Coffee Chat with Simon Bell, Driverly Investor

Hi Simon, thanks for your time! First off, tell us a little about yourself.

I’m an exited Founder, Angel Investor and Father of 4 girls.

You are one of Driverly investors and the business’s NED and Chair-designate. Why did you decide to invest in Driverly and join the board?

The ability to leverage technology to make people safer, better drivers and reduce costs for all involved is a great mission that I could see Driverly having an impact on.

The team have been able to make a great start on the problem and have demonstrated an ability to keep moving forward in a very capital efficient way.

The traction, although early, has proven that what Driverly is offering is attractive to large players in the market in multiple markets (UK/Spain) - this is a solid platform to build from.

I joined the Board as Chair designate, as I thought this was the best way to be able to provide guidance and help Driverly achieve its goals. I also enjoy working with the team on trying to solve the problems faced by the business.

What are the key opportunities you see for Driverly in the short to medium term?

Developing the relationship with existing large clients to become their reliable, indispensable partner using a ‘land and expand’ account management strategy will ensure that these large clients become long-term and evangelist clients. Building strong, multi-tier relationships with these businesses should give clear signals on the roadmap for future products and services - existing clients asking you to solve current and future challenges is a much better strategy than building what you ‘think’ the market needs.

Continuing to strengthen the team is critical. Recent hires have added significantly to capabilities and reach of Driverly. This team growth needs to continue to be a focus as the team will need to expand to match the growth of the business. This also shows the market that you’re building something that great people want to work on and for.

In your assessment, how can Driverly bring change and innovation to the motor insurance sector?

Carrying on the path that has been developing over last 6 months shows a route to having an impact on the market.

The key differentiator for Driverly appears to be the speed with which it can respond to client feedback and implement changes to the platform. This needs to continue and accelerate where possible.

There also needs to continue to be a consultative element to the sales process where you’re bringing concrete ideas and solutions to clients who can sometimes not see the wood for the trees. Leverage the multiple perspectives you have in the two markets you’re focused on.

What are the biggest risks?

Execution risk is high – we are still building Driverly’s brand and reputation in the market, so each client is valuable and needs to receive full attention of the team. You cannot have a dissatisfied client in the market talking about Driverly negatively. Having a strong, positive reputation is vital.

As the majority of the clients are large corporates the usual big issues are i) slow decision/procurement process ii) moving from POC to Customer iii) the movement of key stakeholders within businesses - as people move into new roles/businesses - can kill momentum. Everything must be done to identify the best opportunities in the pipeline and force them through the sales funnel process as effectively as possible.