Erik Abrahamsson is the founder and CEO of Digital Fineprint, a London-based startup using social data to supercharge insurance providers. An alumnus of Twitter, Rocket Internet and Proctor & Gamble, Abrahamsson speaks to Red Herring about InsurTech, finding a place in complex value chains, and running a company “like a grain farm”.
How did you first get the idea for Digital Fineprint, and what was your professional background that led to that point?
While working at strategy for Twitter, I saw that many industries were being changed as data analytics became more widespread. So when I was lucky enough to win a scholarship to Oxford for my master’s degree, I could put my savings to work at a startup instead of paying for tuition fees. Before Twitter I had also worked at Procter & Gamble in Switzerland, which gave a great grounding in general business management and finance.
Why are so many large scale businesses on board with Digital Fineprint?
We are extremely focused in our approach, so we identified a single, difficult problem that we could solve better than anyone else in the industry. This meant that we became recognized as industry leaders very early, which was proven when we won Best InsurTech at TDI and Best Fintech in the UK at the UKBAA. This recognition and the good referrals we received from our first paying clients meant that we could continue expanding with large enterprises.
What technological aspects of insurance do companies often not know?