2: 

Your management team should give potential lenders and investors a clear idea of who is on your team and how their qualifications and experience will help your company succeed.

The final core section of your business plan is the financial plan. In this section, you’ll need to provide an overview of your company’s financials.

• What are your company’s projected revenues?
• What are your company’s projected expenses?
• What is your company’s projected growth rate?
• How much funding do you need and for what purposes? For example, most startup insurance agencies need outside funding for pre-launch activities such as licenses, office space, and marketing initiatives.

Your financial plan should give potential investors a clear understanding of your company’s financials. While you may include a summary of this information in this section, you will include full financial statements in the appendix of your business plan.

For example, your financial plan might look something like this:

Our company’s projected revenues over the next five years are $XYZ.

Expenses & Net Income

Our company’s projected expenses and net income over the next five years are $XYZ.

Uses of Funding

This is just an example, but your financial plan should give potential investors a clear idea of your company’s financial projections.

The final section of your business plan is the appendix. In this section, you’ll need to provide any additional information that was not included in the previous sections.

This may include items such as:

• Full financial statements
• Resumes of key management team members
• Letters of reference
• Articles or press releases
• Marketing materials
• Product information
• Any other relevant information

By including this information in the appendix, you are allowing potential investors and lenders to learn more about your company.

In summary, writing an insurance agency business plan is a vital step in the process of starting and/or growing your own business.

A business plan will give you a roadmap to follow. It can also help you attract investors and partners.

By following the tips outlined in this article, you can be sure that your business plan will be effective and help you achieve your goals.  

Finish Your Business Plan in 1 Day!

Wish there was a faster, easier way to finish your business plan?

With our Ultimate Insurance Agency Business Plan Template you can finish your plan in just 8 hours or less!

Finish your business plan today!

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Insurance Agency Business Plan Guide + Free Example

July 6, 2023

Adam Hoeksema

The insurance agency industry offers substantial potential for growth and success. While some may perceive managing an insurance agency as a simple task, involving only policy sales and customer interactions, it actually requires careful planning and precise execution to thrive. Therefore, having a well-structured business plan is crucial for achieving success in this industry.

Our primary expertise lies in creating insurance agency financial projections . However, we understand that some of our clients seek comprehensive business plans. That's why we've taken the initiative to delve into this topic and cover the following aspects in our comprehensive insurance agency business plan guide and sample plan: 

Why write a business plan for an insurance agency?

What to include in an insurance agency business plan, insurance agency business plan outline, what type of insurance agency to start, how to analyze the competition for an insurance agency, how to create financial projections for an insurance agency, example insurance agency business plan, insurance agency business plan faqs.

Creating a well-structured business plan is crucial for insurance agency owners seeking financial support from investors, banks, or financial institutions. This plan should encompass a comprehensive evaluation of the insurance market, a clear and strategic approach, and a thoughtful assessment of potential risks and rewards. By showcasing your in-depth understanding of the insurance industry, your growth strategies, and your capability to navigate challenges, a robust business plan increases the likelihood of attracting the necessary funding for your insurance agency venture.

An insurance agency business plan should present persuasive reasons why clients will choose your agency's services, demonstrate why you or your team are the ideal operators for the insurance agency, and provide a robust financial projection to assure potential investors and lenders of the investment's viability. Below is a comprehensive outline of our complimentary insurance agency business plan template.

We suggest the following sections for your Insurance Agency business plan:

Executive Summary

Company Description

Market Analysis

Product and Service Offerings

Marketing Plan & Customer Acquisition

Operating Plan

Financial Plan

Choosing the right type of insurance agency will depend on your interests, expertise, and the market demand in your area. Here are some common types of insurance agencies you could consider starting:

General Insurance Agency:

A general insurance agency deals with a wide range of insurance products, including auto insurance, home insurance, business insurance, liability insurance, and more. This type of agency offers a diverse portfolio of insurance products to cater to a broad customer base.

Specialized Insurance Agency:

Instead of offering a wide range of insurance products, you can focus on a specific niche or industry. For example, you could start a health insurance agency, life insurance agency, or a commercial property insurance agency. Specializing can allow you to become an expert in a particular area and build strong relationships with clients in that niche.

Independent Insurance Agency:

Independent agencies work with multiple insurance carriers, giving them the flexibility to offer a variety of insurance products from different companies. This model allows you to compare coverage options and find the best policies for your clients' needs.

Captive Insurance Agency:

A captive agency represents a single insurance company and sells only that company's policies. While you have less flexibility in terms of product offerings, captive agencies often benefit from the support and training provided by the parent insurance company.

Online Insurance Agency:

With the rise of digital technology, you could consider starting an online insurance agency. This model allows you to reach a broader audience and provide insurance services through a website or app. It can be a cost-effective way to start and operate an agency.

Insurance Brokerage Firm:

Instead of focusing on selling insurance policies directly to clients, you could start an insurance brokerage firm. As a broker, you would act as an intermediary between clients and insurance companies, helping clients find the best coverage at competitive rates.

Before deciding on the type of insurance agency to start, conduct thorough market research to assess the demand for different types of insurance in your area. Also, consider your own skills, knowledge, and passion for specific insurance sectors. Having a clear understanding of your target market and your own expertise will guide you in making the right decision for your insurance agency. Additionally, make sure to comply with all legal and licensing requirements for insurance agencies in your region.

When it comes to analyzing the competition in the insurance agency industry, there are a few valuable tools you can use, with one of the most useful being Ahrefs.

Ahrefs is a powerful SEO tool that enables you to research and dissect your competitor insurance agencies' online presence. By inputting a competitor's website into Ahrefs, you can gain valuable insights into their organic traffic and the specific keywords responsible for driving that traffic.  For example, in Indianapolis we can see that Carson Insurance Agency is receiving roughly 100 monthly visitors from organic traffic.  

The tool provides valuable data on your competitor's organic traffic and highlights the keywords that are leading visitors to their website.

By understanding the keywords and SEO strategies employed by your insurance agency competitors, you can tailor your content and marketing strategies to effectively compete in the same areas or identify niche segments that may be underserved. This knowledge can help enhance your insurance agency's online visibility, attract more customers through search engines, and position your business for success in the competitive insurance industry.

SWOT Analysis: While not a digital tool SWOT analysis can be incredibly helpful in analyzing competition. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. By comparing these aspects between your agency and your competitors, you can identify areas where you might have a competitive edge or areas where you need to improve. Many business websites and educational institutions offer free SWOT analysis templates and guides that can be easily adapted for an insurance agency.

In the insurance agency industry, financial projections are influenced by distinct factors such as client acquisition rates, policy pricing, seasonal demand, and operational expenses. Using an insurance agency financial projection template can simplify the process and boost your confidence. However, accurate financial projections serve a greater purpose than just showcasing revenue potential; they paint a clear picture of the path to profitability and the achievement of your insurance business goals. By considering these crucial elements, you can create a solid financial plan that guides your agency towards success and ensures the realization of your objectives.

To create precise projections, follow these key steps:

Estimate startup costs for your insurance agency, including office space, technology infrastructure, licensing and certifications, marketing, and initial staff training.

Forecast revenue based on projected client acquisition rates, average policy premiums, and potential growth in your customer base.

Project ongoing operational costs , such as staff salaries, rent, technology maintenance, marketing expenses, and administrative overhead.

Estimate costs related to providing insurance policies and services, such as commission payouts to agents, underwriting expenses, and claims management.

Calculate the capital needed to launch and sustain your insurance agency, covering initial expenses and providing working capital for continued growth.

While financial projections are essential for your insurance agency's business plan, seek guidance from experienced professionals in the insurance industry. Adapt your projections based on real-world insights, leverage industry resources, and stay informed about insurance market trends and evolving customer preferences to ensure your financial plan aligns with your goals and positions your insurance agency for long-term success.

Explore our comprehensive Insurance Agency Business Plan below. For your convenience, a downloadable Google Doc version of this insurance agency business plan template is available, allowing you to personalize and tailor it to your specific needs. Additionally, a helpful video walkthrough is provided, guiding you through the process of customizing the business plan to perfectly align with your unique insurance agency concept.

Table of Contents

1. executive summary.

1.1 Organization Overview

1.2. Objectives

1.3. Mission Statement

2. Organization Description

2.1. Organization History

2.2. Legal Structure

2.3. Unique Value Proposition

2.4. Target Beneficiaries

3. Market Analysis

3.1. industry overview.

3.2. Collaborator and Competitor Identification

3.3. Target Beneficiaries

Key Point  1

4. Marketing and Fundraising

4.1. Strategic Plan

4.2. Program or Service Offerings:

4.4. Distribution Channels

4.5. Promotions and Fundraising

Key Point  2

5. Organizational Structure and Management

5.1. Organization’s Facility & Location

5.2. Staffing Plan and Volunteer Management

5.3. Governance, Financial Management, and Accountability

Key Point  3

6. financial plan.

6.1. Startup Costs

6.3. Expense Projections

6.4. profit and loss statement, 6.5. cash flow projections, 6.6. break-even analysis, 7. appendix.

7.1. Supporting Documents

7.2. Glossary of Term

7.3. References and Resources

Key Point  5

 1.1. company overview.

Briefly introduce the company's background, products or services, and target market.

      -  Example: SecureRide Auto Insurance Agency is a leading provider of auto insurance solutions in Atlanta, Georgia. We specialize in offering comprehensive coverage options tailored to meet the unique needs of drivers in the area.

   1.2. Objectives

Outlines the company's short-term and long-term goals.

        - Example: Establish SecureRide as the go-to auto insurance agency in Atlanta, capturing a significant market share and achieving a 40% increase in policyholders within the first year. 

        - Example: Long-term: Expand our presence in Georgia and neighboring states while maintaining a high level of customer satisfaction.

  1.3. Mission Statement

 Describes the company's purpose and core values.

        - Example: At SecureRide, our mission is to provide reliable and affordable auto insurance coverage to drivers in Atlanta. We are committed to ensuring our customers have the peace of mind they deserve on the road by delivering exceptional service and tailored insurance solutions.

  1.4. Keys to Success

Highlights the factors that will contribute to the company's growth and success.

        - Example: Delivering competitive pricing and flexible coverage options tailored to our customer's needs. We prioritize superior customer service, ensuring responsiveness, transparency, and personalized support

2. Company Description

   2.1. company history.

Provides context on the company's background and founding story.

        - Example: SecureRide Auto Insurance Agency was established by Mark and Emily Roberts, who have a combined experience of over 20 years in the insurance industry. Mark brings expertise in risk assessment and underwriting, while Emily has a strong background in sales and customer relations.

   2.2. Legal Structure

 Describes the company's legal structure (e.g., sole proprietorship, partnership, LLC, corporation).

        - Example: SecureRide Auto Insurance Agency operates as a limited liability corporation (LLC)

 2.3. Unique Selling Proposition

  Emphasizes the company's competitive advantage or unique offerings.

        - Example: SecureRide sets itself apart by offering customizable auto insurance coverage tailored to each client's specific needs. Our advanced technology allows for quick and accurate quotes, efficient claims processing, and a seamless customer experience.

  2.4. Target Market

Defines the company's ideal customer base.

        - Example: Focuses on serving the residents of Atlanta, Georgia, and its surrounding areas. Our primary target market includes drivers of all ages and backgrounds who seek reliable, affordable, and comprehensive auto insurance coverage.

  Presents a general overview of the industry, its trends, and growth potential.

        - Example: The auto insurance industry in Atlanta, Georgia, is a thriving and competitive market, driven by the high number of vehicles on the road and the state's insurance requirements. With a growing population and an increasing emphasis on vehicle safety, the demand for reliable auto insurance coverage is expected to continue rising.

3.2. Competitor Analysis

 Evaluates the company's direct and indirect competitors, as well as their strengths and weaknesses.

        - Example: Direct competitors: Atlanta Auto Insurance Company: A national insurance company with a branch in Atlanta, providing a wide range of auto insurance policies. 

        - Example: Indirect competitors:  EasyInsure Online: An online insurance platform that allows customers to compare and purchase auto insurance policies from various providers. 

3.3. Target Market Analysis

Explores the company's target customers, their demographics, preferences, and pain points.

        - Example: SecureRide’s target market in Atlanta, Georgia consists of young professionals, families and homeowners, commuters and business professionals, high-value vehicle owners, and retirees and seniors. 

3.4. Market Opportunities

Identifies potential opportunities for the company to grow within the market.

        - Example: SecureRide can seize market opportunities by leveraging digital marketing strategies to reach a broader audience, offering innovative coverage options such as usage-based insurance, and establishing partnerships with local car dealerships and auto repair shops. 

• Example 1: Conduct a survey among Atlanta residents to assess their knowledge of auto insurance providers and their satisfaction with existing options. This will help identify gaps in the market and potential opportunities for SecureRide. (e.g., 65% of surveyed residents are unaware of any specialized auto insurance agencies in Atlanta, indicating a potential market niche)
• Example 2: Analyze the market share and customer satisfaction ratings of established auto insurance companies in Atlanta to understand the competitive landscape and areas for differentiation. (e.g., Company X holds a 30% market share but receives consistently low customer ratings for claims handling, suggesting an opportunity for SecureRide to excel in customer service)
• Example 3: Keyword search volume to see growth in demand or specific types of boutique insurance needs

4. Marketing and Sales Strategy

4.1. product or service offerings: .

Describes the company's products or services in detail.

        - Example: SecureRide offers a comprehensive range of auto insurance coverage options, including liability insurance, collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, and additional specialized coverage for high-value vehicles or specific driver profiles.

4.2. Pricing Strategy

 Outlines the company's approach to pricing its products or services.

        - Example: SecureRide adopts a competitive pricing strategy based on market analysis, offering affordable premiums and flexible payment options to ensure accessibility and value for customers.

4.3. Sales Strategy

  Explains how the company plans to generate sales and build

customer relationships.

        - Example: SecureRide will leverage a multi-channel sales approach, utilizing a combination of online platforms, direct sales efforts, and strategic partnerships with car dealerships and automotive service providers.

 Describes the methods through which the company will deliver its products or services to customers.

        - Example: SecureRide primarily operates through its physical office location in Atlanta, Georgia. Additionally, the company will have an online presence through a user-friendly website and mobile app allowing customers to conveniently access information, request quotes, and manage their policies.

4.5. Promotions and Advertising

 Details the company's promotional efforts and advertising strategies.

        - Example: SecureRide will implement targeted digital advertising campaigns, including search engine marketing, social media advertising, and online display ads, to increase brand visibility and attract potential customers.

• Example 1: Develop partnerships with local car dealerships and auto repair shops to offer exclusive discounts on insurance policies to their customers. This can generate initial traction and referrals. (e.g., SecureRide establishes partnerships with three prominent car dealerships, resulting in 50 policy sales within the first month)
• Example 2: Launch a targeted digital marketing campaign that emphasizes SecureRide's competitive rates, personalized customer service, and quick claims processing. This can attract potential customers seeking a more customer-centric auto insurance experience. (e.g., The campaign generates 500 leads and converts 20% of them into policyholders within the first quarter)
• Example 3: Build a social following or Youtube channel that simplifies auto insurance for everyday people that can serve as a possible customer base when the business launches.

5. Operations and Management

5.1. facility location and layout.

 Specify the agency’s physical business location and refers to the internal arrangement and organization of the space.

        - Example: SecureRide is strategically located in a prime area of Atlanta, Georgia, ensuring easy accessibility for clients and proximity to major transportation routes. The facility is designed with a customer-centric approach, providing a welcoming reception area, private consultation rooms, and a well-organized layout that promotes efficient workflow and privacy for sensitive discussions

5.2. Staffing and Expertise: 

Ensures the agency can effectively serve its clients and provide comprehensive insurance solutions.

        - Example: SecureRide has a team of experienced insurance professionals who possess in-depth knowledge of the auto insurance industry, including underwriting, claims processing, risk assessment, and customer service. 

5.3. Customer Service:

 Involves the process of providing support to policyholders and potential customers throughout their insurance journey.

        - Example: Customer satisfaction and retention are key objectives for SecureRide. The agency strives to deliver personalized assistance to clients, addressing their insurance needs, offering guidance in policy selection, and providing prompt and efficient claims assistance. 

• Example: SecureRide's founding team brings a wealth of industry experience, ensuring a deep understanding of the auto insurance landscape and customer needs. For example, Mark Roberts, the CEO, has over 15 years of experience in the insurance industry, specializing in auto insurance. Sarah Roberts, the COO, has a background in risk management and claims handling, ensuring efficient operations and superior customer service.

5.4. Technology and Systems:

Refers to the utilization of advanced technological tools, software systems, and digital platforms .

        - Example: SecureRide leverages advanced insurance management systems and technology solutions to streamline operations, enhance efficiency, and improve customer experience. These systems enable seamless policy management, online quoting and applications, secure data storage, claims processing, and effective communication with clients. 

All of the unique Insurance Agency projections you see here were generated using ProjectionHub’s Insurance Agency Facility Financial Projection Template . Use PH20BP to enjoy a 20% discount on the template. 

   6.1. Startup Costs

  Provide a detailed breakdown of the total startup costs requirements, and where you plan for those funds to come from. You will also want to breakdown how the startup costs will be used including working capital to cover losses before the business breaks even.

        - Example: Creating a solid financial plan is crucial, and we are taking the necessary steps to ensure the success of SecureRide. We estimate needing around $190,000 to cover our startup costs as well as cover losses until we become cash flow positive. $90,000 will come from personal investment & a small equity investment from another partner, and then we are seeking a $100,000 business loan.

6.2. Revenue Projections

Provides an estimate of the company's future revenue based on market research and assumptions.

        - Example:  SecureRide projects $359,000 in revenue in the first year. The company anticipates steady growth in revenue over the initial five-year period.

 Estimates the company's future expenses, including fixed and variable costs.

        - Example: SecureRide's expenses include property lease, accounting, advertising, commissions, utilities, and software costs.

Summarizes the company's revenue, expenses, and net income over a specific period.

        - Example: SecureRide’s expects to achieve profitability within the first few years of operation.

 Outlines the company's projected cash inflows and outflows.

        - Example: SecureRide cash flow projections account for fluctuations & onboarding additional agents.

  Determines the point at which the company's revenue equals its expenses.

        - Example: SecureRide anticipates reaching its break-even point in year 3 but the industry is very low margin.

Watch how to create financial projections for your Insurance Agency

Key Point  4 

• Example 1: Benchmark SecureRide's projected premium rates against industry averages and adjust accordingly to remain competitive while ensuring profitability. (e.g., SecureRide's projected average premium rate aligns with the industry average, indicating a realistic pricing strategy)
• Example 2: Conduct a thorough analysis of loss ratios and claim settlement ratios in the auto insurance industry to estimate SecureRide's potential expenses for claims payouts. (e.g., SecureRide projects a 70% claim settlement ratio, based on industry benchmarks, to ensure adequate reserves for potential claims)
• Example 3: Evaluate potential risks and their financial implications, such as increased competition, supply chain disruptions, or changing market conditions. (e.g., A 5% increase in the price of coffee beans could lead to a 2% decrease in CozyCorner's net profit margin)

   7.1. Supporting Documents

 Includes any relevant documentation that supports the information presented in the business plan, such as resumes, financial projections, market research data, and permits or licenses.

   7.2. Glossary of Term

 Provides definitions for industry-specific terms used throughout the business plan to ensure reader comprehension.

   7.3. References and Resources

Lists any sources or resources referenced during the preparation of the business plan, including industry reports, market research data, and relevant publications.

• Example: SecureRide's founders demonstrate their commitment to the business by investing a significant portion of their personal funds into the company's initial capital. They are also willing to personally guarantee loans and secure necessary insurance licenses and certifications, showcasing their dedication and belief in SecureRide's success.

How do I start an insurance agency?

To start an insurance agency, you'll need to obtain the necessary licenses and certifications, develop relationships with insurance carriers, determine your target market and insurance specialties, establish an office or online presence, create a marketing strategy, and hire and train staff.

How can I attract clients to my insurance agency?

To attract clients, develop a strong online presence and professional website, network with other professionals and businesses in related industries, offer valuable content through blog posts or educational resources, utilize social media platforms, and provide exceptional customer service.

What types of insurance should my agency offer?

The types of insurance your agency should offer may vary based on your target market and expertise. Consider offering common insurance lines such as auto, home, life, health, business, and specialty coverages based on the specific needs of your clients.

How can I stay updated with the latest insurance trends and regulations?

Stay updated with the latest insurance trends and regulations by joining industry associations, attending relevant conferences or seminars, participating in continuing education programs, subscribing to industry publications, and actively engaging with insurance carriers and professional networks.

How can I build trust and credibility as an insurance agency?

Build trust and credibility by providing transparent and reliable insurance information, maintaining strong relationships with reputable insurance carriers, offering personalized coverage recommendations, being responsive to client needs and inquiries, and being actively involved in the community you serve.

About the Author

Adam is the Co-founder of ProjectionHub which helps entrepreneurs create financial projections for potential investors, lenders and internal business planning. Since 2012, over 50,000 entrepreneurs from around the world have used ProjectionHub to help create financial projections.

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Crafting an Effective Insurance Agency Business Plan

If you're an independent insurance agent, you know that success doesn't happen by chance. It requires strategic planning and a clear roadmap for the future. That's where an insurance agency business plan comes into play. 

In this guide, we'll explore what a business plan is, why it's essential, and how to create one tailored to your home insurance agency.

At a glance:

• Crafting a well-defined insurance agency business plan provides strategic direction and goal-setting for success.
• A comprehensive business plan allows for adaptability in an ever-evolving industry.
• Defining your brand, researching funding options, and staying compliant with regulations, are the ingredients that can transform your business plan into an effective tool for growth.

Benefits of having a business plan

Having a solid roadmap is like holding a compass in a dense forest. It not only guides you on how to become a successful insurance agency, but also ensures you stay on course.

Strategic direction

So let’s continue that analogy: you’re on a road trip without a map, compass, or GPS. You might eventually reach your destination, but it would be a long and uncertain journey. Similarly, running an insurance agency without a business plan is like traveling without a guide. A well-crafted plan provides a clear path and helps you stay focused on your goals.

Goal setting

Setting realistic and achievable goals is vital for any business. Your insurance agency business plan acts as a compass, allowing you to establish clear objectives. Whether you want to increase your client base, revenue, or expand your services, a business plan helps you chart the course.

Investor confidence

If you find yourself in a place to seek external funding, whether from investors or lenders, a comprehensive business plan is a must. It demonstrates that you've thought through your business strategy, increasing your chances of securing financial support.

Adaptability

The insurance industry is never stagnant, and as such adaptability is key. A business plan isn't set in stone; it's a living document that can be adjusted as circumstances change. If done correctly, it allows you to stay flexible and make informed decisions as market trends shift.

Key components of an insurance agency business plan

Your business plan is the document that transforms your vision into a tangible reality, ensuring your journey as an independent insurance agent is not only successful but prosperous too. 

Let’s explore the key components of an effective business plan, including the executive summary, company overview and more. 

Executive summary

The executive summary serves as the elevator pitch for your entire business plan. It's designed to capture the reader's attention and give them a quick, compelling overview of your insurance agency. You'll want to concisely highlight your agency's mission, vision, and goals. Think of it as distilling your agency's essence into a few powerful sentences. It's an invitation for the reader to learn more about your agency's journey.

Company overview

The company overview is your opportunity to introduce your insurance agency in detail. It's where you set the stage for the rest of your business plan. In this section, you’ll want to dive into the history of your agency, including its founding story, location(s), and size. You should also describe every type of insurance product you offer and provide a snapshot of what makes your agency unique.

Industry analysis

The industry analysis puts your industry knowledge to good use. It's all about understanding the broader insurance market, including its trends, challenges, and opportunities. In this section, you'll research and present data and insights into the insurance industry. Discuss market trends, regulatory changes, and any challenges that could impact your independent agency. Identifying opportunities within the industry allows you to position your agency effectively to take advantage of them.

Customer analysis

Understanding your target market is essential for tailoring your services and marketing efforts effectively. Create detailed buyer personas that encompass their needs, preferences, and pain points. This information is the foundation for developing products and services that resonate with your audience.

Competitive analysis

Knowing your competition is about gaining insights into their strengths and weaknesses. When performing your market analysis, or market research, be sure to look at factors like their market share, marketing strategy, pricing models, and customer service practices. Understanding how you stack up against the competition will help you develop a winning strategy that sets your agency apart.

Marketing plan

Your marketing plan is the strategic playbook for how you'll attract and retain clients. Specify your marketing channels, both online and offline; outline your budget and set measurable goals. Whether it's through digital advertising, content marketing, or print advertising, your marketing plan should maximize your independent insurance agency's reach and impact.

Operations plan

The operations plan is the behind-the-scenes blueprint for how your independent agency runs day-to-day. Detail your team structure, office setup, and technology requirements. It's about ensuring smooth workflow and efficient service delivery. This section gives a clear picture of how your agency operates on a daily basis.

Management team

Your management team is the engine that drives your agency. Introduce the key members of your management team and highlight their expertise. Explain how their skills and experiences contribute to the agency's success. 

Financial plan

The financial plan is the heart of your business plan. It's where you demonstrate that your agency is not just a vision but a financially viable venture. For any enterprise, including insurance agencies, it’s important to provide detailed financial projections in your business plan, including income statements, balance sheets, and cash flow statements. Set clear financial goals and explain how you intend to achieve them.

Tips for creating an effective insurance agency business plan

Creating an insurance agency business plan is akin to crafting that roadmap we talked about earlier. But here's the twist—this isn't just any road; it's twisting and on an ever-changing landscape. To navigate it successfully, you need more than just directions; you need insider tips and tricks.

Define your brand

Your brand is more than just a logo; it's who you are. Define your brand identity, including your mission statement, core values, and unique selling proposition. A strong brand will set you apart in a crowded market.

Research funding options

If you need capital to start or expand your agency, explore different funding options, which could include personal savings, loans, or investors. Your business plan should outline your funding needs and how you intend to secure the necessary capital.

Apply for licenses

Ensure that you comply with all regulatory requirements in your area. This includes obtaining the necessary licenses and insurance policies to operate legally. Failing to do so could jeopardize your agency's success.

Set goals and establish metrics

Your business plan should include specific, measurable, and time-bound goals. Track key performance indicators to measure your progress and adjust your strategy accordingly. Regularly reviewing and updating your plan keeps you on the path to success.

A strategic roadmap for success

For an independent insurance agency, a well-crafted business plan is not simply a document; it's a dynamic tool that provides strategic direction, fosters adaptability, and instills investor confidence. By defining your brand, understanding your market, and detailing your operational and financial strategies, your insurance agency business plan becomes the compass guiding you through the complexities of the industry. 

With clear goals, a solid management team, and a proactive approach to change, your agency can navigate the insurance industry effectively, ensuring not only agency survival but also sustainable growth

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About the Author

Alyssa Little | Senior Content Strategist

Alyssa is the Senior Content Strategist at Openly, collaborating with industry thought leaders to provide insightful and informative content in the home insurance space. With over 15 years experience in content marketing strategy, copywriting, and editing, Alyssa has refined her expertise through her work at such companies as Gartner, Nike, and Trupanion. Alyssa holds a BA in History from the University of Puget Sound and an MA in Museum Studies from Newcastle University.

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Insurance Agency Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Financial Service Industry » Insurance Agency

Are you about starting an insurance agency ? If YES, here is a complete sample insurance agency business plan template & feasibility study you can use for FREE .

To become an Independent insurance agent means that you have an insurance agency. The agents are also known as insurance sales agents.

These folks are involved in the sale of a variety of insurance and financial products; some of the products they deal in include; property insurance and casualty insurance, life insurance, health insurance, disability insurance, and long-term care insurance.

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Insurance agencies sell insurance policies that defend individuals and businesses from financial loss that is brought about as a result of automobile accidents, fire, theft, storms, and other events that can damage property.

This is one of the reasons why many people have become so inclined to insurance that they dare not live without it. Therefore, this is one of the areas where having an insurance agency comes in handy.

A Sample Insurance Agency Business Plan Template

Industry overview.

The insurance industry is wide and global in nature; there are numerous aspects anyone interested in starting an insurance agency could choose to specialize in.

For instance; in the United States of America and even in Canada, pet insurance is one aspect of insurance that is gradually opening up and it is interesting to state that it is a very promising market.

Anyone looking towards starting an insurance agency has the option to choose an area of insurance to specialize in or they could choose to start a general insurance company; an insurance company that is involved in the selling of life insurance policies, health insurance policies, auto/car insurance policy and liability insurance amongst others.

The united states of America have the largest insurance market in the world as indicated by the volume of premium payments.

Statistics show that in 2013 alone, out of the total sum of 4.640 trillion US dollars of gross premiums written on a global scale, 1.274 trillion US dollars which translates to 27% were actually written in the United States of America.

This goes to show how big the insurance industry is in the United States of America. Independent insurance agents characteristically show a lot about insurance companies that meet the needs of their clients.

Running an insurance agency means that insurance agents have to be very well trained and knowledgeable about the difficulties of the insurance market and insurance law.

Getting a hang of this means that an insurance agent is able to advise their clients about appropriate amounts of insurance and insurance coverage for their particular needs.

More often than not, independent insurance agents work hand in hand with insurance mediators, in getting quotes from multiple insurance providers and then they go ahead to license them off to the independent agents.

Working with an insurance intermediary service allows the independent agent to appraise many quotes and offer their clients the best policy options ever.

There are a good number of major trade organizations that back the interests and needs of the independent insurance agent; some of them are Agents for Change, The National Organization of Life and Health Agents (NOLHA), the Independent Insurance Agents & Brokers of America, amongst many others.

Starting an insurance agency is a wonderful idea, but a whole lot has to be in place and it includes; getting an insurance license from the organization regulating the insurance industry like the National Association of Insurance Commissioners that regulates the industry.

No doubt, the process of obtaining an insurance agency license might not come too easy, because of the laid down criteria in which the whole process entails an insurance licensure examination is required if you want to start an insurance agency.

If you are serious and determined, you could write and pass the exam in one sitting, but if not, then you should be ready to take the exams over and over again. The bottom line is that these exams do not come cheap; so you must prove your worth before you can be issued a license.

In some countries trust is one of the key factors that may want to slow down the growth of the insurance agencies. Apart from that, then the insurance agencies just like insurance companies are really growing. The industry is a very profitable one with a lot of room for more prospects.

Executive Summary

May Flora brokers is a general insurance agency and were incorporated under United States law as a private Limited Liability Company. It has plans in the nearest future to transform into a public limited liability company. This is so that we can get listed on the New York Stock Exchange.

We will launch the business in heart of New York City – New York where we will have our headquarters and later spread to other major cities in the United States of America.

May Flora Insurance brokers were established with the sole directive of conducting insurance businesses in a highly professional, ethical, and customer-driven approach. We are aware that businesses these days require diverse and sophisticated approaches, which is why we will offer our clients the very best of deals at all times, and all around the year.

We are glad to find ourselves in a hub like the New York insurance market and this is why we have decided to kick start by dealing in various insurance policy covers such as:

Life and Annuities Insurance, Health/Medical Insurance, Car / Vehicle Insurance, Pet Insurance, Agricultural Insurance, Aviation Insurance, Financial Reinsurance, Guaranteed Asset Protection Insurance, Group Insurance, Inland Marine Insurance/Marine Insurance/Shipping Insurance, Travel Insurance, Liability Insurance/ Professional Liability Insurance and Property and Casualty Insurance, and what have you.

At May Flora Brokers, our client’s best interests come first, and everything we do is guided by our professional ethics. We will ensure that we are committed to competence, integrity, innovation, and excellent customer service. We will also guarantee that we only hire employees who are well experienced to help us drive the business.

We plan to hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will promote a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees, and for our clients.

May Flora is poised at all times to demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

May Flora brokers were founded by a group of New York-based investors led by Andrew Basher, Andy Ruthless, and Mr. Ruddy Frumpy. The organization will be managed by these three, as well as other partners who will work in the background. Andy Basher graduated from the University of California – Berkley (First Degree), Brock School of Business at Stamford University (MBA), and University of Harvard (PhD.).

He has extensive experience in a senior managerial role with some of the world’s leading insurance companies. He will be bringing his wealth of experience and expertise to help grow May flora Brokers to become a world-class insurance company.

Our Product and Services

May flora Brokers is going to offer varieties of insurance products and services within the scope of the insurance industry in the United States of America.

Our intention in starting our insurance agency is to make profits from the United States market and we will do all that is permitted by the law in the U.S. to achieve our aim and business goals. Our products and service offers are listed below;

• Life and Annuities Insurance policy cover
• Health/Medical Insurance policy cover
• Car/Vehicle Insurance policy cover
• Pet Insurance policy cover
• Agricultural Insurance policy cover
• Aviation Insurance policy cover
• Financial Reinsurance
• Guaranteed Asset Protection Insurance policy cover
• Group Insurance
• Inland Marine Insurance/Marine Insurance/Shipping Insurance
• Travel Insurance policy cover
• Liability Insurance/ Professional Liability Insurance
• Property and Casualty Insurance policy cover
• Consulting and Advisory Services (Within the Insurance Business)

Our Mission and Vision Statement

• Our vision is to be one of the foremost insurance brokers to make available a wide range of insurance products at an affordable price in the United States of America.
• Our mission is to be listed as amongst the top 20 insurance companies based on revenue generations ( premium collections et al ), trust, and ease of doing business.
• We will ensure that our clients get their claims as when due without unnecessary delays.

Our Business Structure

We plan to use the best structures to build our insurance agency. This is vital because we want to be known as a standard organization. May flora Brokers will build a solid business structure that can support the growth of our insurance agency. We will leave no stone unturned in seeing that we hire competent hands to help us build the business of our dream.

The fact that we want to become one of the leading insurance agency brands in the industry in the whole of the United States of America makes it highly necessary for our organization to deliberately build a well–structured business from the onset. Below is the business structure that we will build May flora insurance brokers on;

• Chief Executive Officer

Legal Secretary

Head of Premium Collections

Head of Claims

Admin and HR Manager

• Marketing Executive
• Customer Care Officer

Front Desk Officer

Job Roles and Responsibilities

Chief Executive Office – CEO:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board
• Responsible for drawing up contracts and other legal documents for the company
• Produces information by transcribing, formatting, inputting, editing, retrieving, copying, and transmitting text, data, and graphics; coordinating case preparation.
• Provides historical reference by developing and utilizing filing and retrieval systems; records meeting discussions; maintains transcripts; documents and maintains evidence.
• Responsible for the collection of premiums for the organization
• Works with software developers to develop efficient and easy-to-use premium collection software
• Advises the organization from time to time on how to improve and increase premium collections
• Collaborates with the head of sales and marketing to ensure that our insurance policies holders do not allow their policies to lapse
• Follows up on premium payment and send reminders from time to time to our policyholders to pay their premium
• Responsible for resolving any premium issues with our bank and policyholders.
• Responsible for the payment of claims to policyholders that files for claims
• Ensures that proper investigations are carried out before claims are paid
• Reviews the organizations’ claims policy from to time to time to make it efficient and measure up with best practices in the industry.
• Keeps proper record of claims that are paid out by the organization
• Supervises the claims department
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation, and assessment of employees
• Responsible for arranging travel, meetings, and appointments
• Oversees the smooth running of daily office activities.

Marketing/Sales Executive

• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• Responsible for supervising implementation, advocating for the customer’s needs, and communicating with clients
• Develops, executes, and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps increase sales and growth for the company
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides management with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risk analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as an internal auditor for the organization

Client Service Executive

• Ensures that all contacts with clients (e-mail, walk-In center, SMS, or phone) provide the client with a personalized customer service experience of the highest level
• Through interaction with students on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the school coordinator in an effective and timely manner
• Consistently stays abreast of any new information on the schools’ products, promotional campaigns, etc. to ensure accurate and helpful information is supplied to students when they make inquiries
• Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
• Receives parcels/documents for the organization
• Handles inquiries via e-mail and phone calls
• Distributes mail in the organization
• Handles any other duties as assigned by the Admin / HR manager

SWOT Analysis

May flora insurance brokers know that it will be in our best interest to identify our strengths and weaknesses; this is exactly why we engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well–structured insurance agency that can favorably compete in the highly competitive insurance industry/market in the United States.

Part of what our team of business consultants did was to work with the management of the organization in conducting a SWOT analysis for May flora insurance brokers. Here is a summary of the result of the SWOT analysis that was conducted on behalf of May flora brokers. Before that, it is important to state that we have taken this really seriously.

It is compulsory for a business to have a record of its core strength. Its core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business. We also have an efficient and effective customized software application that will help carry out seamless insurance activities.

As a new insurance agency in the United States, it might take some time for our organization to break into the market; that is perhaps our major weakness.

• Opportunities:

The opportunities in the insurance industry are massive and we are ready to take advantage of any opportunity that comes our way which is why we are going to be offering several insurance policies/packages.

One thing is certain, a weak economy is one major factor that is limiting growth opportunities for the insurance industry. Come to think of it, there is hardly any business or investment opportunity that does not come with its own fair share of threats and challenges. This is why most organizations conduct risk assessments on a regular basis so as to enable them to produce strategies that will help them stay afloat in the industry.

Another major threat and challenge that we are likely going to face when we start our insurance business are, of course, the arrival of other insurance agencies in the same location where ours is located and perhaps selling the same insurance policy covers as we do.

For sure if we have been able to come up with workable and winning strategies that will help us outsmart our competition in the location where our insurance agency is going to be located. With that, we are likely not going to struggle to grow our insurance company and also retain some of the best hands under our employment.

Over and above, just as in any other business and investment vehicle, economic downturn, unstable financial market, natural disasters, and unfavorable government economic policies can hamper the growth and profitability of an insurance company.

MARKET ANALYSIS

• Market Trends

One common trend is that, in the insurance industry, it is only the smallest insurers that exist as Single corporations. It is the practice in the insurance industry for most major insurance agencies to exist as insurance groups; they usually partner with holding companies.

This practice has loads of benefits and as a matter of fact, insurance groups are known to survive the turbulence in the insurance industry year after year and the survivability of single insurance agencies is pretty low. This is why you may hardly find an insurance broker that is not into the sale of various insurance policy covers ranging from motor vehicle insurance policies to pet insurance policy cover to marine insurance policy covers et al.

Another trend in the insurance industry is the creativity in premium collections. Most insurance agencies know that the survival of their business lies in the regular payment of premiums which is why they have to go all the way to put systems and processes in place that will help the collect premiums from the policies holders with ease.

If you keep tabs on successful insurance companies you will realize that they leverage on technology (internet and software applications et al) in running their business.

Our Target Market

Although May flora insurance brokers will initially serve the small to medium-sized markets in and around New York City – New York, that does not in any way stop us from growing to be able to compete with the leading insurance companies selling our insurance policies in the cities in the United States.

We hope to someday merge or acquire other smaller insurance companies and expand the sales of our insurance products and business beyond the shores of the United States of America.

As a standard insurance company, May flora has a range of insurance policy covers and we will also work hard to continue to add more insurance covers that are on sale in the insurance market in the United States of America hence expanding the scope of our target market from time to time.

Our target market cuts across people of different classes and people from all walks of life, local and international organizations as well. We are coming into the industry with a business concept that will enable us the sale of insurance policies to the highly placed people and companies in the country and at the same to the lowly placed people and smaller businesses.

In other words, our target market is the whole of the United States of America and subsequently other parts of the world. Below is a list of the people and organizations that we have specifically designed our products and services for;

• Students, Young Adults, The Elderly, and Children et al
• Businesses and Entrepreneurs
• Blue Chips Companies
• Corporate Organizations
• Manufacturers and Distributors
• Real Estate Owners, Developers, and Contractors
• Research and Development Companies
• The Government (Public Sector)
• Schools (High Schools, Colleges, and Universities)
• Sport Organizations
• Entrepreneurs and Start-Ups

Our competitive advantage

A close study of the insurance industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer-centric, and proactive if you must survive in the insurance industry. We are aware of the stiffer competition and we are well prepared to compete favorably with other leading insurance companies in the United States.

May flora insurance brokers might be a new entrant into the insurance industry in the United States of America, but the management staff and board members are considered gurus. They are people who are core professionals and licensed and highly qualified insurance practitioners in the United States. These are part of what will count as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups insurance companies) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

SALES AND MARKETING STRATEGY

Starting and running an insurance agency requires aggressive marketing which is why you have insurance salesmen and women who are always on your neck to market/sell one insurance cover or the other especially if you live in the United States of America.

So to stay afloat in the insurance industry, you must be ready to spend good cash on marketing, advertising, and promoting your insurance products. Your marketing and advertising departments must regularly come out with new innovations and products that can catch the attention of your potential clients.

This is why when we were drafting our marketing ideas and sales strategies for our insurance agency, we ensured that we created a compelling personal and company profile that include the profile of our board of directors and management team.

The truth is that if you have honest, trustworthy, and successful professionals on your board, customers can easily trust you with their hard-earned money. In some countries trust is one of the key factors that is hampering the growth of the insurance industry.

Nobody wants to buy insurance policies, pay premiums,s and is not certain if they can get claims when the time comes. Here are some of the platforms we will utilize to market our insurance policies;

• Introduce our business (insurance policy covers) by sending introductory letters alongside your brochure to individuals, investors, and corporate organizations
• Advertise our business in relevant business magazines (insurance magazines and business-related magazines) and be available for insurance-related talk shows and interactive sessions on TV and Radio stations)
• List our insurance company on local directories/yellow pages (both online and offline)
• Attend expos, seminars, and business fairs to network and sell our insurance policy covers
• Leverage the internet to promote our insurance business/insurance policy covers
• Join local chambers of commerce around us with the main aim of networking and marketing our insurance products.
• Engage the services of marketing executives and sales agents to carry out direct marketing of insurance products.

Sources of Income

May flora Insurance brokers are established with the aim of maximizing profits in the insurance industry and we are going to go all the way to ensure that we do all it takes to sell our insurance products to a wide range of clients and also ensure that we don’t struggle to collect premiums on a regular basis.

May flora Insurance agency will generate income by selling the following insurance policy covers to both individuals and organizations;

• Liability Insurance/Professional Liability Insurance

Sales Forecast

As long as there are people living in the United States of America and businesses starting and growing in the U.S., they will always purchase one insurance policy cover or the other.

We are well positioned to take on the available market in the U.S. and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operations and grow the business and our clientele base beyond New York City, New York to other states in the U.S. and even the global market.

We have been able to critically examine the insurance market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in New York.

Below is the sales projection for Mutual Trust Insurance PLC, it is based on the location of our insurance company and the wide range of insurance products that we will be offering;

• First Year-: $500,000
• Second Year-: $1, 500,000
• Third Year-: $3,000,000

N.B: This projection is done based on what is obtainable in the industry.

• Our Pricing Strategy

When it comes to pricing products in the insurance industry, there is an established trend and in most cases, it is determined by the risk involved in the products/insurance policy covers. The calculation is usually done by experts.

Despite the fact that there are expected price standards for various insurance policy covers, one of the easiest ways of getting into the market is to sell your insurance products a little bit below the industry average and that is exactly what we are going to do.

• Payment Options

There is the need to have several payment options. At May flora insurance brokers, our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via check
• Payment via bank draft
• Payment with cash
• Payment via mobile money platforms

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.

Publicity and Advertising Strategy

The insurance business just like any other business requires media hype to get people to buy into the brand. We are aware that our brand has to do with the way people perceive our organization to be which is why we are going to be deliberate when it comes to communicating and promoting our brand.

In promoting and advertising our brand and insurance products, we are going to leverage both print and electronic media. As a matter of fact, it is cost-effective to use social media platforms to promote our brands, besides it is pretty much effective.

Here are the platforms we will leverage to create brand awareness for your insurance company and to promote our insurance products in the marketplace;

• We will place adverts on national TV stations, Radio Stations, and Newspapers/Magazines
• We will run our own special TV program (insurance-based program)
• We will sponsor relevant community programs
• We will leverage the internet and social media platforms like; Instagram, Facebook, Badoo, YouTube, Twitter et al to promote and advertise insurance products
• We will install our Bill Boards in strategic locations all around New York City – New York and other cities in the U.S.
• We will engage in road shows from time to time to create awareness of our insurance company and to sell our products
• We will distribute our fliers and handbills to targeted areas from time to time
• We will send out introductory letters to multinationals, embassies, and diaspora organizations and networks in and around New York City
• We will encourage the use of word of mouth, especially from loyal customers
• We will ensure that all our vehicles are branded with our company’s logo

Financial Projections and Costing

When it comes to starting an insurance agency, you should be aware that the cost is two fold; the cost of setting up the office structure (including branches) and of course your capital base/capitalization. In essence, the nature and size of the insurance company you are looking toward starting will determine the amount you are expected to raise.

As regards the cost of setting up the office structure , your concern should be to secure a good office facility in a busy business district; it can be expensive though, but that is one of the factors that will help you position your insurance company to attract the kind of customers you would want to do business with.

These are the key areas we will spend the bulk of our start–up capital on;

• The Total Fee for incorporating the Business – $750.
• The budget for insurance policies, permits, and licenses – $10,000
• The Amount needed to acquire a suitable Office facility in a business district in New York City with 6 months’ rent up–front (Re-Construction of the facility inclusive) – $50,000.
• The Cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets, and electronics et al) – $5,000
• The Cost of Launching our official Website – $600
• Budget for paying at least 10 employees for 3 months and utility bills – $200,000
• Additional Expenditure (Business cards, Signage, Adverts, and Promotions et al) – $2,500
• Capital Base – 1 Million Dollars
• Miscellaneous – $10,000

Going by the report from the research and feasibility studies conducted, we will need about 1.2 Million U.S. Dollars to set up a small-scale but standard insurance company in the United States of America.

Generating Funding/Startup Capital for May flora Insurance Brokers

Our insurance brokering form is going to start as a private Limited Liability Company but with a plan in the nearest future to transform into a public limited liability company so as to enable us to get listed on the New York Stock Exchange. In essence, the business will be financed by Dr. Wilcox Carrington, Mrs. Ruth Ferguson, and other members of the partnership.

These are the areas we intend to generate our start-up capital;

• Generate part of the start–up capital from personal savings
• Source for soft loans from family members and friends
• Apply for a loan from my Bank

N.B: We have been able to generate about $700,000 (from every member of the partnership with the bulk of the money coming from the lead partners Dr. Wilcox Carrington and Mrs. Ruth Ferguson). We are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

BUSINESS GROWTH: Sustainability and Expansion Strategy

It is easier for businesses to survive when they have a steady flow of business deals/customers patronizing their products and services. We are aware of this which is why we have decided to sell a wide range of insurance products to both big and small clients, individual clients, and corporate clients as well.

We know that if we continue to sell our insurance products and continue to collect premiums on a regular basis, there will be a steady flow of income for the organization. Our key sustainability and expansion strategy is to ensure that we only hire competent employees, and create a conducive working environment and employee benefits for our staff members.

In the nearest future, we will explore the options of either merging with another insurance companies or acquiring one or more insurance companies in order for us to increase our market share. We know that if we implement our business strategies, we will grow our insurance business beyond New York City, and New York to other states in the U.S in record time.

Check List/Milestone

• Business Name Availability>Completed
• Business Incorporation: Completed
• Application for Insurance License: Completed (Collected)
• Opening of Corporate Bank Accounts at various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID:  Completed
• Application for business license and permit: Completed
• Purchase of All forms of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Generating part of the start-up capital from the founders: Completed
• Applications for Loan from our Bankers:  Completed
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents:  Completed
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing/Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, office equipment, electronic appliances, and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with key players in the industry: In Progress.

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Personal Insurance Agent Business Plan

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Plynthe Insurance

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Plynthe Insurance will be an independent personal insurance brokerage located in Peristyle Gardens and serving the adult population of the town with insurance advice, a variety of policy types, and selection from any insurance provider available on the market. The business will be launched by Kolem Plynthe, a newly licensed insurance agent, as a home-based business and grown in future years to a small office where Plynthe can collaborate with associate agents. Plynthe’s track record as a salesperson positions him well for success in the insurance business.

Plynthe Insurance stands to be a profitable business which will provide salary and dividends for Kolem Plynthe, its sole owner. Salary to Plynthe plus profits will increase moderately but steadily. The business can be launched without external investment or loans, relying only on Plynthe’s savings and personal borrowings. To finance expansion to an office, Plynthe Insurance will require a long-term loan taken out in its second year of operation.

Plynthe Insurance will judge its success on meeting the following objectives:

• Build revenues quickly in the first year of operations.
• Rent an office and add an associate insurance agent in the second year of operations.
• Reach revenues double in third year of operations with a reasonable net profit.

The mission of Plynthe Insurance is to create a more protected community by offering property, casualty, and life insurance to residents of Peristyle Gardens from a wide range of insurance sources.

Keys to Success

To achieve its objectives, Plynthe Insurance will follow these principles:

• Remain independent of direct affiliate ties to any specific insurance providers
• Think of each client’s needs holistically to consider all the potential risks in their lives
• Maintain a reputation of care, fairness, empathy, and expertise

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

Plynthe Insurance is founded by Kolem Plynthe as a local, independent insurance agent providing personal insurance products to residents of Peristyle Gardens and its neighboring towns. The business will begin as a home-based business with Kolem Plynthe as the owner and only employee, and continue to grow through the establishment of a local office and the addition of associate agents to better serve the community. Kolem Plynthe is an experienced salesperson and newly certified insurance agent. The business will broker insurance purchases for property insurance (home & contents, valuable possessions, renter’s insurance), personal liability, and life insurance.

Company Ownership

Plynthe Insurance is founded and owned entirely by Kolem Plynthe. The business is currently incorporated as a sole proprietorship with a registered DBA, but will reincorporate as an LLC when there is a need to hire additional employees and open an office.

Start-up Summary

Plynthe Insurance requires very little in the way of start-up funding. Expenses include the licenses for Kolem Plynthe and the business, business insurance, stationery (business cards and brochures), and a basic website. Rent will not be required at the outset as Kolem Plynthe will operate out of a home office. Most of the start-up funding is required to cover operating expenses until break even is achieved halfway through the first year of operation.

Plynthe Insurance will offer the following personal insurance products:

1. Home and Contents:

• Homeowner’s Insurance
• Condo Insurance
• Cooperative Insurance
• Renter’s Insurance
• Seasonal and Secondary Locations
• Flood Insurance

2. Valuable Items:

• Other Collectible Items

3. Personal Liability

4. Life Insurance

• Variable Life
• Second-to-Die

5. Long-term Care

6. Long-term Disability

All of these products will be offered to individuals and not businesses. The insurance products will be provided by any of the major insurance providers in existence, with attention paid to smaller providers who offer specialized insurance products.

While offering these products, Plynthe Insurance will provide the following services:

• Consult with clients on their insurance needs to determine a course of action
• Assist existing clients with insurance claims and understanding their insurance policy
• Referring clients to additional providers who can reduce their risk (locksmiths, security professionals, etc.)

Market Analysis Summary how to do a market analysis for your business plan.">

The market for personal insurance consists of all adult individuals, potentially, as there are products available which are appropriate for every type of person from the moment they leave their parents’ home to the day they die. Therefore, the market for an insurance agent selling personal insurance in Peristyle Gardens is synonymous with the adult population of Peristyle Gardens. In 2008, the population of adults (18 and older) in the town was estimated at 57,500. The town has an overall annual growth rate of 2% due to new developments in the town and an aging population with ever-increasing life expectancies.

Within this target market, the market segments on which Plynthe Insurance will focus include renters, homeowners, individuals over 40 years of age, and new parents/parents-to-be.

Market Segmentation

The market segments described include a great deal of overlap. For example, many adults over the age of 40 are also homeowners and the remainder are renters. The new parent segment are also either homeowners or renters, generally. Each segment has different needs for insurance products, however, and those who fall into more than one segment have a need for more than one product.

Target Market Segment Strategy

Plynthe Insurance will focus its initial marketing on those at the younger end of the spectrum, including renters and new parents/parents-to-be. The strategy will be to begin by selling renter’s insurance and life insurance to clients and then earn their ongoing trust in order to sell additional insurance policies to them as new needs arise. Younger clients will also serve as a longer annuity as insurance policies are renewed year after year.

As these clients increase in age they will have growing needs for homeowner’s insurance, valuable items insurance, life insurance, and, eventually, long-term care and long-term disability.

Service Business Analysis

The United States Department of Labor offers the following summary of the insurance industry:

Most people have their first contact with an insurance company through an insurance sales agent. These workers help individuals, families, and businesses select insurance policies that provide the best protection for their lives, health, and property. Insurance sales agents, commonly referred to as “producers” in the insurance industry, sell one or more types of insurance, such as property and casualty, life, health, disability, and long-term care. Property and casualty insurance agents sell policies that protect individuals and businesses from financial loss resulting from automobile accidents, fire, theft, storms, and other events that can damage property. For businesses, property and casualty insurance can also cover injured workers’ compensation, product liability claims, or medical malpractice claims. Life insurance agents specialize in selling policies that pay beneficiaries when a policyholder dies. Depending on the policyholder’s circumstances, a cash-value policy can be designed to provide retirement income, funds for the education of children, or other benefits as well. Life insurance agents also sell annuities that promise a retirement income. Health insurance agents sell health insurance policies that cover the costs of medical care and loss of income due to illness or injury. They also may sell dental insurance and short-term and long-term-disability insurance policies. Agents may specialize in any one of these product areas, or function as generalists, providing multiple products to a single customer. An increasing number of insurance sales agents are offering comprehensive financial planning services to their clients. These services include retirement planning, estate planning, and assistance in setting up pension plans for businesses. As a result, many insurance agents are involved in “cross-selling” or “total account development”. Besides offering insurance, these agents may become licensed to sell mutual funds, variable annuities, and other securities. This practice is most common with life insurance agents who already sell annuities, but many property and casualty agents also sell financial products. Insurance sales agents also prepare reports, maintain records, and seek out new clients. In the event that policy holders experience a loss, agents help them settle their insurance claims. Increasingly, some agents are also offering their clients financial analysis or advice on how to minimize risk. Insurance sales agents working exclusively for one insurance company are referred to as captive agents . Independent insurance agents, or brokers , represent several companies and match insurance policies for their clients with the company that offers the best rate and coverage. Technology has greatly affected the insurance business, making it much more efficient and giving the agent the ability to take on more clients. Agents’ computers are now linked directly to insurance carriers via the Internet, making the tasks of obtaining price quotes and processing applications and service requests faster and easier. Computers also allow agents to be better informed about new products that the insurance carriers may be offering. The growing use of the Internet in the insurance industry has altered the relationship between agent and client. Agents formerly used to devote much of their time to marketing and selling products to new clients. Now, clients are increasingly obtaining insurance quotes from a company’s Web site and then contacting the company directly to purchase policies. This interaction gives the client a more active role in selecting their policy, while reducing the amount of time agents spend actively seeking new clients. Insurance sales agents also obtain many new accounts through referrals, so it is important that they maintain regular contact with their clients to ensure that the clients’ financial needs are being met. Developing a satisfied clientele that will recommend an agent’s services to other potential customers is a key to success for agents.

The Department of Labor reports that there were 436,000 insurance sales agents in 2006 and that approximately 50% of them were independent agents or worked for brokerages. Urban areas tend to have a greater concentration of insurance agents. Peristyle Gardens has approximately 28 insurance agents (or roughly 1 for every 2,000 residents). However, these agents do not all offer the same products as Plynthe Insurance.

Competition and Buying Patterns

Customers seek insurance through one or more of the following:

• Referrals from trusted friends, family, and colleagues
• Brand names of national companies (Allstate, State Farm, Geico, Progressive, etc.)
• Local office location

The greater the insurance need of an individual, the more likely they are to seek a local office where they can meet with an agent and discuss their needs in person. For the target markets of renters and new parents/parents-to-be in Peristyle Gardens, the primary competition will come from national insurance carriers rather than other independent agents.

Strategy and Implementation Summary

To implement its launch in Peristyle Gardens, Plynthe Insurance intends to target clients on the younger side of the total potential market in order to build up a client base for long-term service. This is also a target market that is ignored by other local independent insurance agents, making it easier to establish a foothold in the market this way. This implementation will include:

• Advertising to new parents/parents-to-be (in need of life insurance) and renters (in need of renters insurance)
• Sell additional insurance policies to these clients as the years go on
• Maintain a high policy renewal rate and high client retention rate through excellent service

Competitive Edge

Plynthe Insurance will establish its competitive edge through a single-minded focus on personal insurance. By being and staying an expert on personal insurance products and providers, Plynthe Insurance will be a one-stop-shop for individuals looking to minimize the risks in their lives for themselves and for their families. To maintain this expertise, Plynthe Insurance will devote time and energy to training and course work, and will subscribe to trade periodicals and newsletters. Plynthe Insurance will also spend time learning about the specific risks and problems associated with Peristyle Gardens in order to better serve its residents.

Marketing Strategy

The marketing strategy for Plynthe Insurance involves an initial focus on the target markets chosen, new parents/parents-to-be and renters. Renters require renter’s insurance and valuable items insurance. It is often the first time they will have purchased insurance in their lives. New parents require life insurance to protect their family and their children. Both groups may only purchase policies with small premiums at the moment, but their loyalty will turn into an annuity of renewals and opportunities to sell additional policies as they age.

To reach these target markets, Plynthe Insurance will engage in the following tactics:

• Advertising in Peristyle Gardens parent newsletters
• Posting flyers at apartment buildings
• Direct mail to apartment tenants and inclusion in books of coupons/flyers provided to new tenants
• Creating a basic website
• Search engine marketing: Bidding for keywords about renter’s and life insurance locally to come up in search results
• Yellow Pages listing

Sales Strategy

The sales strategy of Plynthe Insurance will be an aggressive one based on profiling and targeting individuals in the initial target market. Kolem Plynthe will have initial phone conversations with clients and then meet them at their home or office to discuss further. He will bring his laptop with him to all sales calls to search for insurance options for clients on the spot whenever possible.

Potential, actual, and past clients will all be managed through a CRM database in salesforce.com which will contain contact information and data on the relationship, and will generate reminders for follow-ups and next steps automatically.

Kolem Plynthe will encourage referrals through his interactions with clients by asking them directly and by offering gifts to those who refer clients.

Sales Forecast

By building business through Kolem Plynthe’s own sales work and then through an additional associate, the business is expected to significantly grow its revenue streams, especially in the target market of younger clients, in these first three years of operation.

The marketing activities listed in the Milestones Table are all intended to be low cost methods to establish an initial client base. They are intended as one-time activities with the exception of search engine marketing which will continue with a dedicated budget of $500 per month and advertising in parent periodicals which may continue with $500 per month devoted to it after the launch.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Kolem Plynthe will be the only employee of Plynthe Insurance in its first year. He will continue to direct the company going forward and will bring on an associate agent in the second year of operation. This agent will prospect, sell, and fulfill policy requests for clients and will answer questions of clients just as Kolem Plynthe will. However, Plynthe will manage the marketing and finances of the firm and will set guidelines for training and education which the associate agent must follow.

Personnel Plan

Kolem Plynthe will escalate his salary as the year goes forward. Although the business is currently a sole proprietorship, his salary is recorded to better illustrate the tax burden he will face. The associate agent will be compensated with a base salary, a 5% commission on sales, and a percentage of net profits which will increase based on performance. The associate agent will have an initial salary of $50,000 per year, but will be hired part way into the second year of operation.

Training for the associate agent (and future associate agents) will begin with direct, on the job training by Kolem Plynthe on sales calls. Ongoing training will include required course work to maintain certification as well as additional events in the community, conferences, and reading material.

Financial Plan investor-ready personnel plan .">

The business will finance its growth from a combination of the free cash flows generated by the business and a loan taken out in the second year to finance the move to a small office space in Peristyle Gardens. Beyond the first three years, growth will be possible by adding more agents and moving to a larger office space when the initial space is no longer adequate (when a third associate must be added).

The business is not well positioned for a sale as it will be built on the expertise of Kolem Plynthe. However, profits may become extensive when the appropriate scale is achieved and the business can expand to additional personal insurance products or financial advisory services.

Start-up Funding

Plynthe Insurance will be launched with Kolem Plynthe’s own resources, including credit card debt, personal savings, and some credit extended by vendors providing start-up services.

Important Assumptions

This plan assumes the following:

• That younger residents of Peristyle Gardens will value the personal attention (coupled by the lure of the best priced insurance) offered by Plynthe Insurance rather than go straight to brand name carriers
• That enough young residents will remain in Peristyle Gardens (move from renting to owning) and grow families to make the focus on young residents worthwhile in the long run

Break-even Analysis

As shown below a low monthly break even point leads to break even from a profit perspective in the nineth month of operation.

Projected Profit and Loss

Net profit will be on top of a healthy salary for Kolem Plynthe, showing that the business will be well worth the small initial investment to launch. Gross margins are very high (as is standard for the insurance brokerage industry) and overhead is rather low. The main costs will be payroll for the insurance agents. Lower salaries can be paid in the future for new associate agents as less experienced, but malleable, agents are brought into the business.

Projected Cash Flow

The projected cash flow shows the business investing in additional assets (furniture, computers, equipment) in the second year and third year to equip the office. While the cash balance of the business is low, the salary paid to Kolem Plynthe will act as a safety valve and can be reduced if the cash is not currently available.

Projected Balance Sheet

The balance sheet reflects that assets will not need to be purchased until the second year when the business moves from the home office of Kolem Plynthe to a small commercial office space in Peristyle Gardens.

Business Ratios

The business rations for Plynthe Insurance are compared here against insurance agencies and brokerages (NAISC industry code 534210, SIC code 6411) of under $500,000 annual revenue. The accounts receivable ratio for the business is higher than the industry average as all accounts will be paid out of commissions from insurance providers after the policies have been processed and bills put through their systems. Also, the fact that the industry average S G & A expense and Advertising expense is much lower (as a percentage of sales) than that of Plynthe Insurance shows that the business can grow to a much greater scale, spreading its current relatively fixed costs over more agents and becoming more profitable in the process. As the business grows, this will be possible.

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