If you are looking for a sample pet insurance business plan template, here is a business plan for starting a pet insurance company and free feasibility study example you can use.
PET INSURANCE FIRM BUSINESS PLAN SAMPLE AND FEASIBILITY STUDY REPORT FORMAT
The insurance business is one that is very wide, having various aspects an entrepreneur could focus on. Pet insurance is one aspect of the insurance business, and it is one business that has started gaining more attention. The business is quite a promising business to start; today you would find more people who are ready to insure their pets more than you would a few years ago.
Having prepared your mind to start up a pet insurance business, and have considered all the other requirements necessary to start the pet insurance business, you must now be in a good position to write a good business plan for your pet insurance business.
This article contains a pet insurance business plan sample that can guide you in writing a good business plan for your business.
BUSINESS NAME: Exclusive Insurance PLC.
- Executive Summary
- Our Products and Services
- Vision Statement
- Mission Statement
- Business Structure
- Market Analysis
- Sales and Marketing Strategy
- Financial Plan
- Competitive Advantage
Exclusive Insurance PLC is a pet insurance company which will be established in Los Angeles, and it will be providing its services to both customers in Los Angeles and the United States in general.
The company will be a PLC which will be owned by a team of Los Angeles based investors headed by James Walter and Gregory Nelson, and it will offer a range of insurance services such as pet insurance policy cover, health insurance policy cover, life Insurance policy cover, etc.
To start up the business in Los Angeles, we will require a total start-up capital of US$750,000 which will be obtained from the owners’ contributions and from obtaining loan from the bank.
Our business goal is to become regarded as the exclusive leading pet insurance company in the industry and we will do well to achieve this goal by implementing the objectives set out in this business plan.
OUR PRODUCTS AND SERVICES
Exclusive Insurance PLC is a pet insurance company that will be located in Los Angeles but will not only concentrate on providing pet insurance services, but other insurance services inclusively.
We will in addition to providing pet insurance services, provide a host of other insurance products and services, while remaining in conformity with the laws of Los Angeles and the United States. The following is a list of all the products and services we shall be providing our customers in the United States.
- Pet Insurance policy cover
- Health Insurance policy cover
- Life Insurance policy cover
- Agricultural Insurance policy cover
- Property and Casualty Insurance policy cover
We at Exclusive Insurance PLC have a business vision, which is to become the exclusive leading pet insurance company in the industry. We want to build a strong and reliable pet insurance business that will be the undisputed leader in the industry in the United States.
Our mission is to be regarded as a trusted and reliable pet insurance company that provides quality customer services to customers without delay. We want to be listed by top business magazines as being among the top pet insurance companies in the United States.
As stated, we have a business vision; and it is to become the leading pet insurance company in the United States. Bearing this in mind, it is only plausible for us to do all it takes to achieve our business vision.
We will make sure we hire only employees that are competent, honest, and ready to work with us, and also share our business vision and goals. The following are the various positions we would hire employees to fill.
- Chief Executive Officer
- Head of Claims
- Head of Premium Collections
- Legal Secretary
- Human Resource and Admin Manager
- Sales and Marketing Executives
- Insurance Sales persons
- Customer Care Executives
A major trend in the insurance industry is that you will only find small insurance businesses existing as Single Corporation. The big insurance companies usually form partnership with holding companies, and exist as insurance groups.
These are the groups that make up our target market:
- Pet Owners
- Entrepreneurs and Businesses
- Corporate Organizations
- Game Reserves and Zoos
- Governmental organizations
- Blue Chips Companies
- Individuals and households
SALES AND MARKETING STRATEGY
Pet insurance business is a kind of business that is not popular, and it requires some serious marketing. We know this, and we have made considerable efforts towards making contacts with some experts in the industry as well as sales experts.
This is to help us devise various sales and marketing strategies that will help us achieve our business goal. The following are some of the various sales and marketing strategies that we will adopt for our business:
- We will create fliers and share them, together with our business brochure, at places that are usually populated by people such as train stations, schools, etc.
- We will ensure to keep attending business seminars, and business fair so as to keep building our business network and sell more insurance policy cover.
- We will also make sure we use the internet to our best in marketing our business.
- We will also not forget to list our pet insurance business on yellow pages.
Sources of Start-up Capital
Having carried out a detailed feasibility study, we were able to get an estimate of the total start-up capital we would require to establish Exclusive Insurance PLC in Los Angeles, United States. We will require a total estimated sum of US$750,000 to be able to fully establish our pet insurance company.
We will obtain the start-up capital from both the owners’ investments and from the bank. A total of US$450,000 has been generated from each member of the partnership, while the other US$300,000 will be obtained from the bank.
We have studied the insurance industry and have realised that in order to make it big in the industry, one has to be very creative, and always looking for better ways to keep making good revenues. We know this, and we are not fazed because we know our competitive advantage that will mark us out from the rest in the industry.
Exclusive Insurance PLC may be a start-up pet insurance business, but the staff and employees that make up our business structure are by no way inexperienced. Our employees will be recruited based on experience as one of the criteria. This is what will mark us out in the industry.
‘Exclusive Insurance PLC’ is the business name for the pet insurance company in this pet insurance business plan sample. The business will be a PLC which will be owned by a team of Los Angeles based investors headed by James Walter and Gregory Nelson. The business will be committed to providing its services in Los Angeles, and to all customers in the United States.