strategic insurance & risk solutions
unlocking brand value
Industry: Financial Services and Insurance
Assignments: Visual Identity Program, marketing strategy
Insurance industry veteran, Colin Smith, founded Strategic Insurance and Risk Solutions (SIRS) in January 2000. The firm is a Melbourne-based independent insurance and risk consultancy acting for large corporations, government bodies and professions or in specific classes of risk and insurance. In 2010, broking of selected risks was added to its suite of services.
After 11 years, the firm had grown into a mature business and was known in the industry for its expertise and professionalism. Unfortunately, it had become usual for clients and staff alike to shorten the firm’s name to ‘SIRS’. Brand recognition was suffering and it was not clear to new clients and prospects what ‘SIRS’ could offer. Compounding the brand confusion was the fact that an adult entertainment company owned the sirs.com.au domain. Colin Smith approached imageseven to advise on a complete company rebrand.
Listen to Strategic Insurance & Risk Solutions Managing Director, Colin Smith
The team at imageseven first spent time with Colin and his executive to understand the underlying issues and opportunities. We were conscious that in the long term, Colin would want to sell the business and realise the value that he had created. Our advice was not to sacrifice a decade’s worth of brand equity. Rather, the strategy was to keep the company name of Strategic Insurance & Risk Solutions and shift the emphasis to ‘Strategic’. Clients and prospects would not feel the need to shorten the name; it describes the business differentiator clearly, and still left the door open for an update in visual identity to reflect what the business had become. The domain name strategic.net was identified and purchased. The team at imageseven was able to initiate their unique Visual Identity Program within days of agreement on the marketing strategy.
Retaining the existing brand equity saved the firm from any expenditure on re-establishing itself in the marketplace. It also meant that no legal fees were incurred to register and implement a change in the entity name. The new ‘Strategic’ visual identity was developed to illustrate key differences in the firm’s approach, in particular their Analyse/Resolve/CoverTM methodology. The new visual identity was created and applied within 16 weeks of the initial briefing. Less than two years later Colin successfully sold the business to Lockton, the world’s largest independently owned insurance broker.
“The point that imageseven impressed on us was, don't lose the value you've built in the brand. Capitalise on it. You have to go through the process and be prepared to be challenged. But I guarantee you’ll be very happy with the outcome because you wouldn’t get there without the imageseven process. They’re a very powerful organisation.”
Colin Smith, Director