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An alternative credible route for individuals to buy tailored insurance policies

4 Mins

Name:

Steven Mendel

Role and company:

CEO and co-founder of Bought By Many

Growth forecast for the next three years:

Our objective is to become an alternative credible route for individuals to buy tailored insurance policies. We want to be the place they would turn to, with the aim of finding out if there’s an offering relevant to their needs, before attempting to buy a standard existing offering from elsewhere in the industry.

In under 50 words, what makes your business distinctive in its marketplace:

Bought By Many’s helping consumers with similar insurance needs club together using social media, to help get better deals on insurance. The concept’s simple – the more people who join a group, the better the deal becomes. Bought By Many is shaking up insurance in a way not done before.

What’s the big vision for your business?

We’re trying to make insurance social. We want insurance to be tailored to the needs of individuals, rather than people having to buy an existing one-size-fits-all offering that is the norm today.

Current level of international business, and future aspirations: 

Our approach to insurance is not available anywhere in the world today, but for the time being, we’re focusing on the UK – for now.

What’s your biggest career setback and what you learned from it? 

I’ve had many “knocks” but the more you’ve had the more resilient to set backs and challenges you become over time. In the end it makes you become more determined to learn and you bounce back stronger and more committed.

What makes you mad in business today?

The amount of tax we’re having to pay as a start-up business is ridiculous. Britain should be supporting innovative start-ups, not strangling them.

What will be the biggest change in your market in the next three years?

I think that the growth of tailored insurance that people are happy to talk/ tweet/ interact about. With insurance being such a regulated industry this will be a big change.

Can businesses in your sector/industry access the finance they need to grow? If not, what can be done to improve things?

Accessing finance is always hard for start-ups. While I’m sure that each industry claims that theirs is harder than others, I do believe that innovation in insurance has always been pretty thin on the ground, so investors will really take a lot of convincing!

How would others describe your leadership style?

Collaborative, dogged and committed.

Your biggest personal extravagance?

No question about this answer: holidays.

Now you’ve got two minutes with the prime minister, so tell him how best to set the UK’s independent, entrepreneurial businesses free to prosper:

Tax, tax, tax! This really is the problem. The amount we’re requested to pay as a start-up business is quite a lot. Britain should be supporting innovative start-ups, not strangling them. Set us free to put all of our investor monies to work for the good of the company and the country, not the tax coffers.

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