At the end of each year, it’s helpful to look back and reflect on the biggest moments that passed during the previous twelve months. Here at DFP, things have been so busy that I’ve only juts now been able to write up a year-in-review.
2019 was a year of many changes, both for us and for the wider InsurTech landscape. We’re seeing increased maturity and a lot more interest in our wider space. For us at DFP, this has meant that we’ve found an increased level of focus and commitment, which has come through both in our strategy and in our team.
To summarize all the changes in the past year, I decided to list out our top 5 “breakthrough” moments from the past year. It’s in no particular order, but should give a quick overview of what has kept us busy in the past 12 months (and what will follow on in 2020!).
1: We raised a new round of funding!
Back in September we took on US$4m from Eos Venture Partners. The founders of the fund had previously invested as Angel Investors, so it was a very natural next step in our funding journey to get their InsurTech-focused fund on the cap table. Existing investors (Pentech) followed on their previous investment, bringing our total funding to date to just over US$7m. We are all happy, grateful and excited about this vote of confidence and are now working to expand and take DFP to the next level. According to Crunchbase data, this puts us in the top 4th percentile (!) among London-based startups who launched in 2016 in terms of funding raised.
2: We expanded the team and brought some real industry expertise onboard
Before this year, we often didn’t have in-house experts from the insurance industry. But this year we changed it! We have now hired a new head of partnerships from Covéa, a data product owner from QBE, strategy manager from RSA and data scientist from Tokio Marine Kiln. Their experience and knowledge is absolutely vital to our continued growth. We’ve also added serial entrepreneur Philip Padfield to the board as a non-executive director. Being able to work with this outstanding group of people is an absolute joy, and as the Founder of DFP I’m humbled by the trust they’ve put in me.
3: We continued expanding our commercial partnerships with leading insurance partners
2019 was an amazing year with both new customers (RSA, Euler Hermes among others) and also continuing expanding the work with the first customers we signed as a business (QBE is now in the third year of a close and mutually beneficial partnership). Revenue is growing steadily, and we are continuing to secure partnerships across the industry. MGAs, brokers and even reinsurers are reaching out to see how we can help them, so it’s exhilarating to see the immense interest in our offering.
4: We won new awards and signed new partnerships
After being selected by DXC as the “Best Global InsurTech”, we have continued working together, for example with the Digital Minds initiative. We also won the UK final for NTT Data’s Open Innovation challenge, which brought recognition from the wider data and analytics industry. We also secured a coveted spot at the Lloyd’s Lab, so it’s promising to see so much interest and recognition from global partners!
5: We massively improved our data asset
Our focus on data and insights for the commercial insurance vertical has continued, and our customers keep finding new areas where we can help analyse businesses. Our UK data asset has expanded and now delivers ~100 individual data points and insights on around 4 million companies. We are constantly being asked about international data coverage, so this will be an area to focus on in 2020. We are also especially happy that we successfully integrated with partners such as Salesforce (we’ve already gone live on the AppExchange!) during 2019, and will continue to expand here in 2020.
So what’s next?
Going into 2020, we’ll see both more of the same (team expansion, growth, product enhancements), but also a few breakthrough opportunities. We’re about to kick off our largest partnership ever, and are getting even more new joiners up to speed within the organization.
On behalf of the entire team, we want to thank EVERYONE who made 2019 possible. To our customers, partners, investors, supporters, employees, suppliers and others who worked hard to help us, we truly appreciate all your help and support.
Now we’re looking forward to an even better 2020!
Happy Holidays everyone!
Written by Erik Abrahamsson