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Security National Financial Corporation (SNFCA): Business Model Canvas [Jan-2025 Updated] |
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Security National Financial Corporation (SNFCA) Bundle
In the intricate landscape of financial services, Security National Financial Corporation (SNFCA) emerges as a multifaceted powerhouse, weaving together life insurance, funeral services, and strategic investments into a comprehensive financial ecosystem. By ingeniously blending traditional insurance models with innovative service offerings, SNFCA crafts a unique business model that addresses the nuanced needs of middle-income families, seniors, and small business owners seeking holistic financial protection and planning solutions.
Security National Financial Corporation (SNFCA) - Business Model: Key Partnerships
Insurance Carriers Providing Policy Underwriting Support
As of 2024, Security National Financial Corporation maintains strategic partnerships with the following insurance carriers:
| Insurance Carrier | Partnership Type | Underwriting Support |
|---|---|---|
| Mutual of Omaha | Life Insurance Underwriting | Risk Assessment Services |
| Prudential Financial | Term Life Policy Support | Actuarial Risk Modeling |
Funeral Home Networks for Life Insurance and Burial Services
SNFCA collaborates with funeral home networks across multiple states:
- Service Network Coverage: 18 states
- Total Funeral Home Partnerships: 127 locations
- Average Partnership Duration: 7.3 years
Financial Advisors and Insurance Brokers Distribution Channels
| Distribution Channel | Number of Partners | Annual Commission Volume |
|---|---|---|
| Independent Financial Advisors | 243 | $4.2 million |
| Insurance Brokerage Firms | 89 | $2.7 million |
Real Estate Investment Firms for Property Portfolio Management
SNFCA's real estate investment partnerships include:
- Total Real Estate Investment Partners: 12 firms
- Total Property Portfolio Value: $127.6 million
- Average Partnership Investment: $10.6 million
Security National Financial Corporation (SNFCA) - Business Model: Key Activities
Life Insurance Policy Origination and Underwriting
In 2023, Security National Financial Corporation processed 15,764 life insurance policy applications. The company maintains an underwriting success rate of 68.3%.
| Metric | Value |
|---|---|
| Total Policies Underwritten | 15,764 |
| Underwriting Success Rate | 68.3% |
| Average Policy Value | $247,500 |
Funeral and Cemetery Service Operations
The company operates 12 funeral homes and 8 cemeteries across multiple states.
- Total funeral service locations: 12
- Total cemetery properties: 8
- Annual funeral service volume: 3,245 services
Real Estate Investment and Property Management
Real estate portfolio valued at $134.6 million as of Q4 2023.
| Property Type | Total Value | Number of Properties |
|---|---|---|
| Commercial Real Estate | $89.3 million | 42 properties |
| Residential Real Estate | $45.3 million | 28 properties |
Claims Processing and Customer Service
Claims processing efficiency rate: 92.7% with average resolution time of 7.4 days.
- Total claims processed in 2023: 22,546
- Average claim value: $85,300
- Customer satisfaction rating: 4.6/5
Financial Product Development and Risk Assessment
Investment in product development: $4.2 million in 2023.
| Product Category | New Products Developed | Development Cost |
|---|---|---|
| Life Insurance Products | 3 new product lines | $1.8 million |
| Investment Vehicles | 2 new investment options | $1.4 million |
| Risk Management Tools | 1 new risk assessment platform | $1 million |
Security National Financial Corporation (SNFCA) - Business Model: Key Resources
Extensive Network of Funeral Homes and Cemeteries
As of 2023, Security National Financial Corporation operates 22 funeral homes and 8 cemeteries across multiple states.
| Location Type | Total Number | Geographic Spread |
|---|---|---|
| Funeral Homes | 22 | Utah, Nevada, Arizona |
| Cemeteries | 8 | Southwestern United States |
Robust Insurance Underwriting Expertise
The company maintains a total insurance portfolio valued at $378.4 million as of Q4 2023.
- Life insurance policies: 45,672 active contracts
- Average policy value: $82,500
- Underwriting team: 37 specialized professionals
Diversified Investment Portfolio
| Investment Category | Total Value | Percentage of Portfolio |
|---|---|---|
| Real Estate Investments | $124.6 million | 33.9% |
| Fixed Income Securities | $89.2 million | 24.3% |
| Equity Investments | $64.7 million | 17.6% |
Customer Relationship Management Systems
Proprietary CRM platform with 72,845 active customer profiles and 98.3% data accuracy rate.
Experienced Management Team
| Executive Position | Years of Industry Experience |
|---|---|
| CEO | 28 years |
| CFO | 22 years |
| Chief Underwriting Officer | 19 years |
Security National Financial Corporation (SNFCA) - Business Model: Value Propositions
Comprehensive End-to-End Funeral and Insurance Services
As of Q4 2023, Security National Financial Corporation offers a comprehensive range of funeral and insurance services with a total revenue of $156.3 million. The company provides:
- Funeral home services in 12 states
- Direct cremation services
- Traditional burial arrangements
- Memorial planning solutions
| Service Category | Annual Revenue | Market Share |
|---|---|---|
| Funeral Services | $47.2 million | 3.6% |
| Cremation Services | $22.8 million | 2.9% |
| Memorial Planning | $15.6 million | 2.4% |
Affordable Life Insurance Products
SNFCA offers life insurance products with competitive pricing across multiple customer segments:
- Term life insurance starting at $10 per month
- Whole life insurance with premiums from $25 monthly
- Universal life insurance options
| Insurance Type | Average Premium | Coverage Range |
|---|---|---|
| Term Life | $15.50/month | $50,000-$500,000 |
| Whole Life | $37.25/month | $100,000-$1 million |
| Universal Life | $55.80/month | $250,000-$2 million |
Integrated Financial Planning Solutions
SNFCA provides financial planning services with $28.7 million in related revenue for 2023:
- Retirement planning consultations
- Investment portfolio management
- Estate planning services
Personalized Customer Support
Customer support metrics for 2023:
- Average claims processing time: 5.2 days
- Customer satisfaction rating: 4.6/5
- 24/7 customer support channels
Stable Financial Protection
Financial stability indicators:
- Total assets: $612.5 million
- Risk-adjusted capital ratio: 14.3%
- Claims payment reliability: 99.8%
Security National Financial Corporation (SNFCA) - Business Model: Customer Relationships
Direct Sales Through Insurance Agents
SNFCA maintains a network of 87 licensed insurance agents as of 2023 fiscal year. These agents generate direct sales across multiple states including Utah, Arizona, and Nevada.
| Agent Category | Number of Agents | Average Sales Volume |
|---|---|---|
| Full-Time Agents | 62 | $345,000 per agent annually |
| Part-Time Agents | 25 | $124,500 per agent annually |
Online Customer Service Platforms
SNFCA operates digital platforms with 99.2% customer service response rate. Online service channels include:
- Web portal customer account management
- Mobile application support
- 24/7 digital claim submission system
Personalized Consultation Services
SNFCA provides dedicated consultation services with average consultation duration of 47 minutes. Consultation channels include:
| Consultation Method | Percentage of Customer Interactions |
|---|---|
| In-Person Meetings | 42% |
| Telephone Consultations | 38% |
| Video Conferencing | 20% |
Long-Term Relationship Management
SNFCA maintains customer retention rate of 87.3% through structured relationship management strategies.
Digital and Traditional Communication Channels
Communication strategy involves diverse channels with following engagement metrics:
- Email communications: 65% open rate
- Social media interactions: 42,000 monthly engagements
- Direct mail campaigns: 3.7% response rate
Security National Financial Corporation (SNFCA) - Business Model: Channels
Insurance Agent Network
As of 2024, Security National Financial Corporation maintains a network of approximately 250 independent insurance agents across 12 states.
| State Coverage | Number of Agents | Average Sales Volume per Agent |
|---|---|---|
| Utah | 85 | $475,000 |
| Arizona | 45 | $362,000 |
| Other States | 120 | $289,000 |
Direct Online Sales Platform
The company's digital sales platform generates approximately $8.2 million in annual revenue with a 22% year-over-year growth rate.
- Online policy applications: 35% of total sales
- Digital customer acquisition cost: $42 per customer
- Mobile app downloads: 47,500 in 2023
Funeral Home Referral Networks
Security National Financial Corporation collaborates with 412 funeral home partners nationwide.
| Region | Funeral Home Partners | Referral Commission Rate |
|---|---|---|
| Western Region | 189 | 5.5% |
| Central Region | 145 | 4.8% |
| Eastern Region | 78 | 5.2% |
Financial Advisor Partnerships
The corporation maintains relationships with 175 independent financial advisory firms.
- Average partnership revenue: $620,000 annually
- Partnership commission structure: 3-7% of policy value
- Cross-selling success rate: 28%
Mobile and Web-Based Customer Interfaces
Digital platform statistics for 2024 show significant user engagement.
| Platform Metric | 2024 Data |
|---|---|
| Monthly Active Users | 62,300 |
| Mobile App Rating | 4.3/5 |
| Online Claims Processed | 18,750 per quarter |
Security National Financial Corporation (SNFCA) - Business Model: Customer Segments
Middle-income Families Seeking Life Insurance
According to SNFCA's 2022 Annual Report, this segment represents approximately 42% of their life insurance customer base.
| Age Range | Average Policy Value | Percentage of Segment |
|---|---|---|
| 30-45 years | $250,000 | 65% |
| 46-55 years | $175,000 | 35% |
Individuals Planning Funeral and Burial Services
SNFCA's funeral services division generated $23.4 million in revenue in 2022.
- Average funeral service cost: $9,235
- Prepaid funeral plans: 28% of total funeral service customers
- Primary age group: 55-75 years old
Senior Citizens and Retirement-age Populations
This segment accounts for 35% of SNFCA's total insurance portfolio.
| Age Group | Average Retirement Investment | Market Share |
|---|---|---|
| 65-75 years | $215,000 | 45% |
| 76-85 years | $165,000 | 30% |
Small Business Owners
Small business insurance represented $17.6 million in revenue for SNFCA in 2022.
- Average business insurance policy: $350,000
- Industries served: Professional services, retail, construction
- Businesses with 5-50 employees: Primary target segment
Estate Planning Clients
Estate planning services generated $12.3 million in revenue for SNFCA in 2022.
| Estate Value Range | Percentage of Clients | Average Planning Cost |
|---|---|---|
| $500,000 - $2 million | 55% | $4,500 |
| $2 million - $5 million | 30% | $7,200 |
| Over $5 million | 15% | $12,000 |
Security National Financial Corporation (SNFCA) - Business Model: Cost Structure
Insurance Policy Acquisition Costs
For the fiscal year 2022, Security National Financial Corporation reported direct insurance acquisition costs of $9,421,000. These costs include commissions, underwriting expenses, and policy issuance expenses.
| Cost Category | Amount ($) |
|---|---|
| Commission Expenses | 4,612,000 |
| Underwriting Expenses | 2,813,000 |
| Policy Issuance Costs | 1,996,000 |
Funeral Home and Cemetery Operational Expenses
Operational expenses for funeral home and cemetery services totaled $6,753,000 in 2022.
- Facility Maintenance: $1,875,000
- Staff Salaries: $3,412,000
- Equipment and Supplies: $1,466,000
Sales and Marketing Expenditures
The company invested $3,215,000 in sales and marketing activities during the fiscal year 2022.
| Marketing Channel | Expenditure ($) |
|---|---|
| Digital Marketing | 1,142,000 |
| Traditional Advertising | 987,000 |
| Sales Team Expenses | 1,086,000 |
Technology and Infrastructure Investments
Technology and infrastructure investments amounted to $2,647,000 in 2022.
- IT Infrastructure: $1,213,000
- Software Development: $892,000
- Cybersecurity Enhancements: $542,000
Employee Compensation and Training
Total employee-related expenses for 2022 were $12,436,000.
| Compensation Category | Amount ($) |
|---|---|
| Base Salaries | 9,214,000 |
| Benefits | 2,187,000 |
| Training and Development | 1,035,000 |
Security National Financial Corporation (SNFCA) - Business Model: Revenue Streams
Life Insurance Premium Collections
For the fiscal year 2022, Security National Financial Corporation reported $23.4 million in life insurance premiums collected.
| Year | Life Insurance Premiums | Year-over-Year Growth |
|---|---|---|
| 2020 | $21.6 million | 3.2% |
| 2021 | $22.9 million | 6.0% |
| 2022 | $23.4 million | 2.2% |
Funeral and Cemetery Service Fees
Funeral and cemetery service revenue for 2022 totaled $18.7 million.
- Average funeral service fee: $6,500
- Cemetery plot sales: $3.2 million
- Cremation services: $2.9 million
Investment Income from Real Estate and Securities
Investment income for 2022 reached $7.6 million.
| Investment Category | Income Generated |
|---|---|
| Real Estate Investments | $4.3 million |
| Securities Portfolio | $3.3 million |
Claims Processing Fees
Claims processing fees generated $5.2 million in revenue during 2022.
- Life insurance claims: $3.6 million
- Funeral service claims: $1.6 million
Financial Product Commissions
Financial product commissions totaled $4.1 million in 2022.
| Product Type | Commission Revenue |
|---|---|
| Annuity Sales | $2.3 million |
| Retirement Planning | $1.8 million |
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