Insurance Agent Business Plan
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1. INTRODUCTION
Nowadays getting the insurance done has been the necessary part for the yearly plans or lifetime finance. As because in this uncertain world or busy life, they provide the thing of security, protection, and no risk criteria for the loving ones, wealth, family, property and all the important factors in life. Just like for the farmers, their muddy land, soil and plucked grains, vegetables, cotton are gold and wealth. So, they must protect them in case of flood or drought to harm their wealth. Similarly, for the labor or worker or office-man his life is the property for their family, as because he is the only to earn in case. So, insurance agent business is in much demand and started to get its importance. This business is on the peak of achieving the profit.
2. CASE STUDY
The following are the case studies of the insurance agent business in India:
# BAJAJ ALLIANZ: The company started in the year 2001 as the joint venture company between Bajaj and Finserv. They have almost 759 branches all over the country. For the customer service and the insurance, they have spread all across the boundaries of the nation. They are known for the strong innovative proposals and time to time customer service responsibilities. They owned many awards in the field of insurance and digital marketing.
# TATA AIG: They are the tie joint venture in India. In between the Tata sons’ group, the largest group of companies brands in India and AIG group which is Asia’s insurance largest group and famous brand of insurance in Asia. They have the variety of insurances in their scheme a calculate from the life to the wealth and protection too. They are best known for their unique solutions and best customer service.
3. BUSINESS SWOT
i) Strength
# Insurance agent for business is an essential business which is beneficial for both the teams.
# Insurance agent business start up can be started from any where within less capital investment.
# Life insurance agent business plan has the increasing market in India with increasing demand from people.
ii) Weakness
# Insurance agent business takes time to grow and capture the market.
# Insurance agent business is unsteady business type.
iii) Opportunities
# Insurance agent business has the scope in the selling insurance policies at the vehicles shops or showroom, hospitals, medical aids, public places, accident prone areas, risky places like hotels, canteens, gas cylinders go down, chemical factories(where high risk of fire accidents), farmers, etc.
# Selling online also has the opportunities and also to merchandiser, wholesaler, retailer for the shop’s clients.
iv) Threat
# Insurance agent business model has the threat from the economic downturn.
# Insurance agent business has the loss due to the local competitors and big firms.
4. MARKETING PLAN
The following are the insurance agent business marketing strategies:
# The insurance agent business can be fully dependent on the marketing skills and the understanding of the clients. For this person must be fully trained in the marketing knowledge of the business.
# With an advantage in the knowing the clients and their needs as per the recent insurance policies. Convincing power of the insurance agent is the main tool required in this business.
# The agent must be fully trained in convincing and manipulating clients as per the need, requirement for the purchase of policies and insurances.
# The promotions of this business should be done near the places such as public spots, hospitals (medical insurance), construction sites (life insurance), offices, etc. where medical, health, life, accident, emergency risk, vehicles etc has the chances of the risk of those.
# Trying to understand the importance of the insurance to the people and precautions as the safety for their life and property can help in promoting and advertising the business.
5. FINANCIAL EXPENSES
# Office set up
# Online insurance facilities like bank approval, certification of exam passed
# Internet
# Bank documents and paper work essentials
# Payment facilities