This paper discusses the insurance industry and presents a business plan for a new coverage, “Special Day” insurance.
This paper explains that most policies refer to one person as the “named insured”; the entire insurance policy covers this person and the liabilities of this person, and nothing else. The author creates a new coverage, a special day insurance, which will protect the insurer when he organizes some of his own special days, such as birthdays, weddings, wedding anniversaries, public holidays, and celebrations of any nature; the only requirement will be that the function will have to be legal, and the insurance cover will lapse the moment any illegal activities are performed. The paper outlines the business plan including the marketing strategy for this sort of policy, through the media and sold through independent agents.
Table of Contents
Introduction
It has to be an Individual Policy
Insurance is a Dynamic Business
Purpose of the Insurance
How the Buyer Will Buy the Insurance
Advantages and Disadvantages of the Insurance
Potential Buyers and Reasons for Purchase
Similar Products
Pricing Strategy
Marketing Strategy
Promotional Plan
Potential Profits
Risks to the Seller
Administrative and Other Support Needed
Conclusion
Table of Contents
Introduction
It has to be an Individual Policy
Insurance is a Dynamic Business
Purpose of the Insurance
How the Buyer Will Buy the Insurance
Advantages and Disadvantages of the Insurance
Potential Buyers and Reasons for Purchase
Similar Products
Pricing Strategy
Marketing Strategy
Promotional Plan
Potential Profits
Risks to the Seller
Administrative and Other Support Needed
Conclusion
“There are many examples how the insurance companies get around the problems of providing payments for the damages caused to those who are non-insured. This happens because the price of insurance has to be kept very low due to the competitive nature of the business. Let us take an example from the auto insurance business. Here in some cases, only the named insured has to give permission to others for the use of the vehicle. Here the definition of the person who is permitted is given as “Anyone else while using with your permission a covered auto you own hire or borrow”. The definition of the “you” has also been given. “Throughout this policy the words “you” and “your” refer to the Named Insured shown in the Declarations.” This may create quite a confusing situation. If there is a vehicle, which has the owner as “Bradley Inc” and that entity is the named insured.”