Yossi, Tomas and Aled meet while working on an exciting new product, enabling people to get access to credit based on personal attributes
For the five years that followed, they test their quiz-based product measuring personality traits and attitudes as they relate to different types of risk - proving definitively that personality traits provide a viable way to assess risk.
The concept is trialled with more than a dozen lenders and insurers across four different countries
Yossi has his identity stolen, and has to spend over a year fixing the problem
Someone fakes Yossi's identity using his name and address, and applies for loans with numerous different lenders. To fix things, Yossi is forced to dispute the fraud with each individual lender. Despite the date of birth not matching, credit bureaus find it hard to verify the frauds, leading to a series of investigations and the involvement of debt collectors, each of whom Yossi also then has to resolve the case with. His credit rating plummets and stays at rock bottom until all the investigations are resolved.
The experience strengthens his resolve to help develop a product that allows for accurate identity verification and gives more control back to consumers
Yossi, Tomas and Aled collaborate to develop the next-generation alternative data product
They look to improve their successful quiz-based product, making it completely effortless for individuals to get such scores. They work with major UK insurer Admiral to develop an insurance product that uses similar concepts, but rather than asking customers to fill in a lengthy quiz, they can now get the benefit instantly by choosing to share some of their social data.
The aim is to create a fully transparent product giving genuine value to young drivers who tend to pay a premium because insurers don’t have any way of assessing their risk
The product, Firstcarquote, goes through the due diligence phase and the concept is proved viable. When the app launches, it makes the headlines and generates a lively debate around the use of data.
OneZero-me is born
Taking on board all their learning, feedback and experience, and with the benefit of new GDPR laws helping to give power back to the consumer, Yossi, Tomas and Aled begin to build a new product to enable people to access better financial services and other products, while protecting and safeguarding their privacy. They secure funding from a core group of business and insurance-industry leaders – Steve Groves, Jonathan Yates, David Young and Andrew Mullinger – with the aim of fully unleashing the power of digital data to achieve greater financial inclusion.