My guest on the latest BankNXT Fintech Podcast is Steven Mendel, CEO and co-founder of Bought By Many, a members-only service that helps you find insurance products that are tailored to your needs, and strives to treat people as individuals. It’s community-powered insurance, and Steven provides some background on how Bought By Many works.
It doesn’t provide its own insurance products, but rather acts as a broker that helps to cover individuals for very specific things, and is breaking new ground in the pet insurance sector.
“We were struggling to find insurance partners who really understood the challenges that pet owners had, and were building tailored products to those needs,” says Steven. “Around this time last year, we messaged 120,000 pet owners and said to them, if you could design your own pet insurance policy, what would it look like? Amazingly for us, we got 40,000 responses!
“Out of that, we developed brand new to market pet insurance products. These are the first products in the insurance space that had the Bought By Many brand on the front of them. And this was about us genuinely building a consumer-centric insurance offering where everything from end to end was designed by our members. All we did was facilitate the process.”
Bought By Many has also offered white label versions of what it does to insurers in other jurisdictions, such as Ping An Insurance in China. We touch on this briefly, but more interesting is how the company navigated regulation in the UK:
“It was harder when we started than I believe it is now,” says Steven. “I think that’s a credit to the FCA. The innovation hub at the FCA did not exist five years ago. In fact, I believe we were the first insurance business to go through the innovation hub. That made our lives a lot easier.”
We discuss other challenges that came up during the genesis of Bought By Many, and we get around to talking about Steven himself – how he got started as an entrepreneur: “I was a maths geek, so being an actuary was an obvious route to take. A good friend of mine has always said I was never ever born to be managed by somebody!”
Thanks again for listening in. I’m always open to discussion about who you think I should reach out to, especially if they’re doing something exciting in fintech. Please leave your comments below, or contact me on Twitter. You can catch other interviews on this page.You can subscribe to this podcast on iTunes.