Don't Let a Loss Change Your Life

Abstract

The insurance industry has been a part of our economy for many years and has faced many challenges along the way. Similar to many products and services in our economy, individual's opinions differentiate about this service. Many people feel it's necessary for financial protection and others feel as if it is somewhat of a scam. The research conducted is not to prove these opinions one way or another because every individual lives a different lifestyle, some risky, others choose the safe route. Instead, research was conducted to determine the latest trends and gaps in the marketplace for an insurance brokerage to enter the market and to obtain success. This success would be determined by an intensive marketing plan covering topics such as insurance services, consumer analysis, and industrial analysis, segmentation, branding strategy, and marketing mix. I took a very in-depth look at over ten scholarly websites and ten scholarly articles in order to increase my knowledge on this topic. I also took a look at a few charts and investment magazines in order to gain a greater grasp on the research topic. As a result of completing this research, I found that there are indeed many trends and gaps within the insurance market that can be leveraged as a new insurance brokerage. Along with these trends and gaps, I have completed an in-depth marketing plan for the new brokerage and tackled many of the aspects away from the sales side to create a potentially successful business. Even greater than these findings though, I .have identified some of the major gaps which companies may start to implement into their business to become more successful and reach more customers than previous years.