We put capacity providers at the front and centre of the business and aim to develop enduring relationships as a result. Key tenets beyond that will be to reach exemplary levels of customer service, provide quality products, utilise technology and to create an exciting and motivating environment for team members.
Through achieving the above we will create a progressive business which is as exciting to work for as it is to transact with, whether you are a broker or capacity provider.
Spring Partners operates a hub and spoke model with acquisitions and ‘home grown’ modules accessing a menu of central services, ensuring more time is spent on underwriting and less time on distractions.
Critical success factors
We believe the hardening market has given rise to an enhanced opportunity but the critical success factors for a successful MGA endure throughout the market cycle: 1) reputation; 2) funding; 3) systems and processes; 4) high quality capacity; 5) effective distribution; and 6) high grade personnel.
Service differentiation is Spring’s most critical differentiator. Efficient systems and resource allow for the delivery of the following benefits which go a long way to creating a competitive advantage.
What this means for brokers: offering leading products; fast response times in turning around quotations; expert knowledge allowing for more efficient underwriting; superior communication management to improve quote to bind ratios (appetite knowledge through broker education); and instantaneous policy production (to name but one example).
What this means for capacity providers: premium payments run conducted weekly; bordereaux delivered accurately (<6days of month end); and credit control managed with high priority.
We take a modular approach which is class by class and industry by industry which we believe allows for the creation of a best of breed, forward thinking MGA.
We have the ability to target specific sectors in isolation that we know to deliver above average profitability without the drawback of feeling obliged having to offer the full suite of products.
We are confident the combination of our acquisition strategy, combined with in-house capacity and team development, will deliver some exciting opportunities both for us and the people that choose to work with us.