Eos Venture Partners has announced the close of its Strategic InsurTech Fund, which, invests in global InsurTech companies while at the same time promoting and facilitating engagement between incumbents and emerging tech providers.
Established in 2016, Eos has offices in London and Philadelphia, and operates as a global independent Strategic Venture Capital Fund focused solely on the InsurTech space.
According to an announcement on the close, Strategic Limited Partners in the fund are comprised of insurers and reinsurers from around the world, and include Tokio Marine and Direct Line, with total funds under management of $85 million.
Founding Partner of Eos, Carl Bauer Schlichtegroll, said: “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.”
Amid the COVID-19 pandemic, businesses off all shapes and sizes from a range of industries have gone remote and in turn, digitisation has increased and it’s expected that this will only intensify. Eos notes this, describing the current crisis as a “catalyst for change” as it supercharges innovation activity.
In order to remain relevant, Eos says that digital engagement, agility, flexible usage based products, tailored pricing and remote claims assessment are now vital, with customer expectations, working patterns and risk awareness fundamentally altered.
Penny James, Chief Executive Officer (CEO) of Direct Line, said: “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, added: “We look forward to working with Eos and their portfolio companies to enhance our digital transformation efforts across insurance opportunities.”
So far, the fund has already made six investments in the UK, U.S., China, and India. Eos states that the portfolio companies operate across the insurance value chain, including automated and AI assisted underwriting and claims and span multiple product verticals covering SME, global supply chains, sharing economy, motor, and home.