What challenge were they looking to solve?
SiriusPoint’s International CEO wanted to achieve ambitious growth targets by boosting partnerships with Managing General Agents (MGAs) across Europe and the UK. To do this they needed to quickly answer two fundamental questions –
- Why would MGAs choose them over other larger, more established capacity providers?
- And how do they communicate that to the market?
What did we do together?
Understanding where the opportunity was
This started by getting out of the building and conducting in-depth interviews with MGAs and their brokers to uncover what really drives their choice of partners. We also took a good look at the competition, noticing how everyone seemed to be singing the same tune about financial ratings, global presence, and capacity size.
Crafting a Unique Proposition
Instead of just echoing the usual talk about fundamentals (which most needed to even operate as a capacity provider in the market), we spotted an opportunity for SiriusPoint to be distinctive by putting the MGA’s expertise front and center. As small, growing, highly entrepreneurial businesses in their own right and market niche. Because of this, MGAs needed and wanted the spotlight and SiriusPoint were perfectly placed through their proposition to deliver just that.
Refining and Communicating
We didn’t just create the proposition and call it a day. We tested it with external parties, tweaked it based on feedback, and then helped roll it out across the business.
What did we achieve together?
Our teamwork paid off almost immediately.
Booming business – After launching the new proposition in Q3 and using it to inform all sales and marketing activity, SiriusPoint saw new MGA enquiries jump by over 137% in the following quarter. This surge helped them hit and exceed their 2024 growth targets.
A team puling in the same direction – The team rallied behind the new proposition, creating a sense of alignment and shared purpose. The team started to realise and believe their points of difference in the market and leaders had a clear way of expressing it.
Walking the talk – through this work, the team recognised there were parts of the experience and engagement model that might not be delivering on the promises set out in the proposition. We are now working with the team to evaluate and improve the experience for MGAs acorss the whole journey, bringing the proposition to life at key touchpoints and make sure the business lives up to its promises it’s made. This will not only support further new business growth but increase MGA satisfaction, capacity expansion with existing partners and long-term retention beyond initial partnership contracts.
Don’t just take our word for it.
Here’s what SiriusPoint had to say…
“We value the support, challenge and expertise you bring to help us on our exciting journey. For anyone truly serious about the DNA of their business and what their customers truly want, speak to this team!” – Alex Hardy, Director of Sales & Distribution
“Redefining the rules of partnership. We’ve done quite a lot of listening and market insight with a very trusted agency [Stratinn] and I would admit our mindset has shifted quite a lot in terms of our proposition.” – Rob Gibbs, President and International CEO
In a nutshell, we helped SiriusPoint cut through the noise, connect with MGAs in a meaningful way, and set the stage for impressive growth. Now that’s what we call a win-win!
