Gras Savoye & Cie, the largest brokerage in France, has successfully navigated the competitive global marketplace for insurance and insurance brokering. Despite weak global insurance rates, the company’s brokerage revenues experienced a significant rise of 12.3% compared to the previous year. This growth can be attributed to a combination of factors, including the expansion of existing operations, additional business from current clients, acquisitions, and a surge in new business.
A Strategic Approach
Gras Savoye’s success can be attributed to their three-pronged strategy. First and foremost, the company focuses on client retention. Secondly, they work closely with existing clients to develop increased business opportunities. Lastly, they engage in a robust marketing effort to acquire new clients. This approach has proven to be fruitful, resulting in growth across their entire portfolio.
Expanding Horizons
Last year, Gras Savoye secured several notable contracts, further solidifying their position as France’s leading sports events broker. They also provided liability coverage for real estate agents, credit and life business for regional savings banks, and liability coverage for the Port of Marseilles. Additionally, they expanded their employee benefits coverage for local governments, gaining nearly 300 new clients.
Bolstering Growth through Acquisitions
Gras Savoye’s growth was further supported by three acquisitions. They acquired a majority stake in French credit insurer G&G Langlois, forming Gras Savoye Langlois. This acquisition has opened up opportunities to offer coverage programs against non-payment on international trade, investments, and projects. Gras Savoye also bought property/casualty insurance broker Actio and a 34% interest in Office Caledonien d’Assurances Mutuelles, an insurance broker based in Noumea, New Caledonia. These acquisitions have not only bolstered growth but also expanded their overseas presence.
Focus on Efficiency and Innovation
Gras Savoye is committed to enhancing efficiency by re-engineering their products and administrative processes. They have implemented an automated personal lines information system to improve overall efficiency. In addition, the company has established personal lines “shops” throughout France, which have proven to be successful. Looking ahead, they expect to continue expanding this initiative by adding three to four new shops each year.
A Bright Future
Gras Savoye is optimistic about the future, with predicted revenue growth of around 10%. This growth will primarily be driven by their existing client base, new client acquisitions, and business development. While insurance rate increases have yet to impact brokerage revenues, the company anticipates that they will start to see these effects in 2001. Gras Savoye remains dedicated to providing exceptional service to their clients and continuously improving their offerings.
Gras Savoye & Cie has cemented its position as France’s leading insurance brokerage through strategic acquisitions, client-centric approaches, and a commitment to innovation and efficiency. With a strong foothold in the global marketplace and a focus on maintaining client satisfaction, the future looks bright for this industry leader.
