BUSINESS PLAN

& FINANCIAL STUDY

Alordo

GODONOU AKOBODE AUREL

COTONOU, BENIN

+ 229 63 84 69 85

akobodeaurel@gmail.com

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 1- PRESENTATION OF THE PROJECT LEADE R

I am Aurel GODONOU, I am 22 years old and have a degree in insurance management from

the National School of Applied Economics and Management of Benin. With a scholarship from

this school, my three years of training have allowed me to immerse myself in a passion for the

insurance business and especially its social aspect. After my training, I did an academic

internship in an insurance brokerage firm in Cotonou. This experience allowed me to discover

the day-to-day administrative and commercial management of a brokerage firm, from

acquisition to customer loyalty. Subsequently, I applied to the NSIA Assurances in Cotonou

for a position as a sales representative and insurance advisor. There, my responsibility was to

go into the field to sell insurance products, acquire, convert and retain new customers for the

company. It was during this professional experience that I discovered the problem to which

this project aims to be the unique solution. Currently I am branch manager and customer

service representative in a computer center in Abomey-Calavi. On a daily basis, this work trains

me in the basics of business management. More than ever, I feel seasoned to embark on the

adventure of business creation, with clear and overflowing motivations and ambitions.

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 2 - PRESENTATION OF THE PROJECT

PROJECT SUMMARY

We want to create the first Assur Tech in Benin. This is a startup that will allow people with low
incomes to obtain insurance protection from 0.81$ and from their mobile phone.

PROBLEM AND SOLUTION

Around us, we meet destitute men and women in distress, following the occurrence of a
disaster in their lives. These people find themselves without any support, any compensation
to recover and continue their lives. The result is an aggravation of the poverty situation, each
year for thousands of people in this case.

The reason for this situation is the lack of insurance protection among these people living on
very low incomes. The insurance products offered on the current market do not meet with the
approval of this target group for whom the expense linked to the acquisition of insurance
represents a real difficulty.

Our solution is to offer certain insurance contracts on credit to this population and allow them
to pay the insurance premium from a minimum of 0.81$ per week. This from their cell phone.

3 - BUSINESS PROCESS

CHARACTERISTICS AND FUNCTIONALITIES

The solution we offer will be a mobile application that will allow our customers to:

 Subscribe to an insurance contract by paying only 1.62 $ at registration

 Choose to pay an amount of your choice (minimum 0.81$) per week to settle their
insurance premium
 Consult the calendar of their deadlines and pay by Mobile Money
 Have their card and insurance certificate on their mobile phone

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  Have access to video resources to understand their insurance contract, their rights and
duties in this area, prudential behaviors to avoid risk
 Report a claim and follow the compensation process

To offer this solution, our startup will have the status of insurance broker. We will have a
special fund to buy the best insurance product from the best insurance company and then
offer it on credit to our target customers. We will then take care of collecting all the premium
maturity by maturity from it.

PRICING

The startup Alordo will distribute 3 insurance products through its application:

 Two-wheeler insurance: 21.09 $

 Three-wheeler insurance: 35.09 $
 Individual accident insurance: 25,95 $

PROFITABILITY

We will make a profit by obtaining a commission from the insurance company for each
insurance contract taken out and interest generated by the insurance credit. For example for
motorcycle insurance, we will have it at 20.25$ at the insurer. By offering it at 21.09$, we earn
a margin of 0.84$ to be considered as interest generated by the credit. In addition, the insurer
returns us 1.38$ in commission thanks to our broker status. In total we earn 2.21$ on this
insurance contract.

We expect to have 903 customers in the first year, with a capital of 3244.12$, only on two-
wheel insurance. Generating a margin of 1999.34$.

4 - MARKET OPPORTUNITY

TARGET AUDIENCE / CUSTOMERS

We estimate our target market at more than 85 000 000 $, with more than three million
potential customers. They are mainly men and women who carry out a professional activity,
with a low income.

MARKETING AND SALES

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Our mobile application will be available on the PLAY STORE and on the APP STORE to reach
the greatest number of people.

Our desire is to create a customer-centric brand that engenders feelings of trust and
togetherness. We are going to create this image online through a website and social networks
in order to convert our first customers.

Offline we will develop a sales force to get more customers. We will increase our visibility by
using traditional advertising methods such as: TV, radio, press, etc.

5 - BUSINESS ANALYSIS
The strength of our project is that it is an innovation that has never existed anywhere else. We
will be the first to offer this practically irresistible approach: ''INSURE YOURSELF FROM
0.81$''

Our major weakness lies in the fact that we want to start a business for the first time.

The opportunity is however very great because the insurance two wheels and three wheels
are obligatory. And under duress, the majority of the population will turn to the irresistible offer.

The main threat to the solution we offer is non-payment. But we have a solution to completely
eliminate this risk.

Indeed the non-payment will be noted after two non-honored deadlines. Therefore, the
insurance of the loss will be immediately terminated. We can then ask the insurer to return to
us the part of the premium corresponding to the period when the insured risk will no longer
exist. This returned amount, added to the amount already reimbursed by the customer, will
allow us to fully recover our expense. Funds will therefore never be lost or delayed by default.

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 6 - NEEDS

To implement our project we need a minimum start-up funding of 10000 $:

 Rental of premises:1000 $
 Equipment and supplies and miscellaneous: 2500 $
 Mobile application development: 2000 $
 Advertising budget: 1500 $
 Starting capital: 3000 $

Initially, our company will have in its team a web developer, a salesperson and the CEO. As
the startup grows, we will create other important departments according to an order of priorities
that we will define. Team members should not only have the skill, but also should be in love
with the project. The team is essential for the success of the project, and with the support of
your structure we are certain of being able to succeed in this stage.

7 - OUR PLANS
Our project is still in the ideation stage. However, we have undertaken an informal market
study, in order to gather the opinions of potential customers. All our feedback was satisfactory
with a clear desire to obtain the product from more than 50 prospects. At present we are
carrying out the administrative procedures to officially create the company. We have also
already built the Wire Flow of the mobile application.

At the end of the next two years, the steps to be taken are:

 Reach over 2000 users

 Make new recruits and expand our team
 Do our first fundraiser
 Expand further into the domestic market
 Prospect the sub-regional market