We talked to Simon Taylor, Founder and CEO at Get Indemnity™, a digital insurance broker and here is what he said about it.
First of all, how are you and your family doing in these COVID-19 times?
Simon Taylor: My family and I have been fortunate enough not to be personally impacted by COVID-19. There remain risks and frustrations, but with the end in sight with the successful vaccine rollout, we will be thankful to come out the outside unscathed.
Tell us about you, your career, how you founded Get Indemnity™.
Simon Taylor: My career started in 2001 working for a ‘Lloyds of London’ Syndicate called ‘Wellington’. From there I worked for ‘Willis’, ‘QBE Australia’ and ‘Chubb Insurance’. Get Indemnity™ was founded because there are little to no flexible solutions available online for business insurance. If you purchase an ‘out of the box’ product from a single provider, how do you know your obtaining value for money?
Insurance brokers provide a valuable service when you consider there are hundreds of providers of business insurance in the UK. Most people will only recognize the brands that have B2C solutions, however, the vast majority of insurers will only deal with insurance brokers. We offer a cost-effective service to benchmark your covers against the wholesale insurance market.
How does Get Indemnity™ innovate?
Simon Taylor: At Get Indemnity™ we have stripped back the traditional insurance broking process and re-engineered online. Our agile insurtech solution connects a digital platform with human intervention, combining the efficiency of technology with the experience of insurance professionals. Our digital on-boarding process records risk information, while the application is enriched with data held by third-parties to validate the exposure and reduce the information burden on the customer.
We continually want to understand how we can better solve our customer’s problems. Creating an improved customer journey is the only element where we focus our attention. Many businesses assume that identifying the most appropriate insurances is a simple task, however against a backdrop of a pandemic there is a lot of change occurring behind the scenes. Providers are pulling out of certain business classes, reconsidering how they calculate your premiums and making their criteria for risk selection more stringent.
How does the coronavirus pandemic affect your business finances?
Simon Taylor: Our business continues to go from strength to strength with a greater number of enquiries being made through digital channels. 2021 is already shaping up to be our most successful year. Uncertainty is not unfamiliar to founders of startups, but we soon realized that our business model would be unaffected. Whilst a lot of insurance brokers were trying to figure out how to work from home effectively we already split our time, and while our competitors were still asking for face-to-face meetings, we were already using Google Meet.
Did you have to make difficult choices regarding human resources and what are the lessons learned?
Simon Taylor: No.
How did your customer relationship management evolve? Do you use any specific tools to be efficient?
Simon Taylor: We offer a flexible service to meet the needs of our customers. With more complex risks requiring detailed reviews and analysis, the majority of our enquiries require a lighter touch and we can pass those savings on to our customers. With a range of digital tools at our disposal, we can deliver our services remotely across the whole of the UK. It’s been a long time coming, but many businesses now understand they don’t need to employ a local insurance broker to satisfy their requirements.
Did you benefit from any government grants, and did that help keep your business afloat?
Simon Taylor: No.
Your final thoughts?
Simon Taylor: Change remains the only constant. Being able to effectively deal with external and internal forces, whether that’s through technology, people or partnerships can make a significant difference to the success or failure of your business. Stay positive and focus on what success looks like for you.
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