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Business Plan for an Insurance Undertaking

In: Fundamentals of the Insurance Business

Author

Listed:
  • Massimiliano Maggioni

    (University of Milano)

  • Giuseppe Turchetti

    (Sant’Anna School of Advanced Studies)

Abstract

This chapter has the purpose of explaining the preparation of the Business Plan for an insurance undertaking. Drawing up a Business Plan foresees an analysis being carried out in five stages: 1. Opportunity assessment; 2. Strategy and vision definition; 3. Business model; 4. Economic and financial analysis (also called Business case) and 5. Master plan. Each of these stages is illustrated in detail and practical examples are provided. A methodology for preparing the Business case is described: The approach for the business case based on a logic tree is illustrated in detail, step by step. The two different alternative approaches used for preparing the budget: Zero-Based Budget (ZBB) and Continuity-Based Budget (CBB) are presented. At the end, a number of main templates for the budget of an insurance undertaking are presented: a sales Budget, an overhead costs Budget, a personnel costs Budget, a Budget for the ICT area and a Budget for the Finance area, etc. For each of them, the templates and the related tables are described in depth.

Suggested Citation

  • Massimiliano Maggioni & Giuseppe Turchetti, 2024. "Business Plan for an Insurance Undertaking," Springer Texts in Business and Economics, in: Fundamentals of the Insurance Business, chapter 35, pages 753-770, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-52851-9_35
    DOI: 10.1007/978-3-319-52851-9_35
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