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B US I NE S S PL A N
A MEDIA LIABILITY INSURANCE COMPANY
BY
DEEPMALA KHATRI
JITENDRA ASHANI
KRISHNA HARALE
NILESH NAGDEV
PRAJAKTA CHAUDHARI
TARINA VASWANI
MARATHON MAXIMA,
L . B . S . R O A D , M U L U N D W E S T,
MUMBAI- 400 080
E X E C U T I V E S U M M A RY
WeInsure Insurance – A Media Liability Insurance Company
MISSION STATEMENT
SWOT ANALYSIS
MAJOR STRENGTHS
MAJOR WEAKNESS
OPPORTUNITIES
THREATS
• The high cost for insurance might hit a point where a backlash
will occur
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BUSINESS DESCRIPTION
Although new media and other publishers worry about claims like
libel and copyright infringement, attorneys and insurers have seen a
dramatic rise in recent years in the number and severity of claims for
errors and omissions. Unlike traditional claims involving allegations of
libel, copyright infringement, invasion of privacy, piracy and
plagiarism, errors and omissions claims seek to impose liability on the
publisher for physical injuries or economic loss allegedly caused by
some flaw or negligent publication in the ideas or expressions
contained in the published material.
BUSINESS FORMATION
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The stress will be given to good communication between the sales
representative and client to ensure proper coverage is in place. As
clients become better informed about this type of insurance, there
would be a tremendous increase in clients wishing in-depth discussions
about their policy coverage and how they would get the most value for
their insurance money. Our staff has specialists in media liability
insurance that can properly service and underwrite local business.
BUSINESS PHILOSOPHY
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• We acknowledge that change drives our organization. Our
responsibility is to deliver consistent and timely information to
our client’s about the rules, policies, regulations, and laws that
govern the programs we administer. Knowing this encourages us
to seek efficient means of providing quality customer service,
value-added retirement and health benefits, and other related
programs and services.
OBJECTIVES
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KEY ADVANTAGES
STRATEGIC ALLIANCES
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As we consider the legal issues that WeInsure™ might face in
business, it is important to find legal advisory firm who will fit for the
business. WeInsure™ expect lawyer not just to drop the decision in
company’s lap, or to reject your strategy out-of-hand, but rather to
provide strategic counsel to help align company’s decision with
company’s business objectives. WeInsure™ is planning to grow &
important advices on legal front are required. Considering this
strategic alliance with legal firm is also important. Some of the
functions of this legal firm include dealing with and managing
correspondence with Regulatory and other Governmental Authorities in
connection with the Company’s business. Ensure compliance with local
laws and regulations
LICENCES
LICENCES REQUIRED
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with a certificate from the Reserve Bank of India showing the
amount deposited.
FUTURE VISION
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D E V E LO P M E N T P L A N
WeInsure Insurance – A Media Liability Insurance Company
LOCATION DETERMINATION
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PROJECT PLAN
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H I S T O R I C A L A N A LY S I S
WeInsure Insurance – A Media Liability Insurance Company
HISTORY
GENERAL VIEW
• Policy:
Regulated by IRDA
FDI upto 26% approved
Detariffed General insurance segment
• Potential:
Non-life penetration is even lower at 0.6% in 2006-07
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CASES – EXAMPLES (NON INDIAN)
CORRUPTED DATA
A communications company sues for lost revenue and expenses to
recover billing files for wireless customers that were deleted by their
software vendor who was updating the system.
LAWSUIT IN FRANCE
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Indemnity Paid: $600,000
BREACH OF SECURITY
BACKGROUND
The Indian Liability Insurance market is still in its nascent stage, but
the market is now seeing good growth with increase in premium
collections of more than 100%. Currently the liability Insurance
constitutes just 3% of market in India.
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liabilities. Liability portfolio is a fast emerging and is acquiring
importance due to of business.
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MARKETING PLAN
WeInsure Insurance – A Media Liability Insurance Company
PRODUCT
MediaInsure™
A product by WeInsure™ for covering your Media liabilities
COVERAGE
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• Coverage for breach of agreement to maintain the confidentiality
of sources.
AVAILABILITY
OPTIONAL COVERAGE
• Merchandising Activities
EXCLUSIONS
• Patent Infringement
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• Intellectual Property Disputes with parties involved in a business
relationship
• Employment practices
• Piracy
QUOTATION REQUIREMENTS
• Claim history
Abroad, where the awareness for Copyrights and similar legal rights
is very profound, media liability insurance is a very popular concept.
Various firms offering professional liability insurance also offer Media
liability insurance as a part of their product portfolio.
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MARKET ANALYSIS
• Advertisers
• Ad Agencies
• Authors / Freelancers
• Book Publishers
• Magazine Publishers
• Multimedia Companies
• Newspaper Publishers
GOALS
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STRATEGIES
CONVENTIONAL METHODS
• Electronic Newsletters
• Direct mail
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• Record testimonials from your most supportive customers and
subtly interweave these with the background music that plays
when people are on hold at your company.
Industry analysts
Financial analysts
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PRICING POLICY
While selling the product, Profile writing for the particular customer
is the first important step; before making any final policy sale. This
step involves tapping various initial details of the customer and of the
customer’s work that the customer seeks to insure.
After the Profile writing stage, the work of the customer is itself
judged by the underwriting department to calculate the premium and
coverage policy. A few prominent factors on which the pricing policy
will depend are:
• Duration of coverage
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SALES ESTIMATE
OPERATIONS
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ADVERTISEMENT AND PROMOTION
The website should not only display product information and allow
downloads of case studies and white papers, but also allow a variety of
activities like:
FUTURE PRODUCTS
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O R G A N I Z AT I O N S T R U C T U R E
WeInsure Insurance – A Media Liability Insurance Company
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BOARD OF DIRECTORS
There will be 5 Board of Directors who will be the integral part of the
management for taking decisions and handling certain departments.
According to their domain know-how, qualifications and experience.
ACTUARY
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companies. These are professionals who are experienced in reviewing
and analyzing insurance operations, reserves and underwriting
procedures and provide technical assistance regarding actuarial
matters to policy examiners and other technical staff. In other words
they are the people who ascertain in advance the uncertain events
that could take place in future and come to a financial conclusion.
OPERATIONS DEPARTMENT
In this department company will have one manager and two deputy
chief accountants to look after financial transactions of the company
like as follow:
UNDERWRITING DEPARTMENT
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• Analyze and underwrite individual risks. Develop appropriate
limit structure, retention, pricing and endorsements within
authority granted. Refer to supervisor for approval if outside
authority.
CLAIMS DEPARTMENT
MARKETING DEPARTMENT
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•Coordinate with other representative for follow up with the clients and
promoting to other potential clients.
LEGAL DEPARTMENT
IT DEPARTMENT
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R I S K M A N AG E M E N T
WeInsure Insurance – A Media Liability Insurance Company
RISK REDUCTION
The risk analysis considers critical factors that may lead to a failure
of the business concept. Such factors can involve failures during the
implementation phase as well as during operations.
• The future success of the company will also depend in large part
on the ability to attract and retain highly qualified service and
management personnel. The company faces competition for
personnel from other companies, academic institutions,
government entities and other organizations.
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EXIT STRATEGY
JOINT VENTURES
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kinds of reasons, from using a new acquisition as a quick path to
expansion through buying out.
The trick to success with this exit strategy is to target your potential
acquirer(s) in advance and position your company accordingly. And of
course, convincing your acquirer that your small business is worth
what you want for it.
REINSURANCE
RISK TRANSFER
INCOME SMOOTHING
PROPORTIONAL
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In this type of insurance, reinsurers receive a specific share of risks
and premiums on each policy that an insurer underwrites.
QUOTA SHARE
SURPLUS REINSURANCE
PER RISK
PER OCCURRENCE
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In this type, a reinsurer accepts only those claims that were made
for policies bought before the reinsurance policy started.
This policy covers all claims reported to an insurer within the policy
period, irrespective of when the event causing the loss occurred.
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FINANCAL PLAN
WeInsure Insurance – A Media Liability Insurance Company
INVESTMENT BUDGET
INVESTMENT BUDGET
START UP COSTS
Consulting 500000
Insurance 1000000
FINANCIAL COSTS
Interest 1200000
Liquidity 185000
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STATISTICAL DATA - RATIOS
TO
RETURN OF INVESTMENT
To
FINANCIAL PROJECTIONS
Two
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