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Insurance Agency Business Plan

Insurance Agency Business Plan

This sample Insurance Agency Business Plan is free for you to download and use as a basis for developing your own specific business plan.








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Insurance Agency Business Plan (MS Word) Insurance Agency Business Plan (Adobe PDF)
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1.0 Executive Summary

Convenient Insurance will be the newest and brightest independent insurance agency to The Woodlands, (Northern Houston), Texas. The owners Greg and Maria Bell have a combined 20 years experience and previously operated a captive insurance agency in downtown Houston. Desiring to offer a broader depth of products to better serve their clients’ needs, the Bells have closed their Houston office and are opening a new office closer to their home and neighbors in the master planned community known as the Woodlands. The Bells came up with the name Convenient Insurance – not just because of its location closer to their home, but also because this independent agency will offer convenience unparalleled to even the closest competitors. Convenient Insurance can meet client’s insurance needs at their home, place of business, or online. And with the latest technology available, customers can utilize the latest apps to setup reminders, make payments or view policies. Convenient Insurance is a member of The Independent Insurance Agents of Texas (“IIAT”) a proud member of the Trusted Choice Insurance Carriers. This affiliation with over 100 carriers covers virtually any and every life situation and life stage.

What really sets Convenient Insurance apart from its competitors are its people. The owners, Greg and Maria Bell are both Certified Financial Planners (“CFPs”). This designation is a professional certification mark for financial planners. CFP candidates must meet education, examination, experience, and ethics requirements. At Convenient Insurance, all customers will be required to take a needs based test to determine what, if any, insurance products are needed. Customers can rest assured that they will purchase only products that truly meet their needs and are legitimately warranted.

1.1 Business Objectives

Convenient Insurance believes that in order to provide the broadest (and best!) selection of insurance services the company must continue to grow. In order to grow the business, Convenient Insurance must meet the following objectives:

  • Increase revenues 10% annually – thus capturing market share
  • Attain direct appointments (explained in Section 3.3) by Year 4 – thus reducing annual expense. Reduced expenses in turn can allow for increased cash flow.

1.2 Mission Statement

Convenience Insurance wants to raise the bar in the insurance industry by providing excellence and the utilizing the highest principles and standards to every aspect of the business. Convenient Insurance wants to empower its clients, employees and community and urge them to employ these practices as well. Because when we all do our personal best, the payoff is always a win/win.

1.1 Guiding Principles

Convenient Insurance believes in honesty, integrity and transparency in an industry that is not known for these merits. Convenient Insurance believes:

  1. Honesty is the best policy. Convenient Insurance agents / staff will operate in a fair and equitable manner. For example, if a family that recently had a baby came into the office and wanted to buy that “new college savings account for baby which is also a life insurance policy”, Convenient Insurance would not sell this product because other products are much more cost efficient and specifically designed for saving for college. A life insurance policy is a life insurance policy. Period.
  2. Always be Consistent. Most agents chant the mantra “ABC” short for “Always Be Closing”. At Convenient Insurance, they believe in “Always Be Consistent”. Consistency in life is a good habit and one Convenient Insurance believes in. Consistency at Convenient Insurance means that each person/business is treated individually, with the greatest attention to detail. A satisfied customer is a happy person and in turn makes this world a little bit better place. (Also a happy customer will hopefully generate annual repeat business and referrals).
  3. A commitment to people. Without Convenient Insurance’s staff – well there is no Convenient Insurance. Convenient Insurance will work closely to hand select its team. All members will receive ongoing education which not only benefits the business but helps them grow as individuals as well. Convenient Insurance believes this holds true with its customers, vendors, and its community and Convenient Insurance will be just as passionate and committed to them as well.

1.2 Keys to Success

Everyone is familiar with the Golden Rule: Treat others how you would want to be treated. At Convenient Insurance, they take this one step further - - Treat others better than you would treat yourself! Convenient Insurance wants to be known as the agency of choice, with a vast selection of products designed to meet every need, delivered by trained professionals, selling only need-based products, in a technologically savvy environment. In order to accomplish these, Convenient Insurance believes the following are the Keys to Success:

  • Committed to its clients. By keeping a membership/affiliation with Trusted Choice, by providing professional service, keeping a great credit rating, and by meeting/exceeding the annual hurdles required to continue to keep the Trusted Choice affiliation. The 100+ carriers provide options to meet every client insurance needs.
  • A commitment to its staff. Convenient Insurance will offer continuing education classes beginning in month 6 and continuing semi-annually to all employees. Providing tools and training ensures employees are knowledgeable and promotes personal and professional best.
  • Investment in technology. Today’s insurance agencies rely more and more on cutting edge technology to meet all their servicing requirements and eliminate human error and / or paper waste. Convenient Insurance is committed to keeping current with technology and has an ongoing technology expense line item built into its budget.

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