Spotlight Series: Sioma
Legacy Club SHINES A LIGHT ON SOME OF OUR COMMUNITY, to see what makes them and their businesses tick!
FOUNDER & director alexander margolin, OF insurance industry experts sioma
Please tell us a little bit about you the person (not you the business owner):
I thought I would list some words, phrases and ideas that really sum me up:
Backpacking. Traveling. Hiking to Everest Base Camp. Vegan. Sustainability. Electronic Music & Festivals. Magic. Formula 1. Chelsea. Bouldering. Yoga. Card Games. Reading Non-Fiction. Running a charity in Tanzania (Made With Hope). Asian Food. Tea from around the world. Philantrohpy. Self-Improvement.
Describe your business in less than 30 words: Insurance for businesses of all sizes and across all sectors. Insurance for high net worth individuals. Free risk management advice to all our clients.
What industry or sector does your business fall in to?: Insurance
What did you do before you started your business?: After university, I started on the Graduate Program at Allianz and stayed with them for 6 years before setting up my own brokerage
What have been the biggest struggles that you have encountered, and what did you do to overcome them?: The two biggest struggles in my business are:
1) Getting in front of clients - advising on insurance is the easy part but actually getting in front of customers and being introduced to new clients is the hardest part of the business. To overcome this I have built a large network of introducers, especially accountants, IFA;'s and solicitors whose clients require our services
2) Time management - growing at such a fast pace, providing high service levels to our clients is a priority. We have recently invested in a new tech platform and taken on a new member of staff to ensure I have more time to be out adivisng clients.
Have you had any external investment to date?: No
What has been the impact of COVID-19 on your business and did you make any changes, or pivots?: COVID has put a real spotlight on insurance. People are aware now more than ever that "bad things" can happen and needing insurance is more of a reality, rather than a check box for a contract or legal requirement. The main pivot was going from face-to-face to zoom meetings - this is difficult in our business as often we survey a client's office/warehouse/shop/hotel when compiling our report for insurance, so doing this virtually was quite the challenge. Being able to use a number of third-party software has really helped in this process.
Do you struggle with, or have you found any of the following barriers to your business growth?: People & Talent, Access to markets
Do you have any business hero's, if so, who are they?: Bill Gates - I am inspired by Bill for the way he has used his intellect and wealth to drive innovation in companies around the world to make the world a better place
Mohammad Yunis - if you haven't heard of Mo, check out the book "Banker to the Poor". As the founder of Grameen Bank his story is incredible, and to build a bank based on lending to the poor is so inspiring. Running a business that has a social good is really important to me.
Tony Robbins - his very being and the way he talks, listens, guides and inspires is truly amazing. Self-improvement is key in life and business, and his ability to master this is incredible
Financial Rewards or Business Awards?: Financial Rewards
What was the last book you read?: Surely your joking My Feynman - Richard Feynman
Tell us something totally unique about your business: The founder is a millennial and that is rare for insurance!
Finally, please tell us what we can look forward to with your business as we head in to 2021: I will keep you posted about some potential acquisitions and strategic partnerships!!!
