Business Plan for an Insurance Undertaking

Massimiliano Maggioni and Giuseppe Turchetti
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Massimiliano Maggioni: University of Milano
Giuseppe Turchetti: Sant’Anna School of Advanced Studies

Chapter 35 in Fundamentals of the Insurance Business, 2024, pp 753-770 from Springer

Abstract: 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.

Keywords: Business plan; Opportunity assessment; Strategic vision; Business model; Economic-financial plan; Master plan; Zero-based budget; Continuity-based budget; Business case tree approach; Sales budget; Budget of the operational plan and overhead costs; Budget of costs of personnel; Budget of the ICT area; Budget of the finance area (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-3-319-52851-9_35

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