How can you start an insurance corporation company?

Answer 1

If you have millions of dollars to capitalize an insurance company plus the expertise which includes past knowledge of management in insurance operations at the company level. If you have this plus a number of people able to process claims, applications, policy changes, and everything else that makes up an insurance company your on your way. Then all you need is an agency system of insurance agents throughout a large enough area to mitigate your risk and to sell the policies that's another piece of the puzzle. Then you will need a team of insurance attorneys to be capable of putting together standard insurance policies after you have decided what kinds of insurance you want to sell. Once your policies are developed you will need to contact the departments of insurance in the states where you want to market your products and get your policies approved for sell. You also need marketing people to talk insurance agents into selling your products in the areas where you wish to market your products. The key in insurance is to spread the risk around. If you come out with a cheap homeowners policy that has great rates for coastal areas you will be extremely successful until the first hurricane hits the area where you are selling and you will go bankrupt. For this reason the various insurance departments will never allow you to have a marketing plan like this because you will not last and ultimately your clients will become creditors when you have to file bankruptcy and they will not get paid. It is extremely complicated which is why only very experienced teams are allowed to start and operate insurance companies.