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101 Questions for Insurance Company Business plan

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1. Which is your Target market?
2. Age of your target market is?
3. Is your target market gender neutral or gender specific?
4. Which is region your geographical target?
5. Is this location promising enough for insurance companies?
6. Who are your competitors?
7. What will you name the brand? How is it related to the domain or to this organisation?
8. Is property insurance supported?
9. How do you plan to institute a property inspection program?
10. Who would you partner up with?
11. Do you insure small businesses?
12. How would you analyse and identify a start-up that might or might not run towards profit?
13. How do you plan to investigate new markets and products?
14. Is health and moving assets a target for your company?
15. On what basis is a person capable of applying (health)?
16. On what basis is a person capable of applying (moving assets)?
17. What are the insurances available? Mention the plans and policies.
18. What are the documents required to apply for insurance?
19. Will a person without stability in income (small business etc.,.) be able to apply for insurance? Are there any criteria?
20. Discuss the eligibility and accessibility of insurance.
21. How are the sales targets met?
22. Through what mediums are the sales targets met? (agents and agencies can also be quoted)
23. Terms and conditions for brokerage can be discussed.
24. Do your policies meet consumer needs and is it layman understandable?
25. Are the payment, renewal and maturity concepts explained to each and every consumer?
26. How is a personal contact maintained between the organisation and consumer?
27. How many people can a local office comprise of?
28. How many days a week is the organisation working?
29. How many divisions are there in the company and how are these divisions working?
30. Mention the everyday tasks and annual duties and targets of these divisions.
31. How would you advertise your company?
32. Would you talk about your differentiation point or your pricing range?
33. How do you plan to meet your campaign goals?
34. How much would you spend on a particular marketing campaign?
35. How do you plan to acquire new brokerage?
36. What is your unique value proposition?
37. Does it focus on offline insurance selling alone or is there online opportunities as well?
38. How are the policies different when it comes to offline and online consumers?
39. What are the measures that you take to build trust in your consumers?
40. Have you partnered with any other organisation?
41. Is there a peak season for sales?
42. What would be the major game changer in this business? Or What is the business essentially dependent on?
43. What are the training offered for the agents?
44. How long and where is the training given?
45. Any Standard Operating Procedure (SOP) available for employees?
46. Do you have any floating employees?
47. How many floating employees are there?
48. How many subordinates would be present in the organisation?
49. How many management staff would be present in the organisation?
50. How many cleaning staff would be present in the organisation?
51. Would you be resorting to influencer marketing or brand sponsorships in future?
52. Are you planning to make your services available on relevant websites as well?
53. How is the initial insurance application facilitated?
54. What are the modes of payment for customers?
55. Is digital and traditional payment possible?
56. What are the legal problems the insurance industry faces?
57. What are the possible problems and scams an insurance company might undergo?
58. Are you legally prepared to face the above-mentioned situations?
59. How do you plan to overcome or combat scams?
60. What are the scams that an online insurance agency might face?
61. How do you plan to legally and rationally combat these scams?
62. Any Standard Operating Procedure (SOP) available for the Legal team?
63. Who’s responsible for budget allocations in a local branch?
64. Who’s responsible for daily accounts in a local branch?
65. Any Standard Operating Procedure (SOP) available for the Accounts team?
66. Any Standard Operating Procedure (SOP) available for the Finance team?
67. Do you plan to make yourself socially available on social media and other platforms?
68. What is the psychographic segmentation that you target on? (believes and lifestyle)
69. What is the sales strategy?
70. What is the main medium of lead conversion? (mention the channels)
71. For different insurances, explain their advertising medium and possible conversion and engagement rates.
72. How many floors would a local branch have?
73. If both rural and urban regions are focused, explain the difference between the market and architecture that is provided.
74. Do you have an elevator facility if there are more than one floor?
75. Who’s responsible for maintenance activities?
76. How often is the office cleaned?
77. Will there be a database maintained for employees?
78. How will their presence and absence be noted?
79. How does the HR team function? and what is its everyday duty?
80. Discuss the pax count.
81. How many management members are employed on the whole?
82. What are the eligibility criteria for a management member?
83. What are the eligibility criteria for a subordinate?
84. What are the eligibility criteria for an individual agent and maintenance team?
85. Is it necessary that the subordinate and individual agent has to be proficient in the local language?
86. In the case of traditional payment, will the amount have collected from the customer? (doorstep collection)
87. If doorstep collection is facilitated, how is it operated?
88. Who is sent for collection?
89. How are these collection executives selected?
90. Discuss management members’ divisions and duties?
91. How will the exterior look for the center be? (name board, signs and structural design)
92. What’s the sump capacity?
93. Are the restrooms unisex or gender specific?
94. How many restrooms are located per floor? (employee use and customer use)
95. What are the safety measures for customers' safety and privacy?
96. Fire exit per floor is?
97. How are the customers greeted?
98. How often restrooms and hand wash areas should be cleaned?
99. Any Standard Operating Procedure (SOP) available for the Maintenance team?
100. Are uniforms allotted for employees of different order?
101. Are these uniforms provided by the organisation?

Written by Venkadesh Narayanan

Venkadesh is a Mechanical Engineer and an MBA with 30 years of experience in the domains of supply chain management, business analysis, new product development, business plan and standard operating procedures. He is currently working as Principal Consultant at Fhyzics Business Consultants. He is also serving as President, PDMA-India (an Indian affiliate of PDMA, USA) and Recognised Instructor of APICS, USA and CIPS, UK. He is a former member of Indian Civil Services (IRAS). Fhyzics offers consulting, certification, and executive development programs in the domains of supply chain management, business analysis and new product development.

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