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Insurance Solutions, LLC

Company Summary

ISL will become the premier provider of Web-based property and contents valuation software and additional information solutions. Our products utilize an online data-retrieval system to offer up-to-date risk assessment cost data to insurers, property valuation to mortgage and lender groups, and secure insurance and valuation documents storage to consumers.

ISL is a privately-owned Limited Liability Corporation, currently located in the “Executive Suite” facilities at 50 Washington Avenue in South Norwalk, Connecticut. These facilities are centrally located, with easy access and travel to our potential major clients, partners and affiliates.

2.1 Start-up Summary

As outlined in the following table, our start-up costs come to $292,250. These requirements include expenses for the cost of data, IV software models and licensing fees, and first month’s salaries. Additional large start-up items include marketing and branding consulting services and costs for the initially outsourced server hosting. Information systems will eventually be brought in-house, dependent upon future development needs and cost analysis. Other usual start-up costs include legal, stationary, and expenses associated with opening our first office. We are in the process of confirming the sourcing of $200,000 from the company founders and key executives. Based on ongoing discussions, there is also a potential for the sharing of expenses with partner and affiliate organizations.

We require additional funds of $92,250 to sustain our cash reserves during the critical first year. We are seeking investment in that amount in exchange for a non-managing interest in the business.

Based on market research and data from our Australian affiliate, we project that the company will be profitable in its first year. By the end of the third year, investors will be bought out by the founding partners.

The tables below show the details of our start-up requirements and funding sources. Short-term assets to be purchased include office furniture, servers, phones, a fax machine, and a copier.

Industry-specific software business plan, company summary chart image

Start-up
Requirements
Start-up Expenses
Legal Advice & Corporate Set-up $5,000
Initial Stationery $5,000
Brochures $10,000
Marketing & Branding – Consultants $12,000
Web Design & Development $15,000
1 month start-up payroll $56,250
Accounting & Audit Advice $5,000
Expensed Computers and Software $15,000
Contents Data Collection Cost $50,000
Total Start-up Expenses $173,250
Start-up Assets
Cash Required $104,000
Other Current Assets $15,000
Long-term Assets $0
Total Assets $119,000
Total Requirements $292,250
Start-up Funding
Start-up Expenses to Fund $173,250
Start-up Assets to Fund $119,000
Total Funding Required $292,250
Assets
Non-cash Assets from Start-up $15,000
Cash Requirements from Start-up $104,000
Additional Cash Raised $0
Cash Balance on Starting Date $104,000
Total Assets $119,000
Liabilities and Capital
Liabilities
Current Borrowing $0
Long-term Liabilities $0
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $0
Total Liabilities $0
Capital
Planned Investment
Hugh Lloyd-Thomas $50,000
Michael Bartlett $50,000
Chief Operating Officer $50,000
Chief Information Officer $50,000
Additional Investment Requirement $92,250
Total Planned Investment $292,250
Loss at Start-up (Start-up Expenses) ($173,250)
Total Capital $119,000
Total Capital and Liabilities $119,000
Total Funding $292,250

2.2 Company Ownership

ISL is a privately-held Limited Liability Corporation (LLC), jointly owned by its three chief officers and an advisor, Michael Bartlett, the founder of ISL’s Australian affiliate, International Cost Research (ICR). The three managing partners are president and Chief Executive Officer (CEO), Hugh Lloyd-Thomas, Chief Operating Officer (COO) Mark Purowitz, and Chief Information and Technical Officer (CIO) Mark Metcalf.

Additional minority stock has been set aside for outside directors which will include insurance industry, legal, marketing and retail resources and expertise.