Are you about starting an insurance company? If YES, here is a complete sample insurance company business plan template & feasibility report you can use for FREE.
If you are considering starting an insurance company, then you would be required to get an insurance license from the organization regulating the insurance industry in your country before you are permitted to start your own insurance company. In the United States of America, it is The National Association of Insurance Commissioners that regulates the industry.
What It Takes to Start an Insurance Company?
No doubt, the process of obtaining an insurance license might not come easy; and this is depending on the part of the world you live in. Any applicant of insurance license would be required to meet certain laid down criteria and sometimes it is the bureaucracy involved in the whole process that makes it difficult to obtain.
As earlier stated, you wouldn’t be allowed to start your own insurance company without first obtaining the license required. For you to be eligible to apply for an insurance license, you must first write and pass some licensure examinations.
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.
Aside from the money you would need to rent an office, get the business registered, obtain the required business permits and license and then make provision for the payment of your staff for at least 6 months or more, you should also be ready to meet the financial requirement / capitalization as stated by the insurance regulating body in your country.
Just like the banking industry, the insurance industry is yet another industry that requires that you must have a certain amount of capital base before you can successfully swing into full operation- usually the money required is in the range of several thousands of dollars.
This is so because one of the challenges insurance companies usually face is the inability to pay claims. So in order to cub this challenge, anyone looking towards starting an insurance company must meet the set financial requirement / capitalization.
A Sample Insurance Company Business Plan Template
1. Industry Overview
The insurance industry is wide and global in nature; there are numerous aspects anyone interested in starting an insurance company 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 company 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 policy, health insurance policy, auto / car insurance policy and liability insurance amongst others.
The united states of America has the largest insurance market in the world as indicated by the volume of premium payments.
Statistics shows that in 2013 alone, out of the total sum of 4.640 trillion US dollars of gross premiums written in on a global scale, 1.274 trillion US dollars which translate 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.
In a report released by McKinsey & Company, it was estimated that the insurance industry in the United States incurs about 13 billion US dollars annually in unnecessary regulatory costs under the state – based regulatory system
In the insurance industry, it is only the smallest insurers that exist as Single Corporation. It is the practice in the insurance industry for most major insurance companies 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 companies is pretty low.
In some countries trust is one of the key factors that hamper the growth of the insurance industry. Beyond that, the insurance company is still growing and as long as the economy of the country continuous to grow; the insurance company will usually tag along.
The fact that there are several insurance companies and insurance brokerage firms does not in any way stop an investor or entrepreneur who wants to venture into the insurance industry. If you know what you want and you have the right strategy, you will definitely make good success out of the insurance industry.
People are encouraged and motivated to venture into the insurance industry because of the profitability of the industry, and also because of the point that despite the fact that the industry is saturated, there are still more rooms to create your own unique insurance products or even partner with bigger insurance companies if you are able to successfully build your own insurance company to a certain success level.
It is also important to state that if you are an investor who is interested in owning a portfolio in the insurance industry, you may not need to go all the way to write and pass the required insurance exams and obtain the necessary insurance certifications.
All you need to do is to provide the finance and connections needed and then get people who have the required paper / documents to partner with in starting your insurance company.
Just like most business, the insurance industry is pretty open for as many people that are interested in the industry as long as you have what it takes to run an insurance firm. Even if you don’t have the finance and other requirements for starting an insurance company, you can come into the industry by starting – out as an accredited insurance broker.
2. Executive Summary
Mutual Trust Insurance PLC is a general insurance company was incorporated under the United States’ law as a private Limited Liability Company but has the plan in the nearest future to transform in a public limited liability company.
This is so as to enable us get listed in 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.
Mutual Trust Insurance PLC was established with the sole mandate to conduct insurance business in a highly professional, ethical and customer driven approach. We are aware that businesses this day require diverse and sophisticated approaches. This is why we will position our insurance firm to offer a wide range of insurance products to our target market.
We are well prepared and equipped to compete in the highly competitive insurance market in the United States, which is why we have decided to start out by selling 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 et al.
At Mutual Trust Insurance PLC, our client’s best interest come first, and everything we do is guided by our values and professional ethics. We will ensure that we remain committed to professionalism, integrity, innovation and excellent customer services. We will also ensure that we only hire employees who are well experienced to help us drive the business.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate 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.
Mutual Trust Insurance PLC 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.
Mutual Trust Insurance PLC is founded by a group of New York based investors led by Dr. Wilcox Carrington and Mrs. Ruth Ferguson.
The organization will be managed by both of them while other partners will be at the background. Dr. Wilcox Carrington graduated from 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 is wealth of experience and expertise to help grow Mutual Trust Insurance PLC to become a world class insurance company.
3. Our Products and Services
Mutual Trust Insurance PLC 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 of starting our insurance company 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 offering 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)
4. Our Mission and Vision Statement
- Our vision as an insurance company first and foremost is 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 company based on revenue generations (premium collections et al), trust and ease of doing business.
- We will ensure that our clients get their claims as at when due without unnecessary delays.
Our Business Structure
Mutual Trust Insurance PLC will build a solid business structure that can support the growth of our insurance business. We will ensure 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 business brand 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 Mutual Trust Insurance PLC;
- Chief Executive Officer
- Legal Secretary
- Head of Premium Collections
- Head of Claims
- Admin and HR Manager
- Marketing Executive
- Accountant
- Customer Care Officer
- Front Desk Officer
5. 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
- Creating, communicating, and implementing 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
Legal Secretary
- 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; recording meeting discussions; maintaining transcripts; documenting and maintaining evidence.
Head of Premium Collections
- Responsible for the collection of premiums for the organization
- Work 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 does not allow their policies to lapse
- Follows up on premium payment and send reminders from time to time to our policy holders to pay their premium
- Responsible for resolving any premium issues with our bank and policy holders.
Head of Claims
- Responsible for the payment of claims to policy holders that files in 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
Admin and HR Manager
- 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.
- Defining job positions for recruitment and managing interviewing process
- Carrying 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 the 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, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Help increase sales and growth for the company
Accountant
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements 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 risks 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 internal auditor for the organization
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides 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 enquiries
Front Desk Officer
- Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
- Receives parcels / documents for the organization
- Handles enquiries via e-mail and phone calls
- Distributes mails in the organization
- Handles any other duties as assigned by the Admin / HR manager
6. SWOT Analysis
Mutual Trust Insurance PLC 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 company 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 Mutual Trust Insurance PLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf Mutual Trust Insurance PLC;
- Strength:
It is compulsory for our business to have our 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.
- Weakness:
As a new insurance company 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 is massive and we are ready to take advantage of any opportunity that comes our way which is why we are going to be offering a several insurance policies / packages.
- Threat:
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 organization conduct risk assessment on a regular basis so as to enable them produce strategies that will help them stay afloat in the industry.
Another major threat and challenges that we are likely going to face when we start our insurance business is of course the arrival of another insurance company in same location where ours is located and perhaps sell 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 company 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 vehicles, economic downturn, unstable financial market, natural disasters and unfavorable government economic policies can hamper the growth and profitability of an insurance company.
7. MARKET ANALYSIS
- Market Trends
One common trend is that, in the insurance industry, it is only the smallest insurers that exist as Single Corporation. It is the practice in the insurance industry for most major insurance companies 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 companies is pretty low.
This is why you may hardly find an insurance company that is not into the sale of various insurance policy covers ranging from motor vehicle insurance policy to pet insurance policy cover to marine insurance policy cover et al.
Another trend in the insurance industry is the creativity in premiums collections. Most insurance companies 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 system and processes in place that will help the collect premiums from the policies holders with ease.
If you keep tab with successful insurance companies you will realize that they leverage on technology (internet and software applications et al) in running their business.
8. Our Target Market
Although Mutual Trust Insurance PLC will initially serve small to medium sized market in and around New York City – New York, but 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 our insurance products and business beyond the shores of the United States of America.
As a standard insurance company, Mutual Trust Insurance PLC have 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 class 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 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 design 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)
- Hotels
- 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.
Mutual Trust Insurance PLC might be a new entrant into the insurance industry in the United States of America, but the management staffs 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.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Mutual Trust Insurance PLC is 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 sale our insurance products to a wide range of clients and also ensure that we don’t struggle to collect premiums on a regular basis.
Mutual Trust Insurance PLC will generate income by selling the following insurance policy covers to both individuals and organizations;
- 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)
10. Sales Forecast
As long as there are people living in the United States of America and business 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 month 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.
- Marketing Strategy and Sales Strategy
Starting and running an insurance company requires aggressive marketing which is why you have insurance sales men and women 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 in 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.
Which is why when we were drafting our marketing ideas and sales strategies for our insurance company, we ensured that we created a compelling personal and company’s profile that include the profile of our board of directors and management team.
The truth is that if you have honest, trustworthy and successful professional in 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 premium and 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 fair to network and sell our insurance policy covers
- Leverage on 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 agent to carry out direct marketing of insurance products.
11. 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 on 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 on to create brand awareness of 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 on the internet and social media platforms like; Instagram, Facebook , Badoo, YouTube, Twitter et al to promote and advertise of 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 show 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.
12. 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 standard 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 Mutual Trust Insurance PLC, 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.
13. Startup Expenditure (Budget)
When it comes to starting an insurance company, you should be aware that the cost is in the 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 towards starting will determine the amount you are expected to raise.
As regard 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 license – $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 Mutual Trust Insurance PLC
Mutual Trust Insurance PLC is going to start as a private Limited Liability Company but with a plan in the nearest future to transform in a public limited liability company so as to enable us get listed in 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 generating 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 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.
14. Sustainability and Expansion Strategy
It is easier for businesses to survive when they have 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 steady flow of income for the organization. Our key sustainability and expansion strategy is to ensure that we only hire competent employees, 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 other insurance company or acquire 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, New York to other states in the U.S in record time.
Check List / Milestone
- Business Name Availability Check:>Completed
- Business Incorporation: Completed
- Application for Insurance License: Completed (Collected)
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form 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: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- 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