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Quotall is a specialist insuretch software house helping large, high profile enterprises enter the insurance market.
At this moment in time, only 5% of the UK’s £51bn insurance market is sold via retailers, utilities or affinity groups. Quotall is here to change that by removing the barriers brands face, such as high up-front costs and legacy technology, through a fast, simple and efficient service.
We caught up with Quotall’s founder, Simon Ball, to get to know more about his vision for Quotall and his journey so far.
What is your professional background and what inspired you to take the leap into entrepreneurship?
Simon: I have a background in IT and enterprise sales. The move to being an entrepreneur was a natural career development in my view as I had the chance to put into practice in my own company what I had learned (and been trained in) in the corporate world.
Working with people I respect and admire in an exciting sector that’s going through change were also major factors for me!
When we think of insurtech, we typically think of the B2C offering – what makes the B2B offering so important for the growth of this ecosystem?
Simon: We’re actually B2B2C – the difference in our model is that we are empowering major brands with massive client bases to sell insurance. This model actually takes away one of the biggest Insurtech B2C risks. Our clients already have their own client bases, so acquiring large client bases and building a brand isn’t as big a challenge or risk.
For example, our newest client sells to 70% of the UK population during the course of a year and does 5.6m transactions a day. Cross selling insurance for them has some challenges but engaging with customers and telling them who they are isn’t one of them!
What do you think is missing in the current insurance model and how does Quotall solve it?
Simon: Simple – we take away the barriers to entry that are preventing big brands entering the insurance market with disruptive plays. We solve the tech, regulation and market access issues.
Who are you currently up against in the way of competition, and why would business customers choose your offering over other players in the market?
Simon: Our biggest competitor is “do nothing” or “do it yourself”. The real power of our proposition is that it brings together the best of breed collective to deliver a solution. Our tech is at the heart of it. We build marketplaces and communities to deliver an insurance solution.
There are lots of Insurance software houses out there but the real value add is our go to market model and partnership network (our Ecosystem) and know-how.
What was the biggest milestone the startup has hit so far, and how did your team celebrate?
Simon: We’ve just contracted our largest client to date, we’ll be announcing the name soon and it will cause quite a stir! As for the celebration, we haven’t decided on that yet. Our team is super focused and has turned its attention immediately into making the new client a success. Rest assured though we will take time out to quietly acknowledge the achievement.
What do you anticipate to be the biggest challenge going forward and how will you tackle it?
Simon: We are moving into a new phase as a business – scaling up. We have the clients secured and key for us is making them successful and driving exponential revenue growth. Managing growth while maintaining the quality of service we’ve become known for will be the challenge, however, one we’re all looking forward to.
What does your exit horizon look like, if you’re thinking that far ahead?
Simon: We have to think of this in the interests of our shareholders but we also have to execute the day job well and stay focused, it’s a balance.
We have a number of options for exit including PE/VC, or being acquired by a major insurance brokerage (they are increasingly aware of the need to have technology led propositions), an insurance software house or an enterprise software house (that needs an insurance vertical) acquiring us.
They all can’t do what we do and they will need to acquire rather than build their own solutions.
What is one nugget of advice you’d give to aspiring insurtech startups?
Simon: My advice would be do not underestimate the inertia that exists in getting the insurance industry to move, change and support you. It is an industry riddled with legacy technology and legacy thinking. Then again; that’s why the opportunity for disruption exists, so do it anyway!
What’s the number one trend you think we’ll see in the insurance industry in the future?
Simon: There are so many but if I was forced to highlight one, it’s the change in consumer behavior (both personal and SME) towards self-research and self-selection. At the core of this is digital consumer experience – consumer demands and expectations are changing and the industry is struggling to keep up.
When you get a spare hour, free of work, how do you use it?
Simon: I love festivals and gigs and can’t wait to get back into a muddy field with my wellies on!
To find out more about Quotall and for the opportunity to invest, visit the pitch now.
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