Digi.me – Enabling users to share their own data with businesses
In View Summary
With the increasing proliferation of data generated from connected devices, several startups are scrambling to develop platforms that allow consumers to access, manage, and share their data securely. Digi.me is one such start-up. Specifically, by developing software that provides an interface for users to compile and manage their personal data, digi.me gives consumers more control over how and where their data is stored, in addition to how it is used. The big vision for Digi.Me is to rethink the data value exchange, tipping the control scales back in favor of users while simultaneously helping businesses gain access to higher quality user data.
Available on both iOS and android, the Digi.me app allows users to aggregate their data in a private cloud server before deciding who and what can access it. In return for allowing selected entities to access some or all of their data, consumers can avail of personalised offers in a more transparent and mutually agreeable manner.
The Digi.me app lets users bring all their data back together under their control but also allows its corporate partners to tap into this data, with the potential of creating more personalised offerings and streamlined user experiences
Currently Digi.me gathers iphone user data from social media sites such as Facebook, Twitter, Instagram and LinkedIn. This data is then analysed to provide new insights to users about themselves. Digi.me also intends to expand the capability of its platform to capture and analyse health data and financial status information, all with the permission of consumers.
In June 2016, the start up announced a £4.2 million series A funding round led by global re-insurer, Swiss Re. Getting corporate partners in place who see the value of Digi.me’s data exchange vision is part of the long term strategy to acquire users.
Ultimately, Digi.me will enable its partners to tap into really powerful data sets — which could ultimately be used as the foundation for a number of efficiency generating consumer benefits such as personal credit checking, more efficient insurance claims or personalized health advice.
Benefit to Customers
Transparency and control of personal data
Ability to unlock in terms of personalised services and rewards
Cheaper and needs-based product offerings
Benefit to the Insurer/Partner
More accurate and noise free view of customer
Faster underwriting and refined premium pricing
More efficient claims processing
Data driven customer engagement and cross-sell opportunities
Enhanced customer trust and brand loyalty
The Digital Insurer's View
New data and technologies are radically transforming the way insurance is being underwritten and sold. Essentially, the Digi.me approach is pioneering a new win /win approach towards data security. For both customers (they get insight about themselves, plus control over their data) and the providers (they get the market research tool at less cost and with more accuracy). What will be interesting to monitor is what outcomes will be generated by partnering with the likes of Swiss Re and how the two will work together to enhance the insurance value proposition.
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