Insurance Company Business Plan

Insurance companies supervised by FINMA require a licence to conduct insurance business.They must submit a request for a licence to FINMA, along with a business plan containing the information and documentation specified in Article 4 para. FINMA Circular 2017/05 "Insurance plans – insurers" sets out FINMA's practice for business plans.

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"Don't get mesmerized by the attractive macro data you can find on the web," said Dr.

John Mullins, associate professor at London Business School and author of “The New Business Road Test: What Entrepreneurs and Investors Should Do Before Launching a Lean Start-up, 5th ed." (FT Publishing, 2017). talk with prospective customers, suppliers and others in your industry." Even after you embark on your business endeavour, you want to ensure you're attracting and retaining customers before asking for capital, Mullins added.

To commence insurance operations, insurance companies must initially have their business plans approved by FINMA in line with Article 4 para. They must then abide by the plan they have submitted.

If a company intends to adjust the approved plan, the proposed changes must be approved by FINMA.

"Only by setting a plan that outlines where you want to go, along with a plan of action on how you are going to get there, will a business owner know if they are heading in the right direction and how far they are from their final destination." Your business plan should guide you throughout the startup process, available as help for any problem that may arise.

Insurance Company Business Plan

Based on advice from our expert sources, here are a few specific dos and don'ts to consider while formulating your plan.

"Research forces companies to learn what they can expect to make and what the industry trends are." Mullins advises asking yourself how large and attractive your market is, how quickly it's growing, and if there are any trends that will make it grow in the future.

Pay close attention to the "five forces" – threat of entry, threat of substitutes, supplier power, buyer power and competitive rivalry.

"Raising money too soon is a distraction, and has big downsides …

not the least of which is eventually losing control," he said.

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