Digital Fineprint is an Eos portfolio company that leverages social media data to help people find the right insurance policy. We caught up with CEO, Erik Abrahamsson, to find out what they’ve been getting up to lately.
Congratulations on an incredible year! Digital Fineprint has achieved so much this year…from your point of view what has been the ‘key’ milestones/success achieved so far?
Receiving contracts from the world’s leading insurers (Hiscox, Allianz, MetLife and others), receiving investment from the world’s leading angel investors and building a team with some of the world’s best data which all combined has made us profitable in less than a year!
What does the future look like for Digital Fineprint?
We want to expand both the scope of our products and our geographic footprint. Apart from the UK and Singapore where we operate today, we want to help insurers in the US, in wider Asia and in the rest of Europe!
Why did you decide to start an InsurTech start up?
Insurance is “the final frontier” in tech entrepreneurship. Every other industry has either moved online or already been impacted by digital technology. Contrastingly, Bain & Co estimates that only 15% of new insurance policies are sold online, but online sales in insurance are now growing 20%+ YoY. When you combine this growth trend with the astounding size of the global insurance industry, ca $4trn annually, you realize that there is an equally astounding business opportunity for tech-savvy companies.
What have been the high and low points of the last 12 months?
High point: being the first InsurTech business to win “Best Fintech Investment in the UK” at the UK Business Angel Awards, together with Carl from Eos.
Low point: Brexit, securing access to talent is the biggest risk for our and every other company in the UK right now.
Erik collecting the UK Business Angel Association (UKBAA) “Best investment in FinTech” award in June
What has surprised you?
Insurers are much more willing to innovate than what you’d imagine – if you keep an open mindset and define yourself as an “enabler” of the insurance industry, very good things can happen.
What are you excited about?
The opportunity to have a positive impact, build an outstanding team, creating groundbreaking technology and work with industry leaders.
What lessons do you have for people thinking about jumping into a startup?
Entrepreneurship can be defined as going from rejection to rejection without losing hope and optimism until you’ve told your story so many times that it becomes real. Therefore, finding a structured process to deal with rejection is extremely important. I sometimes give courses in lessons learned from Twitter’s strategy team where I used to work, especially on how to use a sales pipeline and managing information in a coherent way. Structure can be very liberating when used correctly!
What message would you like to send to insurers/incumbents?
We love insurers and think it’s an extremely important industry adding massive societal benefit. But we can all agree that there are things that can be done better! And that’s where why we’re here to help, especially on anything related to social media.
Lastly, Why do you love Eos!?!
There are certain sentences you can read at every investors website. “We’re entrepreneur friendly”. “We can introduce you to industry leaders”. “We will help you build a successful company”. I can’t answer for every other investor, but Eos takes these statements and lives them, all day every day. Eos introduced us to life-changing opportunities, both for investment and partnerships, which helped us build “The Best Fintech Company in the UK” in less than a year. It could have never been done without Eos there to support us along the journey.