Insurance Agent Business Plan: Showing Your Experience
The business plan is a place to prove the credentials you or your chosen managers bring to the table. Investors want to see people running your insurance business who have done similar work before and who have expertise in the industry. This is done both directly and indirectly throughout your business plan.
Industry, Customer, and Competitive Analysis
These three sections are full of research that covers all aspects of the opportunity for your insurance business. The level of completion and depth of understanding you show in these sections goes a long way to support the idea that you and your partners know the insurance business well. If you can, show evidence of research that cannot be found through a basic web search, such as reports that are issued only to licensed insurance brokers.
Reasonable Financial Assumptions
By using your knowledge of the insurance business to rationally project both costs and revenues for the company, you can show your experience in the financial statements. Within the narrative accompanying those statements, explain the knowledge your team brings to the table that lets you make these financial assumptions. For example, if you know from experience that acquiring a new client requires roughly ten hours devoted to sales and customer service, it is possible to estimate how many customers can be brought in per quarter and year per broker.
Management Team Section
Finally, in the section of the plan specifically devoted to describing the management team, you can directly show the experience you and your partners have. Include biographies describing work experience, professional certifications, licensing, and education, and speaking and writing engagements. Show evidence of unusual successes, such as excellence in sales, marketing, or management, to bolster the notion that the team is prepared to lead the company.
Are you looking for more tips on starting a insurance business or advice on developing an insurance business plan? Call 877-BIZ-PLAN to learn how Growthink can help you build your insurance business.
