O'Connell Insurance Agency 1 Page Business Plan
Overview
O'Connell Insurance Agency has a clear business objective to provide Auto, Home, Business, & Life Insurance services. These services have been developed over 80 years with a core focus on addressing the key customer problem and associated opportunities.
The Business Objectives
When as a key component of our growth strategy we consider it critical to identify and outline our business objectives, and align these objectives with clear and measurable development milestones. Our key long term business objective is to grow profitability. It is critical that we balance revenue growth with the growth in our cost base. Whilst the desire for profitable growth may constrain our growth rate, it is more important that revenue growth in isolation.
The Customer
O'Connell Insurance Agency has been created with a clear focus on the needs of our customers. Through a structured customer discovery process, we have validated the key customer problem as managing risk & protecting families from financial loss. This is a critical issue for our selected target market of young families. Primarily ages 25-45, married, with children.
The Value Proposition
O'Connell Insurance Agency is uniquely positioned to deliver value to young families. "O'Connell Insurance Agency will be the most trusted and valued service-driven insurance company." In order to deliver on this value proposition, we are a local agency with Insurance advisors, a helpful & caring staff, exceptional customer service, & annual personal insurance reviews to make sure we maximize the customer's insurance spend. This capability has taken considerable time and resources to develop and forms the cornerstone of our competitive advantage.
Competitors
We have a number of competitors within the Insurance market. We consider our key competitors to be: State Farm, Allstate, Geico, Progressive. Our understanding of these competitors has been used to refine our strategy and value proposition. We believe that we can compete effectively with State Farm, Allstate, Geico, Progressive by being a Local Trusted Advisor with Exceptional Customer Service & Great rates.
Key Strategies
Over the next 6 months our focus will be to Hire additional staff including:
1)Customer Service Representative
1)Agency Producer
This task will be undertaken in the context of our broader strategy to prospect New & Existing clients. These strategies are a tactical implementation of our overall business goal as outlined above.
Milestones
Measurement of the successful implementation of our strategies will be governed by measurable development milestones. The milestones that will be achieved over the next 2 years are:
1)52 apps/month
2)24 Life Apps/2500 Pts
3)Retention 85%+
*All American
*AFLIC
About this document
Insurance Business Plan
This document was created by Sara of O'Connell Insurance Agency using the 5 minute Business Plan App. This technology and approach is powered by HyperQuestions.
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