Since its inception, insurance has been, fundamentally, a data-driven industry. In recent years, however, the volume, variety and velocity of data has changed. In short, data is no longer flat – it is 3 dimensional. New sources have also emerged and there is now a rich abundance of open source information (data that is freely available on the internet), such as reviews, government statistics, social posts and even data from websites of individual companies. However, in its current, unstructured format, it is hard for the insurance community to consume, decipher and act upon this wealth of intelligence. Digital Fineprint (DFP) addresses this challenge. An insurance-focused start-up, DFP is helping SME insurers and brokers to drive actionable insights from open data by using AI and predictive analytics. Check out the interview with CEO Erik Abrahamsson to learn more about what they do and what made the London-based start-up join InsurTech Europe Accelerator Program in Munich.
1. What exactly does your start-up do and what is special about your business model?
Digital Fineprint uses big data tech solutions and AI to make use of open data to streamline and improve commercial insurance distribution. We are VC-backed, our technology has won multiple awards, and our solutions are used by several leading multinational insurance providers.
2. Why did you choose the InsurTech Europe powered by Plug and Play accelerator program of the InsurTech Hub Munich?
Digital Fineprint had yet to enter the German market prior to the accelerator program. We thought that Plug n Play and the InsurTech Europe Accelerator Program would be the best way for us to get help to better understand the region and meet fantastic potential partners and mentors through their vast network.
3. What opportunities does Munich offer for start-ups?
Munich is a great place to establish a growing business, it offers a friendly environment and it is easy to get to wherever in Europe you are. It is also the location to some of the biggest insurance players in the world.
4. Where do you see yourself and your start-up in 5 years?
We believe technology is a force for good. We enable the insurance industry to leverage technology innovation and big data, and our long-term vision is for the industry to utilize better tech than Google. We might not be there in 5 years, but hopefully we have made significant progress by then.
5. What advice would you give to other founders?
Say yes and never give up. Also, make sure you spend a lot of time on hiring and finding the right people to help you take your business to the next level.
6. What surprised you most when you founded your company?
It was surprising to us how willing and open people are to be taking the time to listen and help. The insurance industry can come across as very conservative and old-school, but on the contrary we have found that people are very happy to take time to meet and even the most senior CEOs and board members love to meet up for coffees and share ideas.
7. What do you expect from German politics / the Munich region regarding start-up support?
Being a UK-based company with a highly culturally diverse workforce, we hope and expect Germany to continue to offer an open and friendly business environment where it is easy for us to establish new and long-lasting partnerships.
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