Smartdriverclub is a first of its kind service that gives used car drivers connectivity from their vehicle and includes usage based insurance. The business was started last year by CEO Penny Searles (pictured), who launched the firm after the sale of her previous business to US analytics firm LexisNexis Risk Solutions.
With two decades of experience in financial services and eight years in telematics and insurtech, Searles spotted a gap in the market for a service which would give used car drivers all the benefits of connectivity that currently only new car drivers enjoy.
Insurance Business caught up with her to find out how she started the insurance firm, the reality of running a business, and her hopes for the future.
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In all honesty, I fell into it by chance. Before the days of call centres, Midland Bank wanted to set up a team to sell home insurance direct. There were just six people and six phones at that time. It’s difficult to believe that from those beginnings, three of the largest call centres around the UK emerged. I applied to join the team as the hours were flexible, the salary was good and I liked talking to people! I learnt a huge amount about how the insurance sector worked during my time there and could see, even back then, that this was a market which was ready for disruption.
How did you go about starting your business?
I was one of the shareholders in Wunelli, the telematics solutions provider. When we sold the business in 2014, I wanted to use all the knowledge I had gained over eight years working within the telematics insurance market to offer motorists something different, taking advantage of the data flying out of cars to give them insurance with benefits they wouldn’t get from any other insurer.
I could see that this would not only deliver benefits to drivers, but that there was a wider opportunity in used car dealer space as a white label proposition. I spent a great deal of time researching the right technology to make the proposition work, securing funding from investors who believed in what I was doing, as well as getting
Admiral and subsequently
AXA on board to underwrite the product.
What does your job entail on a day-to-day basis?
Smartdriverclub is a start-up so I find myself involved in a wide variety of things – every day is different which I love. I can be sitting in a board meeting with investors or working with the team on strategy and product development one day, and then the next day be taking ‘chats’ on our website and talking to customers which gives us great insight.
This is my business and I feel huge responsibility for my team and for making it a success, so I do find myself getting involved in the finer details of the machinations of the business. The days when I pull myself out of the detail to actually run the business tend to flow a lot more smoothly.
What are the most challenging aspects of your job?
I like challenges, they keep you interested and help drive innovation – you have to have that attitude as a start-up – but probably the biggest challenge is knowing that the success of the business and the future of my team ultimately rests with me, in terms of deciding the direction and helping create the strategy and tactical activity. That type of responsibility is a huge challenge and the biggest one I face.
What has been your career highlight and what are your plans for the future?
Joining Wunelli. I was given the freedom and the flexibility to apply all the things I had learnt in corporate roles in a fluid and fast-moving environment. I met some inspirational people and loved every day of it. In the future, I plan to build the most successful dedicated telematics insurance business in the UK and have the happiest team working with me.
What are your hobbies and interests outside of work? What would you be doing if you weren’t in insurance?
As you would expect, I am pretty engrossed in the business and don’t have a great deal of time for hobbies as such. When I do have downtime, I love to spend it with my family and if I can combine that with some sunshine and perhaps a glass of wine or two all the better. I’m lucky that I spend a lot of time in Spain now because the business is based in Gibraltar so I can enjoy some sunshine and be at work – not bad!
I really can’t imagine being in any other industry that has given me so much reward and so much fun as insurance. I believe the best is yet to come.
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