State Farm Insurance Business Plan Template PDF Details

Are you looking for a State Farm Insurance business plan template form? If so, you've come to the right place. In this blog post, we will be discussing what a business plan is and what it should include. We will also be providing a link to a State Farm Insurance business plan template form that you can use as a guide. Finally, we will provide some tips on how to create your own business plan.

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QuestionAnswer
Form NameState Farm Insurance Business Plan Template
Form Length16 pages
Fillable?No
Fillable fields0
Avg. time to fill out4 min
Other namesstate farm business proposal presentation, state farm business proposal presentation example, state farm insurance business plan, state farm business proposal

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STATE FARM

ABINGDON, VIRGINIA BUSINESS PLAN

!

1

Vision

Vision

We will be servant leaders to our customers while nurturing a mutually beneficial lifelong relationship with them.

Mission

To be Washington County’s premier source of wealth creation and preservation, asset protection and management, and insurer.

Goals

Leverage and translate the strength of the State Farm brand and reputation in property & casualty protection into a broader financial services arena more directly associated with bank and securities products to insulate the company from the rate sensitivities of auto insurance and the potential reforms of health care. Reposition the agency as a financial services specialist while continuing to implement the “auto insurance as lost leader for multi-lines of business” model for the growth and maintenance of the existing book of business.

Develop an online and social media marketing platform to leverage the cost efficiencies of this medium while gaining traction and loyalty with Generations X and Y.

Develop strong alliances with the abundance of college campuses in the vicinity and begin nurturing lifelong relationships with this potentially elusive demographic. Lead with bank products that appeal to this segment (Student VISA, Credit builder VISA, Checking, Savings, and Vehicle Loans) to instill a financial services mindset from day one. Foster these relationships as a prime employee recruitment tool. Target the faculty and administration offices of these institutions for all product lines.

Monitor the implications of the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act and adjust projections for health-related insurance lines as necessary for years 4-6 (2014-2016) of this plan.

Become known as a knowledge base for financial services by offering a series of educational programs for the general public.

Be among the Top 100 TICA by qualifying through Life Premiums, Health Premiums, New Mutual Fund Accounts, Auto Production, and Bank Commissions.

Qualify for Level 1 Ambassador Travel.

Conduct IFRs with each client every 18 months to maximize multi-lining opportunities.

State Farm Abingdon, Virginia Business Plan!

1

Local Market Context

Target Market

Washington County was established December 7, 1776 and was named after George Washington. It encompasses 560 square miles.

There are three towns located in the County as well as the communities of Emory, Meadowview, Mendota, and Saltville

Town

Population

 

 

Abingdon (County Seat)

7925 (15%)

 

 

Glade Spring

1537 (3%)

 

 

Damascus

1083 (2%)

 

 

Emory & Henry College, founded in 1836 and located in Emory, is one of the oldest colleges in Southwest Virginia. Southwest Virginia Higher Education Center, located in Abingdon, represents a partnership of seven universities providing satellite education services.

Abingdon is known as “Little Richmond -- the State Capital of Southwest Virginia” with its 42 state agencies and Federal Courthouse serving as a regional service center for medical, professional, and governmental services.

Abingdon has a significant arts and culture infrastructure, most notably the Barter Theater of Virginia, the “State Theater of Virginia”, one of the oldest professional theaters in the nation founded in 1933, the William King Museum Regional Center for Art and Cultural Heritage, and the regional artisan center, Heartwood, currently under construction on the grounds of Virginia Highlands Community College. Word on the street is that this little town just might be on the verge of discovering its creative economy to become the next Asheville. It has been a sudden, subtle change, but seemingly overnight, the same sort of art galleries and crafty, eclectic shops that define that North Carolina tourist center are popping up here.

The independent city of Bristol, Virginia (population 17,400) borders the County.

Washington County is a major tourist destination with historic landmarks and accessibility to national and regional recreation areas.

Major roads include Interstate 81 (with 15 exits, the most of any county in Virginia), which runs through the County’s central valley. Other main highways include State Routes 11, 19, and 58.

Commercial air service is primarily provided through Tri-Cities Regional Airport in Blountville, TN, approximately 10.4 miles from the County. General aviation service is also provided through Virginia Highlands Airport in Abingdon.

Rail service is provided by Norfolk Southern Railway Company.

Population and Demographics

The County’s current population estimate is 54,443, a 6.5% increase since the 2000 Census. An 11% growth rate from 1990 to 2000 made it the only county in the Southwest Virginia area to have experienced an increase during that time. The population is primarily caucasian (97.1%) with an African-American contingent of 1.7% and a median age of 41.1. Unemployment currently hovers just below 9% against a state average of ~7%. The top 10% (1,733 HH) of owner- occupied housing values are above $300k with the majority of that total (81% or 1400 HH) ranging from $300-499,999.

State Farm Abingdon, Virginia Business Plan!

2

Twenty-one percent of the population has a Bachelor’s Degree or higher and a median income of $39,865 (versus $61,044 for the state) with the top 10% making $100k or more.

The top 50% of the workforce, or 9,713 of the county’s total 19,425 employees as of 4th quarter 2009, is divided between trade, transportation, and utilities (24.5%) and education and health services (24.1%) with an additional 17.2% in manufacturing. Calendar year-to-date estimates through June 2010 put average employment at 24,779 per month, a 27.6% increase over 4th quarter 2009.

Age Range

Washington County

 

 

<20

22%

 

 

20-34

18%

 

 

35-44

14%

 

 

45-54

15%

 

 

55-64

14%

 

 

65+

17%

 

 

Housing Statistics

Washington County

 

 

Occupied housing units

 

 

 

Owner-occupied

16,665 (Median Value $120,600)

 

 

Renter-occupied

5,908 (Median Rent $555)

 

 

Economic Development

Recent major commercial projects include:

$40 million The Highlands (big box retailer, Target, along with 9 baby box retailers and 4 out-parcels)

$4 million Sam’s Club

$22 million Johnston Memorial Hospital Regional Cancer Center

along with planned investment of $40-60mm in the Ridgecrest Center and $16mm in the Heartwood Regional Artisan Center.

EXISTING BUSINESS & INDUSTRY WITH 100+ EMPLOYEEES

Company

# of Employees

 

 

Bristol Compressors/KPS

1650

 

 

Washington County Schools

1000+

 

 

The Highlands Development

1000

 

 

Shaw/Dominion Power Plant+

1000

Johnston Memorial Hospital

+/- 800

 

 

Food City Distribution Center (Corp HQ, retail grocery chain operating in KY, VA, and TN

725

with 12,000+ employees)

 

 

 

Universal Fibers

691

 

 

K-V-A-T Food Stores

513

 

 

State Farm Abingdon, Virginia Business Plan!

3

EXISTING BUSINESS & INDUSTRY WITH 100+ EMPLOYEEES

Company

# of Employees

 

 

Wal-Mart

500-999

 

 

Utility Trailer of Glade Spring

375

 

 

Mid-Mountain Foods

300-499

 

 

Virginia Highlands Community College

300-499

 

 

Washington County (local government)

300-499

 

 

Columbus McKinnon

270

 

 

Emory & Henry College

250

 

 

Steel Fab

210

 

 

Gates Corporation

172

 

 

HAPCO American Flagpole

162

 

 

Paramont Manufacturing

160

 

 

General Engineering

136

 

 

Alpha Natural Resources (Corp HQ, 4th largest coal & energy company in the US)

134

 

 

21st Century Containers/Paramount

120

 

 

Universal Companies (Corp HQ, largest import/export distributor of resort-oriented spa

111

products in the US)

 

 

 

Sandvik Mining & Construction

110

 

 

MXI Environmental

100

 

 

+Virginia City Hybrid Energy Plant Construction Temporary Workforce through 3/2013

State Farm Abingdon, Virginia Business Plan!

4

SWOT Analysis

Strengths

The inherent strength and integrity of the State Farm brand as a property & casualty insurer.

The depth and breadth of the product lines available through State Farm.

A viable geographic market that has demonstrated respectable strength and growth in a tentative economy.

A predominantly white-collar and diverse economy (medical, professional, governmental, educational, and tourism) with a natural predisposition for the State Farm line of products.

Relationships with securities customers are more resilient than those based exclusively on insurance.

Experienced real estate broker with proven sales, business development, and networking abilities.

Weaknesses

Brand strength as a property & casualty insurer overshadows and limits the perception of and expansion into a broader financial services segment.

Auto insurance is highly competitive and rate sensitive. State Farm does not have the brand inertia and loyalty with Generations X and Y that it has enjoyed with prior consumer segments.

The Washington County unemployment rate is higher than the State average.

Online marketing is drastically underutilized in the insurance industry as a whole. A recent report stated that 48% of independent insurance agents have web sites, and of those, only about 20% keep the sites updated.

Securities products have not been aggressively marketed in Washington County.

Opportunities

Maintain the existing “auto insurance as lost leader” model for multi-lining while dedicating a financial services representative to aggressively market directly to that segment’s growth and capitalize upon the nation’s transference of wealth phenomenon.

Design an approach that shields the agency from auto insurance rate sensitivities and health insurance reform uncertainties.

While the overall Washington County household market penetration of 20.6-25.6% is commendable, growth to 30% does not seem unreasonable. County-wide penetration levels of 1.4-1.6% for State Farm Bank suggest room for considerable growth.

The auto and fire penetration levels for Abingdon are 19.4% and 12%, respectively, signaling potential market-specific growth for these product lines.

2010 Census Data will be available in March 2011. Revisit and refresh this plan as needed at that time.

Promote Life, Bank, and Mutual Fund products to the market’s 47% medical, professional, governmental, educational, and tourism professionals.

Target the county’s 30% of households with a presence of children below the age of 18 for Education Savings, Life Insurance.

Solicit rental coverage from the county’s 6,000 rental households.

State Farm Abingdon, Virginia Business Plan!

5

Use social media to target tech-savvy professionals and college students. According to Forrester Research, more than four in five U.S. online adults use social networking tools — Facebook, LinkedIn, YouTube, Twitter and blogs — at least once a month, and half participate in social networks. Develop an expert reputation in insurance and financial services by creating conversations with consumers that will lead relationships by offering valuable content, suggestions, opinions, and engagement by spreading our knowledge and service throughout the virtual world.

The County’s relatively high unemployment rate creates increased demand for 401k rollovers and short-term health insurance policies.

Pursue the top 46% of the market (ages 45+) for Long Term Care, Whole and Universal Life, and Mutual Funds along with Medicare supplements from the 14% of households ages 65+.

Threats

Financial services companies whose brands are more firmly entrenched in that arena: Edward Jones, Charles Schwaab, etc. command the market’s attention right now.

Other insurance companies whose reputations in the financial services arena is more established: Northwestern Mutual Life, New York Life, etc. have more top-of-mind awareness in this segment.

The implications of the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act that will take effect in 2014 and related impacts on all health-related insurance lines are largely unknown.

An emerging, fickle generation that demands a highly sophisticated social media business platform.

Insurance companies with a presence in Abingdon

Aflac, 21553 Carol Jane Lane

Allstate, 158 E. Main Street and 439 E. Main Street

Farmers Mutual, 640 W. Main Street

MetLife, 1000 W. Main Street

Nationwide, 480 W. Main Street and 1070 W. Main Street

New York Life, 458 E. Main Street

Virginia Farm Bureau, 395 E. Main Street

State Farm Abingdon, Virginia Business Plan!

6

Team Development

Recruiting

Recent college graduates seem perfectly suited for the kind of structure found in State Farm offices. We will align ourselves and maintain ongoing dialogue with the career placement offices of East Tennessee State University, Emory & Henry College, King College, Radford University, Southwest Virginia Higher Education Center, and Virginia Highlands Community College. We will sponsor campus recruiting programs appropriate for each location and participate in the annual Interstate Career Fair on April 7, 2011 at which each of these colleges along with Tusculum, Virginia Intermont, Milligan, Concord, Bluefield, University of Virginia-Wise, Mountain Empire Community College, Tennessee Wesleyan, and Northeast State Community College will be represented. Having a presence at this event will allow us to reach 300 potential candidates.

Opportunities will be promoted on Facebook, LinkedIn, and Monster.com. Past experience has shown good results with recruiting employees from whom excellent customer service has been received in the normal course of business, and we will constantly screen for talent in our own day-to-day dealings with such individuals and service providers. To a cautious extent, we will look for candidates within our book of business through the normal course of conversation with our policy holders and clients. We will network with and solicit referrals from business owners and through the Abingdon Civitan Club, Abingdon Newcomers‘ Club, Abingdon Rotary Club, Southwest Virginia Board of Realtors, Rotary Club of Washington County, and Washington County Chamber of Commerce. We will incentivize our employees with a $250 per new hire referral commission. We will host our own Career Fairs as needed to generate a pipeline of potential candidates. We will not overlook the opportunity to enlist the “trial model” afforded by reputable temp agencies applying specific screening criteria as needed.

Screening

We will use a combination of IQ, personality, and career assessment tests available from State Farm (Marketing Services Behavioral Indicator/MSBI) as well as outside resources (kolbe.com, wonderlic.com, caliperonline.com, and limra.com) to maximize the opportunity to identify, build, and develop the best possible team. We will utilize results to assess abilities, define roles, align the organization, provide training, and coach deficiencies.

Structure and Development

Three team members will be responsible for the maintenance and growth of the existing book of business and a fourth team member will be hired as a financial services specialist with a goal of adding a second specialist by year four. We will also solicit two unpaid internships per semester from the local colleges to augment our telemarketing and general office duties (photography, etc.)

All paid team members must be licensed for Property & Casualty, Life & Health, and Medicare Supplement & Long Term Care within the first 60 days of their employment. Financial service specialists must also obtain their Mortgage and Securities Licenses, which I will hold, too.

State Farm Abingdon, Virginia Business Plan!

8

We will develop an office-specific agent certification program outlining additional training requirements for career advancement and success. This comprehensive program will include office standards, systems, and processes along with requirements for civic involvement and professional development.

Compensation

General team members will be paid an hourly wage of $9.25-11.75 plus tiered commissions on all new (one time) personal production. The financial services specialist will receive a modest base salary ($22k) plus an enhanced tiered commission on all new (one time) personal production. Quarterly incentives will be tied to the SMVC and Scorecard Bonus for the entire office with total compensation ranging from $20-28k for all general team members and $36-42k for specialists.

State Farm Abingdon, Virginia Business Plan!

9

Sales & Marketing Strategy

Approach

Sales & marketing activities will be developed as two tracts: general agency and product-specific financial services.

General Agency

The efficiencies of online and social media will be leveraged to energize and supplement the traditional dialogue with our existing book of business while gaining traction and developing loyalty with Generations X and Y. We will employ Search Engine Optimization (SEO) tactics to drive traffic to our agency micro-site and incorporate a daily blog that will not only be used to position ourselves as an expert in insurance and financial services but will also create even more searchable content for our SEO initiative. We will exploit the economies of site analytics that are available free of charge through Google and Yahoo to monitor and measure our site’s performance and growth as well as the modestly priced services of Universal Business Listing (ubl.org) that distributes to all major search engines, yellow pages directories, social networks, mobile phones, GPS navigation and 411 directory assistance.

We will develop push email campaigns for each of our product lines and track response rates and click-throughs.

We will create a Facebook fan page and use push email in conjunction with an offline handheld paper fan campaign targeting college campuses to attract 1,500 fans to our page within the first year. We will offer timely, relevant, and valuable content on local and industry news and events and administer the page with diligence.

We will enlist text messaging as appropriate with all clientele below the age of forty.

We will offer and encourage the use of Skype as an alternate means of conducting IFRs, while letting the customer choose their preferred means of interaction.

A systematic process for maximizing the capabilities of Prospector+, X Dating, and Backroom Technician will be developed.

We will use radio and outdoor along with a local newspaper and magazine advertising schedule to promote our brand.

Memberships and Boards

We will join the Washington County Chamber of Commerce, and each employee must be actively involved in at least one, distinct civic organization. I will serve on two boards during the first three years, preferably the United Way of Washington County and the Barter Theatre.

State Farm Abingdon, Virginia Business Plan!

10

We will maintain membership, network, and sponsor activities within the Southwest Virginia Board of Realtors, Washington County Bar Association, Washington County Medical Society, and Abingdon Newcomers’ Club as appropriate, leading with our financial services repositioning.

State Farm Abingdon, Virginia Business Plan!

11

Product Line

AUTO

 

 

Monthly Production Goal: 45

 

Premium: $520

 

 

 

 

 

 

 

 

Direct Mail

Target: Non-

QTY:

Frequency: 35% of the coounty’s 16,665 owner-occupied

 

policyholder

1450/

households (5800HH) croosss-referenced with X-Dating policy

 

Owner-occupiedd

month

expiration dates will receive 3 staggered mailings/year to

 

Households

 

generate 36 new policies/mmonth at a 2.5% conversion rate

 

 

 

 

 

Target: Non-

QTY: 150/

Frequency: 10% of the couunty’s 6000 rental households

 

policyholder

month

(600HH) cross-referencedd with X-Dating policy expiration

 

Rental

 

dates will receive 3 staggered mailings/year to generate 4

 

Households

 

new policies/month at a 2.5% conversion rate

 

 

 

 

 

 

Internet Leads

 

 

 

QTY: 40/

Frequency: Daily conversionn of 12% to generate 5 of the

 

 

 

 

month

monthly requirement

 

 

 

 

 

 

 

 

Push Email

Target: Current

Frequency: Monthly push email highligghtiing multi-line policy addition

 

Policyholders of

discounts

 

 

 

 

all non-auto

 

 

 

 

 

policy products

 

 

 

 

 

 

 

 

 

 

Telemarketing

Target: Current

QTY: 500/

Frequency: Calls will be made each month soliciting

 

Policyholders

month

renewals and product linee extensions as well as referrals

 

cross-referenccedd

 

from policyholders with appproaching expiration dates.

 

against X-Datingg

 

Calls will also be made too all single-line customers without

 

policy expiration

 

 

 

auto.

 

 

 

dates

 

 

 

 

 

 

 

 

 

 

 

 

Newspaper

Target: Studeentts

QTY: 6/

Frequency: Weekly ads in each of the 6 surrounding area

Ads

 

 

 

week

college campus newspapperrs will feature both bank loans/

 

 

 

 

 

credit cards and depositss as well as Auto.

 

 

 

 

 

 

 

FIRE

 

Monnthly Producction Goal: 16

Premium: $652

 

 

 

 

 

 

 

Direct Mail

Target:

QTY: 500/

Frequency: 12% of the couunty’s 16,665 owner-occupied

 

Homeowners

month

households (2000 discrette HH) will receive 3 staggered

 

 

 

 

 

mailings per year to generatte 12 of the requisite policies at

 

 

 

 

 

2.5% conversion

 

 

 

 

 

 

 

Target: New

QTY:

Frequency: At closing -- seend a personal congratulatory

 

homeowners

Varies

note asking for the opporrtunity to protect their new

 

 

 

 

 

investment

 

 

 

 

 

 

 

Target: Rentaal

QTY: 150/

Frequency: 10% of the couunty’s 6000 rental households

 

Households

month

(600 discrete HH) will receivve 3 staggered mailings/year to

 

 

 

 

 

generate 4 new policies/mmoonth at a 2.5% conversion rate

 

 

 

 

 

Target: Realtoorss

QTY: 320/

Frequency: Quarterly maailinng to solicit referrals

 

 

 

 

QTR

 

 

 

 

 

 

 

 

 

Push Email

Target: Auto

Frequency: Every 6 weeks send out a push email to single-line auto

 

Policyholders

policyholderss highlighting the discountts available with each additional line

 

 

 

 

 

 

 

Target: Realtoorss

QTY: 320

Frequency: Every other week cross-promoting fire coverage

 

 

 

 

 

and new home loans

 

 

 

 

 

 

 

 

 

 

State Farm Abingdon, Virginia Business Plan!

12

 

 

 

 

Product Line

 

 

 

 

 

Magazine

Target:

Frequency: Monthly -- 4/c ad in monthlyy Abingdon, Virginia Homes Guide

Advertising

Homebuyers

($100/monthh) promoting both Fire coveraage and new home loans

 

 

 

 

Target: Renterrs

Frequency: Monthly -- 4/c ad in the Trri-City Apartment Guide ($100/

 

 

 

month) prommoting both Fire coverage and new home loans

 

 

 

Personal Visits

Target:

Frequency: Monthly -- Deliver a goody basket with promotional material

 

Apartment

to the countyy’s 60 apartment complexes and Abingdon Rentals (short-

 

Property

term relocation housing) to generate reeferrals to their residents cross-

 

Managers andd

promoting reenters’ insurance and new hoome loans (Abingdon Rentals)

 

Relocation

 

 

 

 

 

Offices

 

 

 

 

 

 

 

 

Target: Chamber

Frequency: Monthly -- Deliver a goody basket with promotional material

 

of Commerce,

to these three targets to generate referrals to their small business

 

Economic

contacts

 

 

 

 

Development

 

 

 

 

 

Office, SBDC

 

 

 

 

 

 

 

Website

Target: Realtoorss

Develop reciprocal links to the websitees of the 320 members of the

 

 

 

Southwest Virginia Association of Realltors

 

 

 

 

 

 

LIFE

 

Monnthly Producction Goal: 12

Premium: $400

 

 

 

 

 

 

 

Direct Mail

Target:

QTY: 500/

 

Frequency: 29% of the couunty’s 7,000 professional

 

Professionals

month

 

households (doctors, attoornneys, dentists, architects,

 

 

 

 

 

professors, etc.) in the 255-54 age range (2000HH) will

 

 

 

 

 

receive 3 staggered mailings per year

 

 

 

 

 

Events

Target: Top 1000

QTY: 1

 

A Client Appreciation Night will be held for the agency’s Top

 

Customers

 

 

100 customers 6 weeks after opening. Invitations will be

 

 

 

 

 

mailed within the first weeek followed by introductory phone

 

 

 

 

 

calls to thank them for their business and encourage their

 

 

 

 

 

attendance. Light refreshhments will be served, and a brief

 

 

 

 

 

presentation will be madee too introduce our financial services

 

 

 

 

 

repositioning. Followup phoone calls will be made within the

 

 

 

 

 

week following the event to schedule IFRs with all Top 100

 

 

 

 

 

customers. IFRs will thenn be scheduled with the next 150

 

 

 

 

 

customers, giving us the oppportunity to touch our Top 250

 

 

 

 

 

customers within the first q uarter of operation.

 

 

 

 

 

IFRs

Target: All Non-

QTY: 100/

 

Frequency: IFRs will be schheduled every 18 months with

 

Life Policyholdderrs

month

 

policyholders with the primaary goal of signing non-Life

 

and customerrs

 

 

policyholders or increasinng coverage to existing ones and

 

 

 

 

 

then building product line extensions customized to their

 

 

 

 

 

personal needs. We will touuch our Top 250 customers

 

 

 

 

 

within our first quarter of buusiness.

 

 

 

 

 

 

 

State Farm Abingdon, Virginia Business Plan!

13

 

 

 

 

Product Line

 

 

 

 

 

 

 

Seminars

Target:

QTY: 4/

 

We will conduct four 3-week estate planning courses per

 

Professionals

year

 

year, two in the spring and two in the fall, to establish our

 

 

 

 

 

reputation in the financial seervices arena, partnering with

 

 

 

 

 

local attorneys to provide expertise in services (trusts, wills,

 

 

 

 

 

etc.) that complement thee State Farm product line. Classes

 

 

 

 

 

will be limited to 60 people (30 couples) each with advance

 

 

 

 

 

registration privileges to ourr top 250 customers via personal

 

 

 

 

 

invitation. The remainder off the database will receive a

 

 

 

 

 

postcard as well as electrronnic invitations by email and

 

 

 

 

 

Facebook, supplementedd with direct mail and newspaper

 

 

 

 

 

advertising as necessary to meet enrollment capacity.

 

 

 

 

 

 

Target:

QTY: 1/

 

An abbreviated one-nightt teeaser seminar will be held monthly

 

Professionals

month

 

providing a broad overvieew and less detail than the 3-week

 

 

 

 

 

courses with a goal of atttracting 25 couples (50 people) per

 

 

 

 

 

event.

 

 

 

 

 

 

 

Target: Seniors,,

QTY: 2/

 

We will conduct financial management courses through

 

ages 55+

year

 

Southwest Virginia Higher Education Center’s College for

 

 

 

 

 

Older Adults (COA) lifetimme learning program highlighting

 

 

 

 

 

whole and universal life policies, securities and healthcare

 

 

 

 

 

(Long Term Care, Medicaare Supplements, etc.) products.

 

 

 

 

 

Social Media

Target: Tech-

All seminars will be videotaped and upploaaded onto YouTube with links

 

savvy

back to our website and Facebook page. Push emails will be sent to all

 

Professionals

non-Facebook customers and prospectss encouraging them to view the

 

and College

seminar onlinne.

 

 

Students

 

 

 

 

 

 

 

 

 

 

Personal Visits

Target: Business

QTY: 4/

 

Sponsor and host employee meetings and events from the

 

Owners

month

 

businesses listed on pages 3 and 4 of this plan.

 

 

 

 

 

Magazine

Target: Business

Frequency: Quarterly -- 4/c ad in The Buusiness Journal

Advertising

Owners and

 

 

 

 

 

Professionals

 

 

 

 

 

 

 

 

 

 

HEALTH

 

Monnthly Producction Goal: 7

Premium: $250

 

 

 

 

 

 

 

IFRs

Target: All

QTY: 100/

 

Frequency: IFRs will be schheduled every 18 months with

 

Policyholders

month

 

policyholders with the primaary goal of signing non-Life

 

and customerrs

 

 

policyholders or increasinng coverage to existing ones and

 

 

 

 

 

then building product line extensions customized to their

 

 

 

 

 

personal needs. We will touuch our Top 250 customers

 

 

 

 

 

within our first quarter of buusiness.

 

 

 

 

 

Push Email

Target: All non-

QTY: 6/

 

Frequency: Every other moonth alternating with 401k rollover

 

Health

year

 

emails letting them know abbout our short-term coverage in

 

Policyholders

 

 

the event any unanticipated changes have occurred in their

 

 

 

 

 

lives

 

 

 

 

 

 

 

 

State Farm Abingdon, Virginia Business Plan!

14

 

 

 

 

 

Product Line

 

 

 

 

 

 

 

Seminars

Target:

 

QTY: 4/

 

See details under “Estate Planning Courses” in “LIFE”

 

Professionals

 

year

 

 

section which will include c overage options including Long

 

 

 

 

 

 

Term Care.

 

 

 

 

 

 

 

 

Target:

 

QTY: 1/

 

See details under “abbrevviated one-night teaser seminars” in

 

Professionals

 

month

 

“LIFE” section which will incclude coverage options including

 

 

 

 

 

 

Long Term Care.

 

 

 

 

 

 

 

Target: Seniors,,

QTY: 2/

 

See details under COA finna ncial management courses which

 

ages 55+

 

year

 

 

will include whole and univeersal life policies, securities and

 

 

 

 

 

 

healthcare (Long Term Caaree, Medicare Supplements, etc.)

 

 

 

 

 

 

products.

 

 

 

 

 

 

Social Media

Target: Tech-

 

All seminars will be videotaped and upploaaded onto YouTube with links

 

savvy

 

back to our website and Facebook page. Push emails will be sent to all

 

Professionals

 

non-Facebook customers and prospectss encouraging them to view the

 

and College

 

seminar onlinne.

 

 

Students

 

 

 

 

 

 

 

 

 

 

 

 

BANK LOANS/CREDIT

Monnthly Producction Goal: 5

Premium: $650

CARDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newspaper

Target: Studeentts

QTY: 6/

 

Frequency: Weekly ads in each of the 6 surrounding area

Ads

 

 

week

 

 

college campus newspapperrs will feature both bank loans/

 

 

 

 

 

 

credit cards and depositss as well as Auto.

 

 

 

 

 

 

 

Direct Mail

Target: Realtoorss

QTY:

320

 

Frequency: Quarterly

 

 

 

 

 

 

 

 

 

Target:

 

QTY:

28

 

Frequency: Monthly to thhe occupants of Abingdon Rentals’

 

Homebuyers

 

 

 

 

28 corporate relocation shoort-term housing units

 

 

 

 

 

 

Push Email

Target: Realtoorss

QTY:

320

 

Frequency: Every other week cross-promoting new home

 

 

 

 

 

 

loans and fire coverage

 

 

 

 

 

 

Magazine

Target:

 

Frequency: Monthly -- 4/c ad in monthlyy Abingdon, Virginia Homes Guide

Advertising

Homebuyers

 

(one ad prommoting loans & fire, cost acccoounted for under Fire)

 

 

 

 

Personal Visits

Target:

 

Frequency: Monthly -- Deliver a goody basket with promotional material

 

Relocation

 

to Abingdon Rentals (short-term relocaatioon housing) to generate referrals

 

Offices

 

to their residents cross-promoting rentters’ insurance and new home loans

 

 

 

 

 

 

BANK DEPOSITS

Monnthly Producction Goal: 3

Premium: $85

 

 

 

 

 

 

 

Newspaper

Target: Studeentts

QTY: 6/

 

Frequency: Weekly ads in each of the 6 surrounding area

Ads

 

 

week

 

 

college campus newspapperrs will feature both bank loans/

 

 

 

 

 

 

credit cards and depositss as well as Auto.

 

 

 

 

 

 

Seminars

Target:

 

QTY: 4/

 

See details under “Estate Planning Courses” in “LIFE”

 

Professionals

 

year

 

 

section which will include alll aspects of financial

 

 

 

 

 

 

managements.

 

 

 

 

 

 

 

 

Target:

 

QTY: 1/

 

See details under “abbrevviated one-night teaser seminars” in

 

Professionals

 

month

 

“LIFE” section which will touuch on all aspects of financial

 

 

 

 

 

 

management.

 

 

 

 

 

 

 

 

 

State Farm Abingdon, Virginia Business Plan!

15

Product Line

Social Media

Target: Tech- savvy Professionals and College Students

All seminars will be videotaped and upploaaded onto YouTube with links back to our website and Facebook page. Push emails will be sent to all non-Facebook customers and prospectss encouraging them to view the seminar onlinne.

MUTUAL FUNDSS

Monnthly Producction Goal: 3

Premium: $4000

 

 

 

 

 

 

Direct Mail

Target:

 

QTY: 200/

Frequency: 11.5% of thee county’s 7,000 professional

 

Professionals

 

month

households (doctors, attoornneys, dentists, architects,

 

 

 

 

professors, etc./800HH) will receive 3 staggered mailings per

 

 

 

 

year

 

 

 

 

 

Push Email

Target: All non-

QTY: 6/

Frequency: Every other moonth alternating with short-term

 

mutual fund

 

year

health insurance coverage emails letting them know about

 

customers

 

 

401k rollovers

 

 

 

 

 

 

Radio

Target: Investtors

Underwrite financial reports on NPR sttatiions WETS-FM 89.5 and WEHC-

 

 

 

FM 90.7

 

 

 

 

 

 

 

Seminars

Target:

 

QTY: 4/

See details under “Estate Planning Courses” in “LIFE”

 

Professionals

 

year

section which will include seecurities products.

 

 

 

 

 

 

Target:

 

QTY: 1/

See details under “abbrevviated one-night teaser seminars” in

 

Professionals

 

month

“LIFE” section which will incclude securities products.

 

 

 

 

 

Target: Seniors,,

QTY: 2/

See details under COA finna ncial management courses which

 

ages 55+

 

year

will include securities products.

 

 

 

 

 

Social Media

Target: Tech-

 

All seminars will be videotaped and upploaaded onto YouTube with links

 

savvy

 

back to our website and Facebook page. Push emails will be sent to all

 

Professionals

 

non-Facebook customers and prospectss encouraging them to view the

 

and College

 

seminar onlinne.

 

 

Students

 

 

 

 

 

 

 

 

 

 

State Farm Abingdon, Virginia Business Plan!

16

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