1Faith Insurance 1 Page Business Plan

Commercial Insurance Business Plan

1Faith Insurance 1 Page Business Plan

Overview

1Faith Insurance has a clear business objective to provide Churches with the best Commercial Insurance services available. These services have been developed over 10 Years with a core focus on addressing the key customer problem and associated opportunities.

The Business Objectives

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 relentlessly acquire new customers. Customer acquisition is considered to be the critical activity and we are seeking to grow the number of customers. We understand that customer growth could be at the expense of profitability, and that there is a cost associated with customer acquisition. Our long term objective is to build a clear customer acquisition process resulting in long term profitability as evidenced by our retention numbers of 98 percent.

The Customer

1Faith Insurance 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 Cost Effective Insurance and Top Notch Claims Response. This is a critical issue for our selected target market of Evangelical Churches.

The Value Proposition

1Faith Insurance is uniquely positioned to deliver value to Evangelical Churches. "1Faith Insurance provides our customers access to more than just one insurance company with claims service within hours not days.." In order to deliver on this value proposition, we dig deep to find each churches unique needs. Our retention of 98 percent reflects our commitment to that understanding.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 Commercial Church Insurance market. We consider our key competitors to be: Church Mutual and a few individual agencies that also focus on churches. Our understanding of these competitors has been used to refine our strategy and value proposition. We believe that we can compete effectively with the competition by 1) having a solid marketing program and 2) by having served on ministry staffs prior to being in the insurance business. This lends credibility and insight our competitors may not have.

Key Strategies

Over the next 6 months our focus will be to implement proven direct mail pieces combined with soft telemarketing used to set appointments for producers.. This task will be undertaken in the context of our broader strategy to Hire one to two producers.. 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: Obtain 200 Church Clients, Hire First CSR, Hire First Producer.

About this document
Commercial Insurance Business Plan
This document was created by Clayton of 1Faith Insurance using the 5 minute Business Plan App. This technology and approach is powered by HyperQuestions.

Plan your next project at http://www.chartgantt.com for the best excel gantt charts.