How to make a business plan for insurance brokers

Due to the strong competition in the industry, nowadays creating an insurance brokerage and achieving success is not easy if you do not have a previously planned strategy.

Having a Business Plan will not only help you to have a better vision of the strategy of your brokerage; it will also help you to see clearly who will be in charge of each objective and what we hope to achieve with each one of them.

This will also allow you to check at any time if you are executing the plan as planned, if you are getting closer to the objectives and if there is anything that should be changed.

What is a Business Plan for an insurance broker?

The Business Plan is the document which contains the brokerage’s objectives, how it intends to achieve them and the timeline it is expected to develop them and achieve the goals set.

It should also include estimated time, who will be in charge and other relevant sections. That is why we have decided to list the most common ones.

Executive summary

By way of introduction, mention the points to be addressed throughout the document to convey an overview. The most frequent are usually:

Company description
Information and means of contact
Business opportunities
Marketing plan summary
Financial summary
Successes already achieved by the brokerage company

Analysis of the insurance market

Here we will talk about the size of the industry, growth rate, profile of clients targeted by the brokerage, behavior patterns (if, for example, seasonality is observed), global sales volume… In addition to mentioning strong points we have over the competition; speed of response, unbeatable prices, specialists in a certain sector, agreements with certain insurance companies…

The intention is to provide as much information as possible, to give the reader a real vision.

Insurance offered by the brokerage

You should list the insurances your company works with and go into detail about the solutions they provide to potential clients. Protection for professionals who need civil liability insurance, coverage in case of theft…

It is very important to detail what the added value is. In other words: what makes your brokerage different from the rest.

Revenue model

It is time to talk about how we are going to sell insurance. Distribution channels, collaborators, prices, commissions… That is to say, all those ways that will make us have income.

Operating model

At this point, the processes to be developed to achieve the objectives are detailed. Which technologies will be used, who will be involved in each part, if any kind of material is required, the environment in which the work will be done, timetables…

Competitive analysis

All relevant information about the brokerage’s current and potential future competitors will be included. What differentiates us? Are there any opportunities we can exploit? What to do if we are copied?


Undoubtedly, their number and profitability will determine the success or failure of the brokerage. We must be aware of the profile, behavior, average expenditure… and other characteristics that will allow us to define the buyer persona.If you are targeting different audiences, you will have to define how to address each one of them, the reason for the segmentation, message tone, product, average expenditure…

Once you are clear about what your potential customers are like, you must indicate the acquisition model. That is to say, the actions and tactics to be developed to get them to contract their insurance through your brokerage.

Milestones achieved

This is vital due it will not only give you an overview of the company’s situation; it will give you clues about what works best, strategic corrections that have been made, types of customers with whom you are more successful…


There is no successful project without a team behind it. Reflecting the team’s experience and skills and indicating whether there are certain human resource requirements is key.


The Business Plan should be concluded with the financial data. This will reflect the metrics achieved and forecasts for the coming months and even years. Revenues and expenses year by year, profit or loss projections, break-even point…

Tips for making a Business Plan for an insurance brokerage company

Customize for your brokerage

You’ve heard ad nauseam that no two companies are alike. This applies to any brokerage. The work methodologies, the resources you have, the time you have been in operation… There will be information that you cannot yet put and you can only speculate, there will be key points in your business that may be important to clarify in the document…

Avoid technicalities

Keep in mind that the person who is going to read it does not always have a high technical level of insurance. Avoiding jargon and complex words will make the document understandable to anyone.

Document as much as possible

Provide documentation to back up what you say, add links to studies and other official reports so that the reader can learn more information and know that the information is 100% accurate.


Using tools such as the SWOT matrix can be very useful to know the strengths and weaknesses, as well as the opportunities and threats faced by the brokerage.

Be clear about the objectives of the brokerage

It may seem obvious, but there are still many brokerages that operate without really definitive targets. This can lead to ineffective actions.

Define your audience to the maximum

As in the case of objectives, having a correctly defined audience will help you to find the most appropriate actions. Tone of communications, media to be used…

Constantly updates the Business Plan

Any company should frequently review its business plan. As the brokerage company progresses, it is common for it to discover errors and areas for improvement that, if not taken note of, may be forgotten.

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