Stopping traffic
Meet Sam White, the founder and CEO of Stella insurance, the brand changing the game in a male-dominated industry.
Multi award-winning entrepreneur Sam White is the first to admit that one of the strongest drivers for starting her own business at the age of 24 was the desire for autonomy.
“I just didn’t want anyone else to tell me what to do,” she laughs. “I quickly realised that a conventional path wouldn’t suit me.”
Two decades on, Sam has turned her quest for freedom and nonconformity into a thriving business, both in the UK where she employs more than 200 people, and now in Australia, where she has just launched Stella car insurance. Sam believes in the idea of ‘purpose-driven business’ which is essentially a business model based on both making profit and giving back to the community.
“For me, success involves giving back. It’s as simple as that.
“I know it sounds corny but I really do believe that good business can change the world. When we solve a problem through commerce, in a responsible way, it can have profound benefits for society.”
Stella is a radically different proposition in the Australian insurance market – a brand rewarding women for being statistically ‘better drivers’.
“Interestingly, through our research, we discovered that a lot of men tend to automatically think that because driving is a physical thing, they should be better at it. But the numbers don’t lie – women are proven to have less accidents and cause less damage in accidents than men,” Sam reveals.
“Of course, there are individual instances where this hasn’t been the case, but overall, female primary drivers are a safer bet to insure than male drivers. We analyse a huge amount of actuarial data and statistically, this is how it plays out.”
Just before COVID-19 forced Australia to isolate, Sam visited to help put the final touches on the brand’s launch plans, which were in play well before the world was turned upside down.
Sam’s UK business, like many others, has been radically affected by the global health crisis and there was talk that the launch of Stella should be shelved until it was clearer how the world would look post COVID-19.
However, Sam says the pandemic has allowed her to witness an incredible community spirit worldwide, as humans unite to fight this common challenge – now more than ever we need businesses that support both the economy and society.
She’s also adamant that women in particular will have a huge part to play in this. “One thing I’ve learnt along the way is that women tend to build different kinds of businesses to men. They’re also generally more collaborative, and that style of working sits well with me,” she says.
Sam’s deep interest in improving outcomes for women is a fundamental part of her business drive, and understanding human behaviour is fundamental to how she can make a difference – whether it’s through better value insurance premiums or better social outcomes.
“In the UK, our business has been successfully supporting female entrepreneurs through our give-back scheme,” she explains.
“We’ve recently been helping to fund a program called My Happy Minds in schools which is all about teaching young children emotional resilience and understanding our behaviours: why do we do the things we do? The founder, Laura Earnshaw, is doing some incredible things in this space with kids.
“We’re looking to support purposedriven female entrepreneurs such as Laura in Australia through Stella – especially those whose businesses might have taken a hit as a result of COVID-19.
“Any entrepreneur we support can’t just be motivated by the bottom line – they must have a wider purpose beyond that.
“It’s so exciting working with the Australian market. I can’t tell you how incredibly open and supportive of women I’ve found Australians to be.
“Ultimately, though, our purpose is much bigger than changing the insurance game. Our plan is to change the game, full stop.”
“For me, success involves giving back. It’s as simple as that.”