What is your business? What inspired you to start it and how is it different to that of rivals on the market?
I run Smartdriverclub – a membership programme for drivers who want a connected car, taking advantage of new technology that is otherwise only available in new cars. This month we have launched an insurance product under the same brand.
In my last role I was chief executive of a business that provided telematics technology to insurers to enable them to offer cheaper premiums for drivers who were happy to have their cars connected. The technology showed the insurer how, where and when the car was being driven. However the technology was only being used for insurance purposes and the number of policies run on this basis was a fraction of the total market.
It was clear to me that if you can get the car ‘talking’ through connectivity it could provide drivers of used cars with a plethora of useful services – not just enable usage based insurance. No other companies were offering this service in the UK and with my experience in insurance, finance and technology, I wanted to be the first to open up connectivity to the millions of drivers of used cars in the UK.
What spurred me on is that I have elderly parents who are enjoying their retirement visiting different parts of the UK but I worried about them having an accident in a remote area late at night. The story of a couple who lay in their car off the side of a motorway for three days before the emergency services reacted was key in working out what services we could provide to drivers and their families for greater protection and peace of mind. Included in the ten (and growing) different benefits of Smartdriverclub membership is being able to see where the car is at any time and whether it’s involved in an accident.
What have been the key challenges for your business?
Acquiring the capital investment to put the idea into action and creating the right, experienced team that believed in the vision was a key challenge. However, the biggest challenge is having an innovative offering. Sometimes leading the charge can be difficult as you also have to be the educator.
What are your company’s biggest achievements to date?
Acquiring 100 per cent of the investment from a party that completely believed in the idea, the strategy and the team.
How lucrative has the motor and insurance sector been for you, and what excites you most about what you do?
It’s been very rewarding both financially and in terms of the job satisfaction. I believe passionately in this proposition but I also know it’s a new concept for the UK so when you see the light switch on and people ‘getting it’ – that’s what excites me.
I have been lucky enough to be the chief executive and shareholder of a company which was sold to a large US data Company Lexis Nexis. It was a great vindication of using driving data effectively to manage motor insurance.
What is a typical day for you? What sort of role do you play in your business and what challenges do you face in your sector as woman?
One of the things I love is that there is no typical day – particularly at the moment in start up mode. My previous company was eight years old when I sold it in May 2014 and between then and the date I left in September 2015, my days had become more predictable.
Now, I’m back in year one [at the helm of a start-up] which means lots of juggling as you would expect. A typical day may involve a media interview to explain the concept, followed by a meeting with a motor dealership considering the proposition and how it can increase their customer retention and increase after sales revenue. Then I could be testing a page of the website to see whether it works in the way we want and then signing off the text for compliance, concluding with an investor review meeting at board where we consider the long terms strategy. There is never a dull moment.
Perhaps I am lucky but I don’t think being a woman has ever created a challenge for me in my career. And maybe that’s because I never see it as a hindrance. I do believe that if you don’t regard it as a barrier psychologically it never becomes one. You succeed with great communication, drive and self-belief. And keeping it simple. Plus I think I’ve managed to avoid political environments. I guess I have been pretty lucky in my career.
What has business ownership taught you about money management?
My mum taught me about money management from the age of 11. She was a bank manager and I learnt how to balance the books from then on. Even now I still log every cash withdrawal I make and every card transaction, it stopped me overspending when I was younger and it still does! I check my statements and you wouldn’t believe the number of times I’ve been charged twice! But I do it in the main to keep on top of spending and I apply the same logic in business, plan and keep control of costs and stay on track, know where every penny is spent and breed those behaviours in the team. Borrowing to grow isn’t an issue but if you start with that mindset you don’t control costs as well as you should.
What is the greatest challenge and the greatest reward in being your own boss?
The biggest challenge is the responsibility. The money, the success, the failure, the people you employ – it’s all down to you. You have to think about them all the time and your partners and what you mean to them too. The greatest reward is seeing something you create with your team grow and become successful. The praise that you receive from the market means a lot.
Which other businesses outside of your industry do you admire and why?
I admire small companies starting from scratch that succeed against the odds. The kind you see on Dragon’s Den that receive no investment, and then just fly. Tangle Teezer was a great one, he didn’t really need (and didn’t get) the money but wanted advice and help. The founder will sell this year for upwards of £200m. Money Supermarket was an innovative idea but everyone thought the guys there were mad—now look at it. I also admire companies that offer excellent customer service – John Lewis and Marks and Spencer–they care and we know it.
With all your accomplishments, what are the principles, philosophies and guidelines that have brought you this far?
It’s simple: my family is the most important thing to me – the trust and honesty you have in your family and I apply that to work. All my team are my extended family, as are the people that work for us – key partners that do everything to help us succeed. I have had a lot of mentors along the way and I try to do the same for others and help other businesses where I can. I find when you give in this way you get it back tenfold.
What’s next for your business?
World domination! Aside from that, we are growing the number of services offered through Smartdriverclub, based on feedback from members. This includes a new Business Miles feature, to take the pain from expense reporting for mileage incurred for work and a text alert service for if your parked car is moved. Airport parking firms beware!
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