Digital Fineprint CEO Erik Abrahamsson: "Rejection is Part of the Journey"

Erik Abrahamsson is the founder and CEO of Digital Fineprint, a London-based startup using social data to supercharge insurance providers. An alumnus of Twitter, Rocket Internet and Proctor & Gamble, Abrahamsson speaks to Red Herring about InsurTech, finding a place in complex value chains, and running a company “like a grain farm”.

How did you first get the idea for Digital Fineprint, and what was your professional background that led to that point?

While working at strategy for Twitter, I saw that many industries were being changed as data analytics became more widespread. So when I was lucky enough to win a scholarship to Oxford for my master’s degree, I could put my savings to work at a startup instead of paying for tuition fees. Before Twitter I had also worked at Procter & Gamble in Switzerland, which gave a great grounding in general business management and finance.

Why are so many large scale businesses on board with Digital Fineprint?

We are extremely focused in our approach, so we identified a single, difficult problem that we could solve better than anyone else in the industry. This meant that we became recognized as industry leaders very early, which was proven when we won Best InsurTech at TDI and Best Fintech in the UK at the UKBAA. This recognition and the good referrals we received from our first paying clients meant that we could continue expanding with large enterprises.

What technological aspects of insurance do companies often not know?

Many entrepreneurs, and myself included, are mistaken about the technical nature of the value chain of insurance. Understanding the roles played by reinsurers, carriers, brokers, agents and distributors is key to be able to find a good spot for your own company in the value chain. We were lucky to have supportive angel investors from the insurance sector, which helped us.

What are your passions outside work? How have you brought them to Digital Fineprint?

I enjoy long distance running and being in nature, so the saying that “running a startup is a marathon, not a sprint” definitely resonates with me. Having been born on a farm, my friends keep joking that I run Digital Fineprint like a grain farm, with planting cycles, harvesting seasons of technology, and lots of resources put away for a rainy day.

But most importantly, I love working in a high performing team. And the outstanding people I’m lucky enough to be working with at Digital Fineprint are some of the brightest stars I’ve ever seen shining in a professional environment.

What’s the biggest piece of advice you’d give prospective entrepreneurs?

As an entrepreneur, you face large amounts of rejection on a daily basis and it is important stay persistent and not to give up. Never, never, never give up. Every rejection is part of your learning journey, and we need to learn how to accept feedback as a gift. You should set up a good tracking system for inputting your validated learnings so that you can improve your approach. In my case, I had to pitch to over 120 angel investors, so all the rejections in that process helped me refine my communication and pitching skills enormously.