How to start a profitable insurance company in Nigeria.
Establish your own Nigerian insurance company or any part of the world is one of the best ways to become rich and earn the remaining income for eternity. With your own insurance company, You will get rich; they earn more next year when you submit the following complaint, more customers, richer you become their premium.
Insurance companies earn money monthly, quarterly, customers pay them through annual premiums, aim to pay premium payment is required or covered against potential loss, customers It is a matter of “power” for the insurance company and its owner will surely generate money Insurance agents also get a fat fee by bringing to more business.
However, starting the insurance business will take time, it requires technical expertise, it requires ruthless business experience and efficiency, and government policies and regulations and compliance for the industry Must be approved by the government agencies necessary to secure. This procedure may take you to start your insurance business in Nigeria is as follows –
Register your business with your government
You must officially register your business with the Corporate Governance Committee (CAC) as a limited liability company (LLC) or a public responsible company (PLC). You just register your business name and start a business I can not, more than that, there is more.
Register at regulatory body
Regulatory authorities for insurance operations in Nigeria Insurance Commission (NAICOM) Nigeria. If you are located in the United States, you must register with the insurance secretary in your own situation, without flooding the law, business You need to obtain guidelines on how to practice.
Acquire Reinsurance Company and Insured Person
Your insurance company needs to be insured or protected by another insurance consortium known as a reinsurer. While your insurance company provides compensation to customers in case you request it, If the claim is too large for paying out alone, the reinsurer will use compensation to provide it by its own insurance company, but like a bank, the customer, like a bank, now deposits the deposit at the central bank Save money with commercial banks to save.
Acquire all necessary licenses and approvals
If you are in the United States this may be different from the state to the state, but you need to get all necessary licenses necessary for take off of your insurance business.
Determine insurance risk in cover
There is over 50 The type of insurance risk you can cover in your business, but before you add it to your product list, it is very cautious to know the frequency and extent of damage under each risk Generally speaking, you can choose to do life insurance, car theft / car accident, building fire and robbery, travel insurance, cargo, health, property and other hosts.
I have money on top of the first take off and reserve funds
Whether you secure money with a business loan or pool together, you need money to get your office space, hire office equipment, employees, pay wages and benefits, print documents and brochures Maintain the agent on the field, and resolve the initial complaint that occurs.
Become a license agent, franchise, or be your own agency
At the time of this business plan, you can choose to launch as a licensing agent to another insurance company, to understand the business marketing and underwriting aspects; and you also, you There may be franchises operating independently under the name and protection of another company; you can choose your own products to use for free, choose your own products to guarantee for customers, your own agency You can establish a company
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