Eos Venture Partners closes Strategic InsurTech Fund
Eos Venture Partners (Eos) has closed its Strategic InsurTech Fund, which invests in global InsurTech companies.
Eos believes the current Covid 19 crisis is acting as a catalyst for change and is expected to supercharge innovation activity. Digital engagement, agility, flexible usage based products, tailored pricing and remote claims assessment are now critical to remain relevant and deliver on the customer promise. Customer expectations, working patterns and awareness of risk have fundamentally changed, forcing the industry to respond.
Strategic Limited Partners in the fund comprise of insurers and reinsurers from the UK, Europe, US, Canada and Asia and include leading players like Tokio Marine and Direct Line Group. Total funds under management are USD85 million.
Carl Bauer Schlichtegroll, Founding Partner of Eos, says: “We are delighted to welcome Tokio Marine, one of the largest global property and casualty insurers and Direct Line Group, one of the UK’s leading personal lines and small business insurers to the fund. Having insurance partners from many of the leading insurance markets and across commercial and personal lines means that we have a powerful global innovation community.”
Penny James, CEO of Direct Line Group, says: “This partnership will give us a window into the trends developing around the world of InsurTech. We want to disrupt the market with new and innovative products and services for our customers and being part of Eos’ global innovation community will help us deliver this."
Daljitt Barn, Head of Tokio Marine Innovation Lab London, says: “We look forward to working with Eos and their portfolio companies to enhance our digital transformation efforts across insurance opportunities."
The fund has already made six investments in the UK, US, China and India. The portfolio companies operate across the insurance value chain including automated and AI assisted underwriting and claims and span multiple product verticals covering Small Medium Enterprises (SME), global supply chains, sharing economy, motor and home.