Teddy is New Zealand’s latest insurance advice start-up helping businesses understand the importance of insurance and access it easily. And it came to be rather serendipitously. Teddy CEO, Calum MacLeod, had cleverly subscribed to the Creative HQ newsletter. One day, as he was preparing to get Teddy (formerly known as Insurely) off the ground, he received the news about the upcoming Kiwibank FinTech Accelerator. As soon as he saw it he said to himself, “What perfect timing?!”, after some research he decided to apply.
Calum comes to the table with a wealth of experience in highly competitive sales with corporate, government, and banks – small business to boot. His CTO, Gopal is a Senior Software Developer with strong experience in the financial Sector and a lot of other MNCs. He also worked for a company you may have heard of: Yahoo!
Calum knows that the insurance market has its pain points, but he came up with the idea for Teddy when he noticed a gap in the market for SMEs being able to get the insurance they need and getting it on their terms. He wanted to create an online platform so that business owners could get insurance and the advice they need more efficiently, and cheaper of course.
The goal is to save his clients both time and money – something every business owner would be interested in. He also wants to work together with brokers saving them time and money too! Calum admits that there are great insurance brokers out there, but not enough of them to get to every SME and offer the service they deserve. Small business owners come to brokers often via word of mouth or other personal relationships – but what about people that want to sort it out online or new migrants who are setting up businesses here without the necessary networks? Who will provide them with the information they need to be properly insured and prepared for anything?
The heart of the matter
Teddy aims to give every single business owner access to insurance. In a typical scenario with a traditional broker, business owners would have to book time out of their busy schedules to meet in person. Over this one to two-hour meeting, they would have to detail their life story and financial situation, answering hard-hitting questions around their business goals to build a clear picture of the company. After gathering this information, the broker would then recommend the right cover for them.
Currently, no insurance companies are doing this online. Teddy plans to build an online product that will turn the entire process into a painless digital experience, culminating in clients being able to buy their policies and have them issued online as well. He sees his company as an insurance concierge, wherein he and his team of experts will tailor the right policies to each of their clients. Bespoke insurance, if you will, and it’s pretty brilliant.
Gaps in education
Calum believes Teddy has a lot to offer in the way of educating small to medium business owners who don’t understand how vital business insurance is to their future. When a business is under-insured, they put themselves, and their families at risk. One single traumatic life event can happen that could potentially destroy their entire business, and he wants to get this message across to the thousands of Kiwi businesses who don’t have insurance.
While business owners know they need insurance, they don’t know how much or how little they need in place. Calum believes that by explaining the risks and offering advice he can change this mindset. He’s got Willie Moala, Bernie Kane and Mark Hurren on board, all of them financial and insurance advice experts with over 70 years combined experience in the field. Looks like Teddy has got everything covered.
And the name? Teddy means guardian of prosperity. Pretty apt for a company looking to protect New Zealand businesses.
To find out more about Teddy, and how you can invest, get in touch with Calum@heyteddy.co.nz and follow them on social.