Eos Venture Partners (Eos) debut Insurtech fund, EVP I, has made its first two investments, in Concirrus, a marine insurance analytics platform and in Digital Fineprint (DFP) an SME-focused lead generation and underwriting solution.
Concirrus uses AI-powered software to help marine insurers move to “behavioural-based underwriting”. The software provides behavioural analysis that considers hundreds of factors including a ship’s location and speed to offer more accurate underwriting models. It accesses and interprets vast datasets, such as vessel statistics, movements, cargo and machinery information, and combines this with historical claims information to reveal the behaviours that correlate with underwriting and claims.
DFP helps insurers and brokers increase top line growth and improve underwriting profitability using sophisticated analytics including propensity to buy analysis; automated customer needs identification and tailored product recommendations, and customer segmentation to prioritise attractive risk segments, including risk scoring, benchmarking and claim indicators.
Erik Abrahamsson, CEO of DFP, says: “I started working with Eos in 2016, and our partnership became the biggest game-changer in our company’s history. Eos supported us with our seed round and have been working with us ever since, connecting us to insurers, helping to refine our product and go to market strategy and being an active member of our board.”
Andy Yeoman, CEO of Concirrus, adds: “Eos involvement has been transformational for Concirrus. Through their strategic relationships they have helped us win new clients, have introduced us to a number of companies that are now important strategic partners whilst also helping with our product focus.”
Eos was formed in 2016 and has three General Partners: Sam Evans, Jonathan Kalman and Carl-Georg Bauer-Schlichtegroll. Bauer-Schlichtegroll was previously Head of the Financial Institutions Group at JP Morgan and Credit Suisse, Evans was previously Head of the Insurance Deal Advisory Practice at KPMG and Kalman is an experienced VC investor with multiple successful exits.
The firm currently has offices in London and Philadelphia and is working closely with its strategic investors to drive a virtuous circle between them and the portfolio companies.
James Whitelaw, Chief Marketing Officer for TransRe, says: “Eos is a fund for industry partners. We have invested with Eos to benefit from that breadth of industry expertise and experience. We like the fund’s approach – to support and develop effective, efficient solutions that will help improve our relevance to underserved communities, as well as tomorrow’s economy. Our relationship with Eos and partners is still in its early days, but it has already brought new perspectives around growth opportunities, operating efficiencies and analytic insights.”
Eos will continue to work closely with its strategic LP’s and portfolio companies whilst completing the fund raising for the fund over the next few months.
