Starting an insurance business involves establishing a legal entity, obtaining necessary licenses and permits, securing funding, developing insurance products, establishing distribution channels, and providing excellent customer service. It’s a multifaceted process that requires careful planning and execution.
Insurance plays a crucial role in society by providing financial protection against various risks and uncertainties. It offers peace of mind and ensures individuals and businesses can recover from unexpected events. The insurance industry has a rich history dating back centuries, with the first known insurance policies emerging in the 14th century.