Insurance Agency Business Plan Question

[echloe]

Starting up an insurance company and outlining the business plan. I've searched online and found nothing related to average financial projections in the first year for a P&C agency.

Does anyone have experience or recommend a place to go to get accurate information about a new insurance agency annual premium sold in the first year?... and years following.

 

[Mark T Jones]

Is your plan to be average?

 

[InsuranceBroker]

What was your role as an employee? Do you or did you have any access to P&L trends to make a prediction? Averages will be skewed as they will include corporates and smaller businesses, as well, so it would be difficult to use them as a predictive model for your own business, I would have thought..

 

[Mark T Jones]

What was your role as an employee? Do you or did you have any access to P&L trends to make a prediction? Averages will be skewed as they will include corporates and smaller businesses, as well, so it would be difficult to use them as a predictive model for your own business, I would have thought..

Averages are completely meaningless - the term itself is open to multiple interpretations

@echloe - you could go to a broker of similar scale and size that you plan and ask them about their figures and, in particular, their journey to get there

Or you could work from your own goals and break it down from there.

 

[InsuranceBroker]

If it's brokerage business plan, I can obviously help but if it's a P&C and US based, I would struggle to assist apart from formatting as advice would be based on the ability to extrapolate from broking/UK to agency/US.

 

[Frank the Insurance guy]

Starting up an insurance company and outlining the business plan. I've searched online and found nothing related to average financial projections in the first year for a P&C agency.

Does anyone have experience or recommend a place to go to get accurate information about a new insurance agency annual premium sold in the first year?... and years following.

Which is it - are you starting an insurance company or insurance agency?

Are you based in the UK?

At what stage of the process are you? - it is likely to take several months to get direct FCA authorisation.

 

[echloe]

Is your plan to be average?

medium budget

 

[echloe]

What was your role as an employee? Do you or did you have any access to P&L trends to make a prediction? Averages will be skewed as they will include corporates and smaller businesses, as well, so it would be difficult to use them as a predictive model for your own business, I would have thought..

no, I want to start my own.

 

[Mark T Jones]

medium budget

What is s medium budget?

 

[InsuranceBroker]

no, I want to start my own.

I understand you want to start your own business. You will have to be more clear, though, if you want assistance and don't shorthand your answers making the assumption that others will understand you.

To start:-

Are you in the UK - yes or no.

Are you looking to start a brokerage or an insurance agency?

Answer these 2 questions and I can look to assist further.