Insurance Agency Business Plan

TITLE:
INSURANCE AGENCY BUSINESS PLAN
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Table of Contents
TITLE:.......................................................................................................................................................1
INSURANCE AGENCY BUSINESS PLAN...........................................................................................1
Acknowledgements.....................................................................................................................................3
Executive summary.....................................................................................................................................4
Introduction.................................................................................................................................................5
Aim.............................................................................................................................................................6
Description of organization.........................................................................................................................6
Keys to progress..........................................................................................................................................6
Objectives....................................................................................................................................................6
Vision and mission of the action insurance.................................................................................................7
Business objectives......................................................................................................................................7
Aspiration of the company..........................................................................................................................7
Guiding principles........................................................................................................................................7
Situation analysis.........................................................................................................................................8
Environmental analysis of the real-life insurance........................................................................................9
Internal environment analysis.....................................................................................................................9
External environment analysis....................................................................................................................9
Macro environment analysis.....................................................................................................................10
Micro environmental analysis...................................................................................................................11
SWOT analysis of the Real Life insurance company...................................................................................11
Strengths...................................................................................................................................................12
Weaknesses...............................................................................................................................................12
Opportunities............................................................................................................................................12
Threats of Real Life Company....................................................................................................................13
Segmentation, target, and positioning......................................................................................................13
Segmentation............................................................................................................................................13
Demographic segmentation......................................................................................................................13
Behavioral segmentation...........................................................................................................................13
Psychological segmentation......................................................................................................................14
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Geographical Segmentation......................................................................................................................14
Target market............................................................................................................................................14
Marketing strategy and Positioning...........................................................................................................14
Marketing mix (7P's)..................................................................................................................................15
Product/services........................................................................................................................................16
Price...........................................................................................................................................................16
Promotion.................................................................................................................................................16
People........................................................................................................................................................16
Place..........................................................................................................................................................17
Process......................................................................................................................................................17
Physical evidence.......................................................................................................................................17
Implementation of the business plan........................................................................................................17
Beneficial assumptions..............................................................................................................................18
Assumptions of Income.............................................................................................................................18
Expenses assumption................................................................................................................................19
Balance sheet............................................................................................................................................19
Conclusion.................................................................................................................................................19
Recommendations.....................................................................................................................................20
References.................................................................................................................................................21
Appendix...................................................................................................................................................24
Figure 1: MARKETING MIX.........................................................................................................24
Figure 2: START UP COSTS........................................................................................................24
Figure 3 :BALANCE SHEET.........................................................................................................25
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Acknowledgements
I would kindly like to acknowledge the following for their contribution toward my research.
1.
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Executive summary
Real Life Insurance Company is the latest and self-independent oriented insurance
organization in Australia. The insurance is owned by several investors in which each contribute
equally to the growth funds. In general, most of the investors have an experience from the
different insurance company that they have served in past (Rummler and Brache, 2012 pp.88).
The investors introduced the name Real Life Insurance Company – was not just given because of
the acting process of the insurance organization to the customers but also because the agency
will offers real and convenient services. The insurance organization meets the customers'
insurance needs at their home, business places or via online. With the latest technology, the
clients can use the latest insurance app in accessing its (company) services.
The research on the insurance offering sector is geared toward obtaining a reliable source
of insurance offering company which can meet agent needs of the clients without any delay. To
obtain data on the insurance sector most of the research mostly relied on the secondary sources
such as journals and articles. Partly the researcher visited some of the insurance companies to
strengthen the accuracy of the secondary data (Agrawal et al, 2014 63-97).
Clients being the main determiner of the market direction of this kind of business. Most
of the strategies formulated in every organization should be friendly and attractive to the clients.
From the research, it has been noted that most of the existing insurances company declines due
to the implementation of harsh strategies to their clients. Such strategies should be are limited in
the action insurance company which will continuously lead to growth in this company.
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Introduction
Aim
The research aims to initiate a reliable insurance company which customer service
offering oriented. The research is also aimed to bring a remedy to the existing management
problems in the insurance sectors.
Description of organization
Real Life Insurance Company is a local and self-independent company specializing in
commercial and individual insurance offering. The company knows the clients from the
information he/she is willing to offer to the offer. The Real Life Insurance Company is geared to
initiating a strong partnership with the clients, insurance carriers and its workers (Rummler and
Brache, 2012 pp.88).
Keys to progress
Being familiar with the rule of Golden, that says that everyone should treat others the
way you would also enjoy being treated act as a guiding key in our services offering process. The
organization is geared toward treating others better than our expectation. The Real Life Insurance
Company believes in the following keys to success (Yücenur and Demirel, 2012 pp.3702-3707).
Commitment to the clients. The company will continuously urge its stuff to handle the
customers' issue with a lot of commitment
Technology investiment.to make the services more effective and fast the company will
innovate in the technology sector that improves the service offering process to our clients.
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