London, UK – Eos Venture Partners (Eos), the specialist venture capital fund investing in insurance technology (InsurTech), today announced that their debut InsurTech fund, EVP I, has made its first two investments. The fund is one of the first global, strategic InsurTech investment funds targeting early and growth stage investments.
The first two investments are 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, commented, “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, added, “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. Carl was previously Head of the Financial Institutions Group at JP Morgan and Credit Suisse, Sam was previously Head of the Insurance Deal Advisory Practice at KPMG and Jonathan 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 commented “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.
About Eos Venture Partners
Eos Venture Partners is a global independent Strategic Venture Capital Fund focused exclusively on InsurTech, investing in early and growth stage technology businesses that accelerate innovation and transformation across the insurance industry and value chain. Eos was founded in 2016 to bridge the “digital chasm” between InsurTech start-ups and traditional (re)insurance companies. Investors in the Eos fund, EVP I, are typically from the insurance sector, forming a close strategic relationship with the Eos team to capture both strategic and financial value from the innovation and technology change in the insurance industry. See more at: www.eosventurepartners.com
Concirrus is the creator of Quest, an artificially intelligent insurance software platform used and trusted by insurers, reinsurers and brokers within the London and global markets. With machine learning analytics and vast industry datasets, Quest enables marine and motor insurers to actively manage their risks in real time and insights that are otherwise impossible to achieve. As a result, insurers are able to offer improved products and risk pricing that reflect the needs of their customers. Concirrus was founded in 2012 and is based in London. www.concirrus.com
About Digital Fineprint
Digital Fineprint (DFP) is a London-based Insurtech startup helping insurance companies use social media data. Launched out of Oxford University and accelerated by Allianz and Accenture’s, the company is now backed by Eos Venture Partners and Pentech. Insurers such as Hiscox, QBE, and MetLife have partnered with Digital Fineprint and the startup is now expanding its presence in the UK and abroad. https://digitalfineprint.com/