Topics: Insurance, Health insurance, Health care Pages: 9 (2813 words) Published: April 24, 2011

MBA 2010-2011

It is now generally agreed that small and medium businesses are one of the key engines of growth in many developing countries by contributing to employment creation. In most economies, smaller and medium enterprises are much greater in number. In the EU, because of the SMEs growth of unemployment has been decreased in many sectors. SMEs are having the power of impelling or driving innovation and competition. Wikipedia stated that,” Globally SMEs account for 99% of business numbers and 40% to 50% of GDP”. Entrepreneur plays a vital role in recognizing the favourable circumstance or opportunity. In this paper, I have observed the core features that define the entrepreneur himself and entrepreneurial traits as well as analysing several component factors that have supported the growth of his business into a notable brand. EXISTENCE:

Ryan Howsam is the founder and chief executive officer (CEO) of Stay Staysure is a family run business together with well-defined management team including his younger sister Lindsey Howsam, who is an operations director of the stay Olivia Skeen appointed as a marketing manager. Jon Kirk was appointed as a general manager of motor and health insurance. And also he has a wealth of experience in the insurance sector, having a track record that stretches over almost 10 years. Alan Waddington has appointed to lead up its new and wide range of health and life insurance products, including private medical insurance, income protection and critical illness cover. Ryan Howsam initially started with providing travel insurance policies at the lowest possible price for over 50’s. Staysure is also an independent intermediary. The company is authorised and regulated by Financial Services Authority (FSA). The is also a full member of the Association of British Travel Agents (ABTA) and the Association of Cruise Experts. WHY HE STARTED THE BUSINESS:

Ryan Howsam observed that, In UK the peoples aged over 60 will outnumber the people under – 16s, and also one in five people in the UKs population are over 60 years of age, in that most of them are retired. He said that, it s not a shocking statistic, comparatively average 19 years old people spends very less time engaged themselves in physical activity than the average pensioner. Senior citizens of the UK are on the move, venturing further than even before on their holidays. The increase in growing number of over 50s made Ryan Howsam an opportunity to start a company, which aim is to provide a high level of affordable and discounted online travel insurance for over 50’s with the lowest possible price. He also targeted only aged people in UK at first and he has promoting the firms products only through online.

Staysure chief executive Ryan Howsam said: “Our growth in 2010 has been fantastic and I am really proud of the team that has helped deliver this achievement. I believe our success is down to a real understanding of the over 50s consumer, offering great value and a company-wide commitment to providing high quality service.” The key factor of their growth is that firm has an excellent growing customer base. Staysure annual turnover is more than £10 million per annum. With the launch of Staysure and the experience gained out of it, Ryan Howsam had a completely unique outlook. This helped him to concentrate purely on providing insurance for over 50s and as a result, the sales growth increased 151% a year, from £616,000 in 2006 to £9.8m in 2009. Ryan Howsam has established its position on the back of increased traffic and strong conversion ratios and has recently added a no-frills option to the firm’s portfolio called Staysure Basics. The firm boast one of the most extensive product ranges in the industry...
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