(MENAFNEditorial)
iCrowdNewswire - Mar 28, 2017
DIGITAL FINEPRINT
Digital Fineprint makes it easier for people to buy insurance online, using social media. Instead of spending 20 minutes filling out online forms, they allow users to "Autofill with Facebook" and get the right recommendation. By analyzing all the social data for actionable insights, Digital Fineprint gives consumers a faster customer journey and provides insurers with better engagement and insights. Their business model is a combination of fixed SaaS revenue and percentage commission sharing from the policies sold on the platform.
THE IDEA PRODUCTS & SERVICES
Digital Fineprint leverages social data to auto-fill insurance applications. They create targeted advertising, enhance underwriting, pricing and risk selection. By using their software-as-a-service solution, insurers can let their customers autofill insurance application forms. By clicking "Autofill With Facebook", a user can share social media data which they then analyze using machine learning algorithms. As a result, Digital Fineprint can predict the best way to fill out the form, which increases online conversion rates by 400% (proven in product testing). They were selected as one of the top 5 InsurTech startups in the world to join the Allianz Accelerator.
PROBLEM SOLVED
According to Bain & Co, just one in ten insurance policies are sold online today. When Digital Fineprint analyzed the full customer journey for buying insurance online as part of their Oxford program, they found that the main dropoff point for consumers is the form-filling stage. PwC reports that only 1 in 20 people will fill out an insurance form leaving 19 out of 20 potential customers underinsured and unhappy with their insurer. Several insurers have discussed this problem openly, and AXA, Aviva, Hiscox, Allianz, UNIQA and five other major insurers have expressed interest in partnering with them to solve this problem.
REVENUE MODEL
Digital Fineprint will charge a fixed £10k/month SaaS subscription fee and a 3% commission on first year premiums for policies sold on the platform. This means that they get both fixed revenue and take part in the uplift of increased sales that they generate for their insurance clients.
Digital Fineprint are in discussions with (re)insurance companies such as NTUC, AXA, Hiscox, Munich Re, Allianz, FWD and Swiss RE about a commission and enterprise SaaS revenue model.
EXIT STRATEGY
Either remain as an independent company and go for a public listing, or become an attractive acquisition target for insurers wanting to integrate our technology closely in their operations. AXA, Allianz, Aviva, UNIQA have set aside billion dollar amounts to invest in or acquire startups in the next five years, which opens many opportunities for us in the future.
Contact Information:
DIGITAL FINEPRINT
Via Click here for more information
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