Launch in start-up land is exciting, terrifying, exhilarating, and unpredictable. As you will recall from my “KOBA Insurance – Go To Market” blog, with all research and planning, collaboration and preparation, you’re never quite sure the pace and appetite and scale of take up and growth.

[And all of that is dictated to by cashflow. Prioritization of investment is key.]

Within all of that, REDTAIL and KOBA Insurance have been working closely to be sure that, having gone to market, the device and data stuff works!

• • Devices are being accepted by policyholders and they can plug them in
  • Those devices transmit journey data swiftly and accurately
  • That journey data is being transferred to KOBA Insurance systems in an actionable and valuable form

Luckily not too many teething issues thus far with the device – the only one that comes to mind is the below:

“When there aren’t enough satellites in the sky, the device defaults to Santa’s workshop in the North pole. This way we know the device is clearly incorrect and are able to trouble-shoot and credit them back incorrect trips with our customers for something that’s out of their control.”

The well-documented component shortages have added complexity.

Again, REDTAIL and KOBA Insurance have worked closely together to inform on-demand vs supply timings with intent to both meet the market excitement that KOBA Insurance are generating, but also anticipate what might happen later in the year.

For founder Andrew and his team, the focus on highly cost-effective marketing and promotion is paramount.

Brand and Communications Director Erica Lam:

“As one of the first pay-per-KM insurers in Australia, our goal is to give low-usage drivers a fairer alternative to pay for what they use. While it’s exciting to see our product resonate with audiences, as a start-up, we’re also being selective and highly targeted with our marketing at launch. Test and learn is key, and then once we’ve got good traction, we’ll really focus in and ramp-up.”

KOBA Insurance live on www.comparethemarket.au …

Clearly, market seeding and promotion efforts are very much sales-focused, which needs to be aligned with capacity to serve policy holders. A second unknowable component is the participation of the insurance aggregator channel, which is both vital (for scale) and to an extent unpredictable. Any delay is of course frustrating but also to be expected!

However, KOBA Insurance went live on www.comparethemarket.au early March, and demand is growing – and of course there is an absolute must to disappoint no one! Nice problem to have.

Looking forward, the necessity of proactive and reactive communication and dialogue is paramount.

As market demand builds, policyholders sign up – as volume of journey data increases and all transactional elements scale, the partner approach will intensify and flourish.

We both look forward to that!

Problem Solving

Partnership

Potholes damage costs UK drivers £1.3 billion every year!

Potholes on British roads are an increasing problem. Research by Kwik Fit in 2020 revealed that the cost to UK drivers from pothole damage was £1.3 billion!  In that same year, one UK local authority was forced to pay out £1.2 million to drivers for damage to their vehicles caused by potholes.​

Redtail Telematics has been appointed by Synaptiv to help local councils say farewell to the fearsome pothole.  It starts with data collected from Redtail’s ‘black box’ telematics devices, fitted to vehicles driving on UK roads. The data is transformed into an accurate assessment of the road surface that the vehicles are traveling along.  This negates the need for specialist equipment to survey roads once a year or employ inspectors to manually assess damage locations.​

Real-time road analysis using telematics reduces the need for specialist equipment

Since data is collected and analyzed in real-time, the Synaptiv solution can monitor defects as they appear.  Consequently, roads can be repaired quicker, before they pose a risk to drivers, or deteriorate and become costly to repair. The analytics employed also makes predictions on the rate at which a defect may deteriorate, helping councils prioritize repair schedules.

A twelve-month trial has revealed promising results

The solution has been trialed with councils for the past twelve months and successfully validated against traditional road surveying solutions. Recently, the DfT announced it will allow highway authorities to use new technologies for assessing road surface conditions.  This news opens the market to innovative approaches.  Approaches that are not only better performing but can be deployed at a far lower cost.​

A word from the CEOs…

Redtail CEO Dr Colin Smithers said: “We are delighted that Synaptiv has appointed Redtail Telematics in their work to provide the data insights revolutionizing the way local councils monitor and repair potholes. Our telematics devices and robust data capture technology ensures Synaptiv has the most reliable technology.  Supporting their ongoing initiatives with local councils, and reducing costs and manpower when addressing the plague of UK roads… The pothole.”

Matt Lewis, CEO, Synaptiv commented: “Working with Redtail has allowed us to accelerate the development of our artificial intelligence algorithms capable of transforming data from connected vehicles into an accurate assessment of road health. It is exciting to see our innovation help local authorities start delivering on the promise of the smart city, with data-driven insights dramatically improving public services and enhancing the quality of life for citizens.”

Another acronym.  I know what it means for me and for KOBA Insurance, but was mildly amused by the results from GTM – Definition by AcronymFinder.  Some examples include Great Tibetan Marathon (sounds hilly), Garfield the Movie (Bill Murray funny), and pervasively (and perhaps unsurprisingly) top of list Google Tag Manager.

For me, and for our ‘fairer motor insurance for Australia’ partner KOBA Insurance, it means Go To Market.

More importantly, it means genuine collaboration on a detailed action plan to fulfil market needs in a timely and (crucially) cash-conscious manner.  A little more detail:

Market

Starts with an idea, a hunch – in this case prompted by ByMiles success with a low-mileage proposition in the UK – new and promising in Australia.  Can be corroborated with primary or desk research into appetite and competition, and of course a sense of the economics of the thing.  And I’d like to think REDTAIL added a little insight in discussion with KOBA CEO Andrew Wong on multiple early morning/early evening chats.

To

Having qualified demand, how to get there? Clearly where the KOBA/REDTAIL partnership intensified was around the device/data solution. We (and I mean we) understand the options for miles tracking device, and its necessary connectivity with appropriate network provider. REDTAIL (Cambridge UK) and KOBA software folk (Mike, Rock Creek and Jon, Anaheim, both USA) defining API access and configuration to generate journey data of value

And then engaging with Erica, KOBA Brand Communications Director on minutiae of device packaging, branding, and consumer communication around product and service.

And then sorting fulfilment logistics with and through our Clarion Malaysia manufacturing facility through to KOBA partner Intellitrac.

And then liaising with Andrew W. on launch plans and demand build up and forecast and readiness and timing and cashflow (vital for start-up)…… all amidst a global pandemic. Same for all of us, right?

Go

Soft launch mid-August, hard launch early October. Devices are delivered, test journeys evident, early adopter marketing underway (PRE-REGISTER NOW at KOBA Insurance – Pay Per KM Car Insurance), and now the exciting part:

WE ARE READY !

Keep you posted………

REDTAIL works with both small and large businesses. In all those relationships, we strive to work with humility, empathy, and fortitude in order to, well, succeed together. The sum of which is that working with the right folk in the right way is imperative to growth.  This has consistently brought to the fore the meaning of ‘partner’ in our business relationships.

We’ve all seen it: Partner Programme, Partner Contract; Partner Relationship, Partner Pricing (pricing a subject all on its own!) – all ripe for abuse and exploitation – and of course opportunity. Very recently I was in a meeting in which the (large) company representative stated clearly and warmly: ‘We like to work with people as partners, where it’s about relationship.’ Nice. Conversely, I was in a meeting in which a (small/medium) company representative stated clearly ‘You are not a partner you are a commodity.’ Less nice.

I am happy to confirm that in my first example, the large company Partner has backed up their statement with collaborative behavior.  Likewise, rather unfortunately, my second example has continued to… abuse expectations, shall we say.

But what should ‘Partner’ mean, and when should this over-flexed term be used?

I offer three areas for discussion on partner behaviors:

1. Mutual understanding of market(s) and business context
2. Mutually beneficial directions & outcomes – interdependencies
3. Respect

All very collaborative, positive behaviors that you’d want to experience in any relationship you find yourself involved in. But what do they mean? How can they be achieved?

Mutual understanding of market(s) and business context

This is not a history lesson. It is a dialogue (important word) on where a business has come from, its DNA, where its key people have come from, and where it hopes to get and how, and even when. Share (under NDA) to care, as they say. Dedicate the time and intellect. Question and listen to the answer. Understand and accept.

Mutually beneficial directions & outcomes

Perhaps the most difficult. It is a moving target of course. Understanding of today’s ambitions takes no account of market dynamics that may impact both direction and outcome. Acceptance can be tested by a seemingly inconsistent knee-jerk reaction. Relationships can be impacted without transparent communication. Having said that, to continue to enable growth, for outcomes to be celebrated mutually, surely a worthwhile investment in every sense of the word.

Respect

‘a feeling of deep admiration for someone or something elicited by their abilities, qualities, or achievements’;

‘due regard for the feelings, wishes, rights, or traditions of others’

Nuff said?

So when should we use this term? Difficult to be prescriptive, and I would certainly urge a considered approach. What I am sure of is that when you mean it, say it, and when you say it mean it.  Act accordingly and with consistency, resolve, and not a little humility, empathy and fortitude.