Compass gets a facelift
Compass, a specialist short-term insurer, launched its new corporate identity and brand positioning statement on the 12th of June 2009 at The Park Hyatt. “This is more than a logo. It is about how we see ourselves as a company, our values, our strategic objectives and our vision. It is also about how the market perceives us.” said the Company Chairman Juergen Graeber.
Compass wrote R796 million worth of business in 2008 and shows signs of exceeding R1bn in 2009. The company deals with niche underwriting agencies that underwrite insurance on its behalf in specialist areas such as the jewellery industry, marine, thatch houses, commercial property, financial institution risks, executive cars and hospitality. The company prides itself on being able to provide, through its agencies, expert insurance advice and unparalleled service levels to the policyholders. Each agency is independent of Compass and is owner managed, so the business’ main competitive advantage is the service provided and the skill set in the niche.
Rebranding for the company was a strategic imperative and started long before the new identity and positioning statement was created. It had to start with refining the culture of the organisation; in a sense “Nourishing the ground for the brand to be effective.” says the Managing Director, Angela Mhlanga. To this end, the staff, management and the Board of Compass were central to the changeover to the new brand.
The process of change was vital to Compass’s continued success. Angela Mhlanga, Managing Director of Compass, acknowledges that this exercise is central to the growth and development of the business, with a potential to greatly increase business being written by the company. “Compass is not a consumer brand ... However, we certainly strive to be top-of-mind for every broker and the provider of choice for every UMA or potential UMA in the market. A strong brand identity will contribute to making this possible.” said Angela. For Compass, this is an opportunity to consolidate its accumulated expertise and investment it has made with its partners. Compass is a unique business because it has positioned itself in the market place as an “Enabler of opportunity” for Underwriting Management Agents (UMAs)and its staff.
The new brand is simple and to the point. The new logo exudes the company values ; Angela adds that, “These will be entrenched by what we are respected for in the market place: our belief in mutually beneficial partnerships, professional work ethic and excellent service levels.”
Angela is clearly excited about the future of the company and she is ready to move forward. She added: “Today we start a new chapter in the Compass story, a chapter that defines who we are and who we have become through our 15 years of existence. This chapter is founded on enabling opportunity. Opportunity that yields prosperity and success for ourselves and our partners.”
“This re-positioning of Compass is to ensure future market growth, increased employee performances and excellent results. It has been an exploratory and exciting journey for The Board, management and staff, in which our vision and strategy for the company has been clearly articulated.” concluded Juergen Graeber, Chairman of Compass .
