Business Plan For Insurance Agent

Business Plan For Insurance Agent-48
What makes insurance sales different from other sales are the assigned sales and renewals.In most cases, without an increase in monthly production, the monthly income will almost double due to renewals.The following is a summary of the main points of this plan.

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We wish to establish a successful partnership with our clients that respects their interests and goals.

Agency will operate as an Independent Contractor the first 12 months under the ownership of State Farm Insurance Company.

It has been determined by industry averages, State Farm customer loyalty in the first year is 80%, second year is 85% and third year is 89%.

Other than auto, which renews every six months, all other insurance products renew on an annual basis.

Agency is in the process of being formed as an insurance agency owned and operated by State Farm.

This plan is written as a guide for financing, start-up and management of this new agency and will also serve as the basis for measurement.

The summary of the initial sales forecast indicates a first year revenue of 3,996 increasing to 3,350 by the end of the second year, then 7,427 by the end of the third year.

It should be noted that although sales increase each year, all revenue has been forecasted very conservatively for the three year forecast.

Each element will be discussed separately and in its entirety below: - are comprised of three categories, 1) insurance-produced sales, 2) insurance-assigned sales and 3) Insurance renewals.

The insurance products used to forecast new sales are, auto and high risk auto (renews every six months), property structures such as homes, over stated, condominiums, renters and landlord insurance, commercial, life and all other types of recreation vehicle insurance, (renews annually).


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