Specialist insurer Hiscox said on Aug. 21 has partnered with tech start-up Digital Fineprint to investigate how social media data can be used to better educate the smallest businesses on the risks they face and the insurance solutions available to help mitigate them.
Many small businesses are not adequately insured – whether that’s not having any insurance cover at all or having cover that doesn’t accurately reflect the true risks they take – leaving their balance sheets and reputations at risk from expensive lawsuits and the costs associated with physical damage to property, according to the statement. They may be unaware of what type of cover, and how much of it, they need. And, when it comes to purchasing business insurance, there isn’t a one-size-fits-all approach; which means it can feel like a minefield for a busy business owner, the company noted.
By leveraging Digital Fineprint’s social media analytics expertise, the partners are developing a tool that provides small businesses that come to Hiscox with a more personalised service based on their social media data. The tool will take the data – such as type of business and the number of employees they have – and use it to highlight relevant insurance covers.
Steven Wilkins, head of underwriting insight at Hiscox, said: “Many of our customers are one-man bands and micro businesses who are busy driving their companies forwards without the time to fully understand their insurance needs. We’re excited to investigate the role that social media could play in providing a more personalised service to these customers and help them make a more informed decision.”
In addition to providing funding for the project, a Hiscox team including underwriters and IT will be working closely with Digital Fineprint to gain a deeper understanding of the disruptive nature of the technology and act as mentors to the start-up.
“We’re thrilled to be working with the team at Hiscox on this innovative project”, said Erik Abrahamsson, CEO at Digital Fineprint. “Hiscox’s collaborative approach to innovation provides the perfect environment for us to develop our solution in partnership with one of the leading SME insurers in the market and we are looking forward to helping UK SME’s ensure they are adequately covered.”
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Hiscox, Digital Fineprint, Erik Abrahamsson, Steven Wilkins, London