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How to Start a Car Insurance Company
Launching your own car insurance company requires a business strategy to secure capital, a comprehensive program to be offered, and a marketing plan to get your message out to the public. Achieve your goal of starting your own car insurance company with these steps.
Steps
Calculate your start-up costs. Consider local and national taxes, professional fees, employee salaries, and expenses for computer and technology infrastructure. Obtain licenses from insurance boards in the states that you intend to do business in.
Raise the capital for your car insurance company. Secure venture capital, private investments, and loans to finance your business.
Write a business plan to determine the size and scope of your car insurance company. Hire a team of experts to research the insurance industry and develop a comprehensive car insurance program to offer.
Hire a staff of agents and adjusters. Train your employees in the model of the car insurance program you want them to represent and the principles of insurance.
Finally, create a marketing plan to announce your car insurance company to the public. Use radio, television, newspaper, and online advertisements to spread the word.