Key Entrepreneurial Lessons for Innovating in Legacy Industries What entrepreneurs can learn from disrupting tradition

Entrepreneurs in the UK are shaking things up by blending innovative technology with traditional practices. Success stories from companies like Brighton based INSHUR, a global provider of embedded insurance for the on-demand economy, exemplify this trend by successfully navigating the intersection of technology and legacy sectors. Their success stories provide valuable insights for aspiring business leaders looking to thrive in today's dynamic marketplace.

Build a diverse and expert team
A successful entrepreneurial journey often begins with assembling a well-rounded team. It's essential to create a diverse group of individuals with expertise in various fields, including technology, finance, marketing, and customer service. A multi-disciplinary team brings different perspectives to the table, fostering creativity and innovation.

Co-founder and CEO of INSHUR, Dan Bratshpis, emphasises this point: "As a fast-growing scale-up that branches over both technology and insurance, we knew we had to build an expert team who knows (and has an interest in) these two disciplines. Insurance is a legacy, the financial industry and technology is fast, smart and fun - especially when it comes to problem solving."

By cultivating a team that shares a common goal and vision while also valuing diverse backgrounds and experiences, entrepreneurs can create a culture of collaboration that enhances problem-solving capabilities.

Foster a culture of innovation
Creating an environment where innovation can thrive is vital for any startup. Entrepreneurs should encourage open communication and idea-sharing among team members. This means establishing a culture where employees feel safe to express their thoughts and challenge existing norms. Bratshpis highlights the importance of a safe space for innovation.

"To modernise insurance, we built a wholly inclusive team of experts in both technology and insurance who listen to and positively challenge each other in a space that is safe, where diversity of thought and expertise is respected."

Innovation often stems from taking risks and experimenting with new ideas. Entrepreneurs should promote a mindset that views failure as a stepping stone to success. This approach empowers teams to explore creative solutions and enables them to adapt quickly in a fast-paced market.

Related: The Future of Sustainable Building

Prioritise customer needs
Understanding customer needs and preferences is essential for developing successful products and services. Entrepreneurs must invest time in market research and actively engage with their target audience to gain insights into their pain points.

For example, in the first-of-its-kind report which took a deep dive into the needs of the on-demand drivers, INSHUR discovered that over a quarter (26%) of drivers in the US say that vehicle insurance is one of the biggest burdens on their finances, with 26% of Rideshare claiming that insurance is too expensive. A quarter of drivers (25%) say that on-demand platforms should offer advice and/or assistance when buying insurance. And while women (27%) are more likely than men (23%) to say they need help buying insurance, men are six percentage points more likely than women to say better pricing is a priority for them (29% vs 23%).

INSHUR solves this challenge through its superior underwriting capabilities and exceptional claims handling, enabled by its innovative technology platform, offering a suite of products tailored specifically for the on-demand lifestyle – helping workers to stay on the road and keep earning. By leveraging AI as well as new technology features including enhanced self-service functionality, INSHUR is able to focus on enhanced customer satisfaction and retention as well as achieving a market leading loss ratio.

This focus on customer-centric solutions leads to enhanced user experiences, fostering loyalty and long-term relationships. By continuously gathering feedback and iterating on products, entrepreneurs can ensure that. their offerings remain relevant and valuable to customers.

Navigate regulatory challenges
Every industry comes with its own set of regulations and compliance requirements. Entrepreneurs must be aware of the legal landscape surrounding their business and proactively address any potential challenges. This is especially important in heavily regulated sectors such as finance, healthcare, and insurance.

Bratshpis points out the necessity of compliance: "With insurance, there are fiduciary and data responsibilities that need to be addressed before any technology can be used to potentially solve an issue."

Entrepreneurs should consider consulting with legal experts or advisors to ensure they are compliant with relevant laws and regulations. By building a foundation that prioritises compliance, entrepreneurs can mitigate risks and protect their businesses while pursuing innovation.

Adapt and pivot
The business landscape is continually changing, and entrepreneurs must be prepared to adapt and pivot as needed. Market trends, consumer preferences, and technological advancements can shift rapidly, requiring entrepreneurs to remain agile in their strategies.

Entrepreneurs should regularly evaluate their business models and strategies, being open to change. This adaptability not only helps businesses stay relevant but also positions them to seize new opportunities as they arise.

Entrepreneurs today have the chance to innovate within legacy industries, creating solutions that resonate with modern consumers. As Bratshpis advises, "Our one tip: Respect expertise, diverse thought, and encourage innovation in your team."