A new company, Eos Venture Partners, has been set up to identify leading innovators in the insurance industry. It is an independent and highly-specialised Insurtech firm providing financing and advisory services for the sector.
Managing Director Sam Evans explains: ‘Traditional insurance business models are slow, inefficient, encumbered by legacy technology and lack customer focus but the sector is primed for a period of unprecedented innovation and Eos will be at its heart.’
‘According to analysis by Accenture, based on CBI data, investment in Insurtech in the UK has tripled in 2016 making it the fastest growing market globally.’
‘There are a growing number of start-ups leveraging technology to change the insurance landscape through enhancing the customer experience, developing new products, harnessing data, innovating the claims process and driving much needed transformation of the sector. Our role is to provide seed and growth stage funding for these fledgling businesses as well as working closely with them in an advisory capacity.’
We are excited to already be working with a number of strategic partners and very innovative new businesses, including: Neos, a home insurance proposition that uses smart home technology to protect the policyholder; RightIndem, an innovative claims solution that’s converting an analogue process to a digital one; and Digital Fineprint, a business that is using social media data to transform the insurance industry.’
Richard Avery Wright, the CEO and Founder of RAW Capital Partners, which has partnered with Eos says that a specialist independent fund is a very attractive option for start-ups.
‘Our independence allows us to take an agile approach to developing opportunities as we are not constrained by bureaucracy. As directors, we have a strong track record in related investments and have also built a powerful network of third party and strategic investors over the years.’
‘We optimise the structure of the business to enhance the prospects of raising important capital, freeing up innovators to focus on the task at hand. Lastly, investors quite rightly demand top quality and independent corporate governance. Therefore, we always ensure that we seek board representation at the investee company level to ensure best practice and also advise management on key issues impacting the business.’
Sam Evans adds: ‘Our ability to connect start-ups with established players in the global insurance community and with peers working across different parts of the value chain provides an additional angle to make an even more attractive proposition for founders and investors.’
‘We are excited to formally launch Eos Venture Partners and welcome start-ups, investors and stakeholders connected with the sector to get in touch via firstname.lastname@example.org.’