FOR IMMEDIATE RELEASE
The Oxford based insurtech startup Digital Fineprint has just won the “Best General Startup Award” in one of the largest startup competitions in the UK, the Grad Factor. The founder, Erik Abrahamsson, and co-founder, Sherry Wan, told us that they are helping insurance companies to sell life insurance online. “We are using big data and predictive models to disrupt the insurance industry”, Erik said.
The insurance industry, which has a value of $3.7 trillion globally, is as large as the rest of other financial services industry combined. Life insurance is among all the oldest and the most promising products, but it is still being sold through some very traditional and ineffective channels. Cold calls, friends’ referral, in-branch cross-selling and similar methods are the norm. The industry itself also realized they were too far behind of the others in terms of making good use of technology: in a recent report from Morgan Stanley, consumer satisfaction with online experience in this industry is way below average. KPMG also reports that 83% of the industry management wants digitalization to bring them more business.
By applying analytics and machine learning techniques, Digital Fineprint has built models both for acquiring new customers, and to accurately measure their level of risk. In a recent engagement with Prudential, the model built was shown to give equal or better accuracy in the risk measures than the tedious models of scheduling a doctor’s appointment that is currently being used. This has the potential of revolutionising the way life insurance is being sold. The company is also backed in kind by RBS/NatWest with additional support from the University of Oxford. “We are the only one in this niche field”, Sherry told us.
After winning the Grad Factor competition, the next step will be to accelerate growth and optimize the existing predictive models even further. Having signed up two paying clients already, we are only seeing the beginning of the growth journey coming up for Digital Fineprint.
Sherry Wan, PR Officer
Head of PR
Digital Fineprint is a fintech startup that is bringing life insurance online. With our predictive models and algorithms that can determine who is likely to buy life insurance and their respective risk level, we help to decrease the cost of selling life insurance dramatically.