“If the big companies did everything right, there wouldn’t be room for us,” says Mike George, CEO of Trisura.
Big companies are average. They don’t serve every market or every customer need, because of their size and position. They serve the most common needs in an industry, and offer services that reach the largest pool of clients.
But serving the average leaves ample opportunity for small and mid-sized companies like Trisura to innovate and win market share.
It’s a classic David vs Goliath story. Trisura is growing rapidly, because they deliver services where the big guys fall short.
David believed he could win
Trisura is competing with Goliaths. They are a privately-held insurance company that is going toe-to-toe with multi-national insurance companies.
But what sets them apart is a belief, what Mike calls their “Noble Vision.” He says, “We exist to create exceptional experiences for our stakeholders, both brokers and their customers, because we believe that business can be done better.”
Insurance is an industry dominated by very large, conservative companies. They’ve operated the same way for decades, but Trisura has a deep seated belief that “exceptional service” is a defining differentiator.
And the results are backing it up. Mike continues, “Even though we’re only eight years old, we’re the fourth or fifth largest surety player in Canada.” And the company’s revenues have grown exponentially in the same period.
David chose where to win
Small and mid-sized companies don’t have endless resources. They can’t out muscle the big companies in their industry. They’ve got to be strategic.
Trisura’s number one priority is serving their brokers. Mike says, “The brokers are dealing with insurance companies on a daily basis, but by and large their experiences are not fantastic. Underwriting companies and our competitors are slow to respond. They don’t necessarily care or listen to the brokers’ needs, nor do they work very hard at finding solutions. And that’s what creates our opportunity.”
Mike continues, “Our focus is trying to find ways to create exceptional experiences for our brokers. Our brokers are bringing us their customers so we treat the brokers like our primary customer.”
As a smaller firm, Trisura offers brokers three distinct advantages:
- Listening: They foster close relationships with their brokers, and pay attention to their needs. This helps them find innovative solutions.
- Responsive: Their goal is to not only to be responsive, but to be fast. They place responding to emails and phone calls as a top priority.
- Decisive: Trisura’s not mired in red tape and bureaucracy. They pride themselves on finding solutions, and acting quickly.
They are nimble and they are dedicated, and that garners their brokers’ loyalty and respect. And it positions Trisura as their customers’ first call.
David wasn’t satisfied with the status quo
The way the giants rule an industry is not necessarily the best way. Customers deserve better, and it takes a David to challenge the Goliaths.
But being the David of your industry is a commitment. It requires a deep belief that your customers deserve better, and you will deliver a better way. This is more than just saying you’re a David, because you’re small. David stood up to Goliath and won by doing things differently.
Trisura innovates with a focus on delivering exceptional service to their brokers. It’s something they can do better than their competitors, and it’s a point of differentiation that stands out in their industry.
What’s the opportunity in your industry? Where are the giants falling short? Where can you beat them to create a competitive advantage for your firm?