DFP, the specialist commercial insurance AI technology provider, are delighted to announce that they have been awarded funding from UK Research and Innovation’s Industrial Strategy Challenge Fund. The specific competition, which falls under the ‘Next Generation Services Challenge’, set aside £12m from the national innovation program to invest in innovation projects to support the application of artificial intelligence (AI) and data technologies, specifically to transform accountancy, insurance and legal services.
DFP’s submission, “Helping Andi”, is focused on putting data in the hands of UK SMEs to reduce information asymmetry in the insurance and wider financial services market. The funding will enable them to reconfigure their DFP Risk Atlas suite of products to help UK SMEs to understand and protect themselves against their risks, thereby reducing under-insurance.
DFP has a track record of working with leading insurance firms such as Hiscox, Euler Hermes and QBE, using open data and AI technology to help improve their digital distribution channels and customer engagement. DFP’s ‘Helping Andi’ tool will leverage this experience to bring transparency and clarity to UK SMEs regarding their online footprint, and how their data is used to assess risk. ‘Helping Andi’ will allow small business owners to monitor the open data that is available about them and what it might mean for their insurance coverage requirements.
Alex Hammick, COO of Digital Fineprint, commented: “SMEs are the backbone of the UK economy and DFP’s core mission in everything we do is to “help protect all small businesses”. The “Helping Andi” project was developed by the team to address the lack of available tools for SMEs to help them understand the information that is out there about them and how it impacts their risk profile. We’re really excited about using the funding to deliver our award-winning technology directly to SMEs and to help them get the right insurance to protect their businesses.
If you work for an SME and would like to get involved in the “Helping Andi” project, please get in touch with the DFP team to share your ideas on how we can develop the platform. Likewise, if you are an insurer or broker, and would like to work with us to help reduce under-insurance in small business, we would love to hear from you.
Want to know more about what inspired the DFP team to develop the “Helping Andi” tool? Read Andi’s story here.