Biba 2024: F1 race winner tells delegates to trust data and own up to mistakes

Formula 1 race winner David Coulthard stressed the importance of data and owning up to mistakes to the insurance industry during an appearance at the 2024 Biba Conference.

Speaking to delegates at the two-day event’s closing panel session, entitled A Panel of Sporting Success, Coulthard spoke about his experiences in the motorsport and how they could be applied to the industry.

The ex-driver competed in 15 seasons of Formula 1 – between 1994 and 2008 – and drove for a range of teams, such as Williams, McLaren and Red Bull.

He took 13 wins during his career and stood on the podium 62 times.

When asked by panel chair Gabby Logan about what the team environment was like behind the scenes, Coulthard first said that while he was the voice of the car, staff were collectively looking at data to determine the best route for success.

Data has become more essential for the insurance industry over the years, with it being used to help underwriters with their decisions and firms enhance client relationships.

Coulthard urged the industry to trust in data, with him saying that he would trust his team to make the right decisions because they had all the key information in front of them.

“I know nothing about designing a race car – I knew my role, I was the voice of the car,” he said.

“But we are a very data-driven sport, [like] you are a data-driven industry.

“So, you’ve got to trust in that data – the data doesn’t have opinion, it just gives you facts.

“I have the right to go, [for example], ‘are you sure you want me to pit now?’, but you’ve got to trust your team.

“When you are high on adrenaline and highly focused and under pressure – and I am sure you all have it in your own career – sometimes you’re like ‘why is somebody telling me that?’. But, that is where the trust has to come in.”

Teamwork

Coulthard also spoke about the importance of teamwork, saying that when he joined the sport, it was about “trying to surround yourself with the best people”.

“There’s no ‘I’ in team, there’s more than 1,000 people in a Formula 1 team,” he said.

“They all contribute to the final product, which is the car.”

He also stressed that making mistakes “is not something we should deny and we should not be scared of”.

“In Formula 1 – and I assume this in your team – we don’t have a blame culture, we have a responsibility culture,” Coulthard said.

“If I crash, I put my hand up and likewise, if one little part has failed, if somebody has a little doubt [and thinks] it was them, they are empowered and trusted enough to put their hand up.

“And that’s really important in a team because if you have a big team and people are hiding and hoping they don’t get found out, that is a little cannister that will grow and overtime, you will lose any competitive advantage.”