Do you want to start a pet insurance company from scratch? Or you need a sample pet insurance business plan template? If YES, then i advice you read on.
The insurance industry is wide and global in nature; there are numerous aspects any anyone interested in starting his or her own insurance company can specialize in. In the United States of America and even in Canada, pet insurance is one aspect of insurance that is gradually opening up and it is a very promising market.
Believe it or not, pet owners who truly love and cherish their pets can pay any amount to insure the pets hence the need for pet insurance companies.
Starting a pet insurance company is like starting any other insurance company. You would be required an insurance license from the organization regulating the insurance industry in your country before you can be permitted to start your own insurance company.
No doubt, the process of obtaining an insurance license might not come easy depending on the part of the world you live in. Any applicant for insurance license would be required to meet certain laid down criteria and sometimes it is the bureaucracy involve in the whole process that makes it difficult to obtain.
It is important to state that starting a pet insurance company requires hard work, time, money and dedication from the starting stage through the process of running the business. But if you are already a player in the insurance industry with a handful of experience, it will be much easier for you to start your own pet insurance company.
If you are convinced that starting a pet insurance company is the right business for you to do, then you should consider the following sure – fire tips that can guide you to start your own pet insurance company from the scratch and build to profitability within record time:
Starting a Pet Insurance Company – Sample Business Plan Template
You would need to have a good business plan in place before starting your own pet insurance company. The benefit of running your business based on a workable business plan can’t be quantified. The insurance industry itself is a little bit technical and if you don’t want to get confused along the line, then you should either draft your own pet insurance company business plan or you hire a business plan consultant to help you write one. It will cost you much depending on the consultant you choose to work with.
2. Acquire Relevant Qualifications and Experience
It will be to your advantage if you acquire a degree in Insurance or Actuarial science before starting your own pet insurance company. It will put you ahead of your competitors especially if you have ample experience in the insurance industry before venturing out to start your pet insurance company.
3. Apply for Insurance License
You would not be allowed to start your own insurance company without first obtaining the license required. For you to be eligible to apply for an insurance license, you must first write and pass some licensure examination. If you are serious and determined, you can write and pass the exam in one sitting, but if not, then you should be ready to take the exams over and over again. The bottom line is that exam is not cheap; you must prove your worth before you can be issued a license.
4. Lease a Decent Office Facility
Of course starting a pet insurance company is not one of those businesses that you can operate from home; it requires a corporate look if you want people to take you seriously. Hence, all you need to do is to look for a decent office facility, in a decent part of town to start your own pet insurance company. You don’t necessarily require a big office to launch your own pet insurance company especially if you are just starting out. With pet insurance business, you can start small and grow big with time.
The kind of sales men and women you recruit for your pet insurance company will determine how successful you can grow the business. You should recruit insurance sales agent that have proven their worth in time past and can deliver on set targets.
The truth is that, if your insurance sales agent struggles to convince clients to buy your pet insurance cover for their pets, your business will struggle as well. Much more than recruiting experienced insurance sale agents, it is also vital that you invest in training and re – training them if you want to them to deliver the needed result.
6. Draft Your Pet Insurance Documents
This is one aspect of insurance that must be handled by core professionals. Your pet insurance document is a document that clearly states the terms and condition of the insurance cover you are selling to your clients. Ensure that you assembly a team of competent insurance practitioners and lawyers to help you draft a good pet insurance document.
It is also important to review your pet insurance document from time to time so that it will be a win – win for you and your client. The truth is that most insurance companies collect complains from their customers and they use it to adjust their premiums and the policy document itself – you can adopt this model.
7. Launch out and Start Selling Your Pet Insurance Cover
If you have successfully put in place all that is expected of you to be able to establish your own pet insurance company, then you should launch out and start selling your pet insurance policy.
Some of the first steps you need to take is to approach vet clinics and let them know that you sell insurance cover, they are likely to link you with pet owners or provide you numbers of pet owners you can market your pet insurance cover to. You can as well visit parks where you are likely to see pet owners to market your pet insurance cover.
No doubt, pet insurance business is one of the aspects of insurance that requires loads of effort to sale, especially if you are in an area where the concept is still very much new. But the fact remains that it is a very lucrative business to if you know how to go about it.