This insurance company business plan template has 23 pages and is a MS Word file type listed under our business plan kit documents.
Sample of our insurance company business plan template:
Confidentiality Agreement The undersigned reader acknowledges that the information provided by [YOUR COMPANY NAME] in this business plan is confidential; therefore, reader agrees not to disclose it without the express written permission of [YOUR COMPANY NAME]. It is acknowledged by reader that information to be furnished in this business plan is in all respects confidential in nature, other than information which is in the public domain through other means and that any disclosure or use of same by reader may cause serious harm or damage to [YOUR COMPANY NAME]. Upon request, this document is to be immediately returned to [YOUR COMPANY NAME]. ___________________ Signature ___________________ Name (typed or printed) ___________________ Date This is a business plan. It does not imply an offering of securities. 1.0 Executive Summary 1 1.1 Objectives 1 1.2 Mission 2 1.3 Keys to Success 2 2.0 Company Summary 2 2.1 Company Ownership 2 2.2 Company History 2 Table: Past Performance 3 3.0 Services 4 4.0 Market Analysis Summary 4 4.1 Market Segmentation 5 Table: Market Analysis 5 4.2 Target Market Segment Strategy 6 4.3 Service Business Analysis 6 4.3.1 Competition and Buying Patterns 6 5.0 Strategy and Implementation Summary 6 5.1 Competitive Edge 6 5.2 Marketing Strategy 6 5.3 Sales Strategy 7 5.3.1 Sales Forecast 7 Table: Sales Forecast 7 5.4 Milestones 9 Table: Milestones 9 6.0 Management Summary 10 6.1 Personnel Plan 10 Table: Personnel 10 7.0 Financial Plan 10 7.1 Important Assumptions 10 7.2 Break-even Analysis 10 Table: Break-even Analysis 10 7.3 Projected Profit and Loss 12 Table: Profit and Loss 12 7.4 Projected Cash Flow 15 Table: Cash Flow 15 7.5 Projected Balance Sheet 17 Table: Balance Sheet 17 7.6 Business Ratios 18 Table: Ratios 18 Table: Sales Forecast 1 Table: Personnel 2 Table: Profit and Loss 3 Table: Cash Flow 4 Table: Balance Sheet 6 1.0 Executive Summary [YOUR COMPANY NAME] is a small, family owned and operated insurance agency located in [City, State]. Husband and wife team [Name] and [Name] opened the company's doors in December of 2005. Catering to a variety of clientele and being a proud Farmers Insurance brokerage, [YOUR COMPANY NAME] takes great pride in making sure that they treat their clientele like family. The company believes that if the client feels well taken care, this will increase repeat business and many referrals. [YOUR COMPANY NAME] is seeking grant funding in the amount of $[AMOUNT] in order to expand the current business, acquire real estate for the business operations, hire new employees to keep up with the new demand, acquire a company vehicle and launch an aggressive advertising campaign. [YOUR COMPANY NAME] [YOUR ADDRESS] [YOUR CITY], [YOUR STATE/PROVINCE] [YOUR ZIP/POSTAL CODE] [YOUR PHONE NUMBER] 1.1 Objectives 1. To increase clientele by 10% over the previous year. 2. To implement advertising and efficient tracking of referrals. 3. To implement a more concerted conservation plan. 1.2 Mission [YOUR COMPANY NAME] is best suited to offer the company's clients the personal service that lacks in today's business environment. The company takes pride in obtaining the lowest price, however, being offer the best and most insurance coverage to the company's clients. In addition, [YOUR COMPANY NAME] feels strongly about continuing to assist in educating the company's clients in the basics for understanding their insurance needs and what options clients have available. 1.3 Keys to Success There are a few key factors that spell success or failure for professional insurance companies --most of which stem from the importance of reputation: 1. The conservation of existing customers. 2. Excellence in personalized service. 3. The education of the company's present and future clients on their insurance needs. 2.0 Company Summary [YOUR COMPANY NAME] is a family owned and operated company for several years. [YOUR COMPANY NAME] takes pride in what it has to offer by offering "A" class carriers the company's clients. [YOUR COMPANY NAME] is not locked into any exclusive contract with one company. By being an independent entity, the company is allowed to shop around for the lowest and best price coverage for clients. [YOUR COMPANY NAME] feels that it has the drive, the passion and what it takes to be the first choice for present and future client needs. The company offers personal service and by employing three licensed agents and two customer service representatives. [YOUR COMPANY NAME]'s office has been located in [YOUR CITY], [YOUR STATE/PROVINCE]. 2.1 Company Ownership The company, [YOUR COMPANY NAME], is an S Corporation registered owned 49% by [Name] and 51% by [Name]. 2.2 Company History [YOUR COMPANY NAME] is a small, family owned and operated insurance agency located in [YOUR CITY], [YOUR STATE/PROVINCE]. Husband and wife team [Name] and [Name] opened the company's doors in December of 2005. Catering to a variety of clientele and being a proud Farmers Insurance brokerage, [YOUR COMPANY NAME] takes great pride in making sure that they treat their clientele like family. The company believes that if the client feels well taken care, this will increase repeat business and many referrals. 3.0 Services [YOUR COMPANY NAME] provides insurance coverage that protects the company's clients from personal, commercial and medical loss, in addition to protection again client legal liabilities. 4.0 Market Analysis Summary Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance policy. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a large, possibly devastating loss. The insured receives a contract called the insurance policy which details the conditions and circumstances under which the insured will be compensated. Global insurance premiums grew by 3.4% in 2008 to reach $4.3 trillion. For the first time in the past three decades, premium income declined in inflation-adjusted terms, with non-life premiums falling by 0.8% and life premiums falling by 3.5%. The insurance industry is exposed to the global economic downturn on the assets side by the decline in returns on investments and on the liabilities side by a rise in claims. So far the extent of losses on both sides has been limited although investment returns fell sharply following the bankruptcy of Lehman Brothers and bailout of AIG in September 2008. The financial crisis has shown that the insurance sector is sufficiently capitalized. The vast majority of insurance companies had enough capital to absorb losses and only a small number turned to government for support. Advanced economies account for the bulk of global insurance. With premium income of $1,753bn, Europe was the most important region in 2008, followed by North America $1,346bn and Asia $933bn. The top four countries generated more than a half of premiums. The US and Japan alone accounted for 40% of world insurance, much higher than their 7% share of the global population. Emerging markets accounted for over 85% of the world's population but generated only around 10% of premiums. Their markets are however growing at a quicker pace
