Business - customer Essay Example
Death is an inevitable part of life - Business introduction. Its timing is uncertain as well as the way people pass away is not the same. Indeed, it is difficult to face such an emotional and complicated issue as death. In addition, it is very difficult as human beings to even conceive in their lives that there must be preparation for it. Today, there are about 35 million Americans who do not have life insurance at all as well as 58 million who do not carry enough life (“My Insurance Life”, 2010). So what happens to the countless families that are left with exasperation and despair of the lost of a loved one and crisis of mounting funeral expenses?
Their debt grows larger as well as the pain. As a result, many people right at this moment do not have life insurance out of the fear of how it works and how much it can cost them. (“Buying Life Insurance”, 2010). As a result, as nearly as 40% Americans die leaving their families trying to just even put them in the ground! (“My Insurance Life”, 2010) Therefore, I have implemented a business strategy that tears down the barriers and provides a better perspective for customers to feel comfortable about the knowledge and affordable choices on life insurance.
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Our Company’s Vision The name of the company is Insurer’s Care because it focuses on the needs and concerns of each customer that enters our lives for life insurance. Therefore, our company’s vision is to provide great customer service with a friendly smile and offer affordable life insurance without it becoming a liability in their budget. “Running header: Unit One Assignment: Business Strategy”4 Mission Statement and Goals of “Insurer’s Care Our mission statement and goals center around our vision to provide the following: 1.
Provide adequate and efficient life insurance that is “customer budget center oriented” service at all times. 2. Careful monitoring of an on-going and focused manner and attitude on the quality and services that ensure the best interest of the company. 3. Adhere to all government and business regulations and maintain a superb and “AA” business rating for Better Business Bureau. 4. Provide efficient yet timely and courteous 100% guest satisfaction on every call or face to face customer encounter. 5. Prevent any type of financial or potential risks that could cause issues for all external and internal customers.
Maintain, monitor, and uphold all legal and financial documentation without compromise and discrimination. 6. Offer incredible services and goods that gives customers a peace of mind on a great investment. SWOT Analysis of the Business The greatest strength of this company is the need for life insurance. It is a type of business that is needed because death is inevitable. It provides an opportunity for careful planning and security for everyone as a great investment in the long run. This type of business puts people first.
It gives a legacy to families that they are not stressed or worried about any funeral costs. Locally, there are two major companies are New York Life Insurance in Marion, South Carolina and Allstate Insurance. The other twelve companies are local agents. The advantage of Insurer’s Care is in the name. This company is going to cut the edge on the competition by providing affordable prices with caring, patient, and knowledgeable people. They will put the customer first. “Running header: Unit One Assignment: Business Strategy”5 SWOT Analysis of the Business
Another advantage is our company will offer internet links for contact information and answer questions within a three to five day time frame. Also, Insurer’s Care will offer seminars for customers for free on understanding life insurance and rates starting monthly for six months and gradually increasing as labor increases and business increases. The weaknesses that Insurer’s Care may face are competitive prices and getting customer’s motivated in purchasing life insurance. There are many companies that are trying to get other customer’s businesses.
They may offer special deals and discounts that Insurer’s Care may not be able to do in the beginning. Therefore, it takes time for this company to gradually grow and stand for the brand that customer is first. In addition, it may be difficult to get customers motivated to purchase life insurance. As a result, there will need to be some type of marketing assessment made to include training and fun sessions to reach out to customers. Once this has been done, then there is a solid relationship and growth created between Insurer’s Care and customers.
The opportunities that Insurer’s Care have is the ability to expand and branch out to several companies. In addition, the company will be able to grow with the potential of investors and capitalized on an international level with long term customers. However, the threat that Insurer’s Care face could be the slow economy, competition, and limited resources to expand within a certain time frame. “Running header: Unit One Assignment: Business Strategy”6 Required Equipment and Supplies for the Business The initial equipment and supplies to start the business would include but not limited to the following: 1. . A small office building 2. Office supplies such as two-three computers, phones, and one fax machine 3. Internet service (mainly broad band) 4. Papers, pens, pads, folders and other items from Office Depot 5. Other items such as filing cabinets, desks, and chairs 6. Two to three workers to hire as independent agents 7. Board and certified licenses and place later on Better Business Bureau In addition, there will need to be a start up cost set up for Insurer’s Care. There will need to be a detailed financial plan implemented with a solid proposal carefully reviewed by an accounting professional.
The first step is to approach several banks that will support small business with an affordable interest rate. The goal of the financial portion is to show a three-six month profit potential and a six- twelve month profit potential. In addition, this company will seek out other vendors such as Office Depot and Office Store for a business line of credit so this will build credit. As a result, there is an establishment of credit worthiness and long term relationship with vendors and suppliers. However, if there is not an opportunity to have a line of credit, then the business will consider buying old furniture or renting them.
Organizational Structure of the Business The Insurer’s Care is structured as a smaller version of a matrix company. The key that is emphasized here is delegation and creating effective systematic borders that harmonized with each other. There is a Chief Executive Officer who is over the whole operations of Insurer’s Care. “Running header: Unit One Assignment: Business Strategy”7 Organizational Structure of the Business Following the Chief Executive Officer, there will be a Vice President of Operations who will ensure the daily functions of the business.
Under the Vice President of Operations, a human resource manager will be needed for training and recruiting. There will be required two licensed independent field agents and two licensed underwriting agents. Roles and Functions of Each Position of the Business The roles and functions of the position for Insurer’s Care are as follows: 1. Chief Executive Officer: The responsibility of the CEO is to ensure that the business is following the principles, regulations, and guidelines of the government and business policies implemented in the system.
The CEO focuses on establishing and creating networking opportunities for expansion and investors of the company. The CEO will oversee and forecast business plans that will ensure profitability for the company as a long term agent in the future. 2. Vice President of Operations: The responsibility of the VP of Operations is to ensure that there is a harmonizing of each systematic function under Insurer’s Care. They create operational strategic plans that will reduce lean and encourage profits. The VP of Operations assists the CEO and reports ways of improvements hopefully using the Six Sigma strategy. . Human Resource Manager: This person is responsible for the recruiting, hiring, firing, and training of all employees. They create different seminars with lesson plans that are beneficial to the internal as well as the external customer. 4. (2) Licensed Independent Field Agents: These individuals must be certified to sell life insurance and are working on commissions and sign-on incentives. 5. (2) Licensed Underwriting Agents: These individuals must be certified to write and assist in the underwriting of policies, answer phone calls, deal with customers face to face and take payments.
Conclusion: The business strategy that has been created focuses on effective customer service. It is about emphasizing a brand name that show the company is interested in the well being of our customers. As a result, they are confident to receive and be educated in the areas of life insurance. “Running header: Unit One Assignment: Business Strategy”8 References: 1. ) “My Insurance Life” (2010). http://www. myinsurancelife. com/life-insurance-statistics-35-million-do-not-have-life-insurance. 2. ) “Buying Life Insurance” (2010). http://finance. yahoo. com/how-to-guidfe/insurance/12823.