John Pearson (pictured), co-founder and former chief executive of Virgin Radio, is now the chairman at Bought By Many. Also appointed to the insurtech’s board is non-executive director David Schapiro, who served as CEO of financial services SaaS provider Earnix.
“Bought By Many plans a number of product launches in 2018, and I’m thrilled John and David have joined to support and inform our decision making,” said Bought By Many chief executive and co-founder Steven Mendel. “They are well respected and have a huge amount of experience in their respective fields. They’ll be assets to the business and I look forward to working with them.”
Other senior roles previously held by Pearson include chair at Shazam, the music and image recognition service recently snapped up by Apple, and director at Ginger Media Group. His track record of building wide-reaching, successful brands is among the talents he hopes to bring to the growing firm.
“I am excited to be joining Bought By Many,” said Pearson. “The use of social platforms to identify unmet consumer needs coupled with the ability to deliver offers on insurance for members is a tremendous asset. Obsessive customer care and a unique product set make Bought By Many a genuine disruptor that is scaling rapidly, I am looking forward to working with such a talented team.”
Meanwhile Schapiro is a familiar face in insurance, having led analytical insurtech player Earnix for a decade. He also co-founded commercial insurance data platform Planck Re.
“The insurance industry is going through a period of unprecedented change, and Bought By Many is at the forefront of this disruption,” commented Schapiro, whose knowledge of both insurance and technology will aid the board in tackling growth plans. “Businesses that analyse and understand change and then build better services can become industry leaders. I see this potential in Bought By Many and I’m pleased I can help it fulfil it.”
Launched in 2012 ahead of the pack, Bought By Many now has more than 450,000 members. With the goal of creating better insurance for everyone, the insurtech uses a group buying model to negotiate deals and discounts with established insurers for people with specific insurance needs. Last year saw the launch of its own unique products.