What’s in Store for Your Insurance Business?

I spent the ‘90’s as a business consultant serving small to medium sized businesses in North America. During that time I collaborated with insurance business owners and leaders to develop business plans and presentations, countless times. Sometimes, I was also responsible for scouting for funds, business partners, new clients, and more. 

During my consulting years I developed and used a number of teamwork exercises. One of my favorites is called “FutureThink.” As you may have guessed, it’s about thinking through the potential of what’s to come in your industry. The idea is to determine what you need to do NOW in order to be successful later. It’s important that people to make an honest assessment about their business, their industry and what’s to come.

Make An Honest Assessment of Your Insurance Business

Here are some questions I ask my clients to consider.

• What type of insurance services do you offer?
• To whom do you market your services? Which industry is your focus?
• What changes are happening in your industry today? Economic, environmental, technological, etc.
• How are these changes trending?
• What does it portend for your industry?
• How might the industry change in the next five years?
• What will your company look like in five years?
• Will it survive? Will it prosper?

Based on what you believe to be the state of your insurance business, you should build a five-year business plan.

Building a Five-Year Plan for Your Insurance Business

After you have identified the problems and opportunities you face, start on your plan. The first step is to identify where you want to be in five years. Make specific plans for growth. Rather than say “I want to grow my business,” you should state “I want to increase my revenues by 30% over the next five years.”

Once you identify your goals, break them down into manageable chunks. What will you accomplish in one year? Two years? Three?

Now, take the first year’s goals and detail how you will meet them. List your available resources and evaluate how well current tactics are performing. Research additional avenues open to you, such as vertical marketing. Seek out some professional advice from an experienced marketing professional.

The insurance business is highly competitive. You need a strategic plan in place if you want to maximize your results. Learn how to integrate all channels and build a strong five-year plan. Call us and let us show you what works.