Hi im thinking to start a car insurance business. Im from England. so i need information that are relevent to England i know diffrent countrys have diffrent rules. so first of all what will i need to start up how much money will i need.? and also will i need to contact 3rd party insureance to support me.? will i need trained sales people with car insurance qualifications.? how do i register my company? ok this may sound like i have done now homework and jump to something that i dont know anything about and want to do it. but i really want to set up this kind of thing money is not an issue. plz take this seriously and anyone is doing this sort of business plz share your thoughts. Thanks
No offense ... your post was a day old and you have ZERO replies. And I think it's because you sound like you are trying to get people to help you with a school project and simply too lazy to do your own research. Or you have a silver spoon in your mouth and simply being irresponsible. Ever heard of business plan and model? What's your business model? Are you a insurance reseller or the actual insurer? You'll need at least that to pitch to any investors. Starting a business without any knowledge whatsoever.
No offense Choy1314, but both ab289 and mr_evolution are actually giving you good advice. And another thing, your comments of: How can anyone take this seriously? In business, money is ALWAYS an issue; that's the primary motivation of being in business in the first place. Secondly, you're coming to a forum that primarily focuses on discussion of entertainment from the far east to seek advice on how to start up an underwriting business? Let me put it bluntly for you, even if you're insistent that trolling forums for advice is the way to go, then at least start with groups dealing in actuarial sciences. Regardless, I wish you luck
Thanks guys for your replys and time. no its not a project. its just a bit of research on how to set up an insurerance agency thats all. i know where to start. sorry if i post in wrong section. and yes this insurerance is pure only for intrest thats why money is not a problem. Thanks anyways.
I have my own insure company... it goes something like this...Depends what car you have you ay a deposit of £100-£500 (cheap I know) and after in every week you pay an extra £2.50 (very cheap I know) Now this covers everything from damage to theft (damn right the best car insurerance you can get) BUT The only small print is you have to stick with your current car insurerance/ or find another and everything must go through them first (damage/theft ect) And after all that is sorted from your side you can then let me know and this might take a few years for your claim to take into effect (30 years atleast) and the amount you recieve depends...
hahahaha.... fuck man... Step 1. Learn how to spell the word, "Insurance" properly I've worked as an insurance broker for 4 years and as a claims adjuster for 2 years. Unfortunately, I know shit all about the European insurance market beyond having to deal with Lloyd's policies. If it's anything like Canada you will need to obtain the proper designations and/or certifications via the professional institutions in your country, as well as passing multiple licensing examinations, before you can even begin working as a broker. To my understanding, these would be offered through the Chartered Insurance Institute. 5 seconds of googling lead me here: http://www.cii.co.uk/membership/designations/ In Canada we have a similar institute, from which I am completing my own Charter designation. If the courses in the UK are anything like the ones here it's a 3-4 year process to finish your charter. If you're just some guy off the street you will have no knowledge of the overall insurance market, policies and conditions, claims processes, actuarial processes etc. Without the proper education in either risk management or general insurance no one is going to take you seriously as a broker. Honestly the only way to really learn this business is to do it. If you want to be a broker then go work as a customer service rep in a brokerage. From there try to break your way into brokering. After you've spent 5-10 years as a broker and have completed your charter or various other designations (of which I am unaware as I operate in a different market) you should have the knowledge, skills and licenses required to open your own brokerage. I might also recommend getting a business degree so you can understand the fundamentals of running a business. Personally I have spent the last 6 years crushing as much education as possible related to insurance. I'm a level 4 certified insurance broker (meaning I can operate a brokerage under my personal license), I have my Canadian Risk Management designation through the University of Toronto, a Business degree, an associate in customer service designation and i'm one class away from completing my Charter designation. Even in my current state I still feel like I will need another 5-6 years to finish more designations, get more work experience and get my MBA before I will be comfortable opening my own business... If financials aren't an issue for you and you just want to throw a bunch of money at a business, then all you need to do is find the right people. You can just sit back and give some broker a couple million dollars and say 'here, open a brokerage for me and give me profits'. If you do, good luck with it! I look forward to your next post here lamenting about how you lost all your money. The only way to do some right is to do it yourself. And the only way to do something like this yourself is to spend the next 5-10 years educating yourself in the industry, working hard and sucking the right dicks (a.k.a networking like a motherfucker).
hope your not laughing at me bro lol because I was just being sarcastic with that spelling that he made (I think so...yeah I did...! Oo)
I'm not lol chill out but seriously consider getting into that area first ( the best option) or go back to education (not for spelling) but something that can relate to that area...it helps Take it step by step.
