Press Release regarding the recent unsuccessful launch of a social media insurance app:
“Insurers, please don’t try this at home”
Why insurers need expert help with social media analytics
LONDON, UK – After a major UK insurer’s car insurance app was blocked on the day of its launch for violating Facebook’s rules, Erik Abrahamsson of Digital Fineprint has advice for insurers looking to use social media. “This is what happens when social media strategy is executed without proper oversight and outside expertise. Having worked at Twitter before starting this company, I know how important it is to get expert help when launching these highly sensitive apps.”
“Analysing social media data presents huge opportunities for the insurance industry, and this is exactly where Digital Fineprint specialises. But this opportunity is combined with risk, so protecting user privacy is at the core of everything we do. We help users find the right insurance policy by analyzing their social media profiles, but only if they authorize it and without giving up control of how the data is used. Our analytics engine is very different from the one which a major insurer tried to launch.”
Digital Fineprint is working with Allianz as part of the Allianz Accelerator, and was founded by graduate students at the University of Oxford. Working with the world’s largest insurance company has taught the startup about the importance of managing partnership relationships with tech firms and insurance firms, whilst launching products that avoid PR letdowns. It is backed by funding from Eos Venture Partners, an InsurTech focused VC firm based in London.
Surprisingly, this recent failure of an insurance firm has already given Digital Fineprint a significant boost.
“After all the media coverage from this failed launch, we have seen four insurers reaching out and asking us to build actual, working apps that help protect the user. We’re looking forward to helping more insurers use social media in compliant and helpful ways!” Erik Abrahamsson finishes.