Eos Venture Partners’ strategic insurtech fund has made its first two investments.
The UK-based specialist venture capital fund, working through its debut EVP 1 fund, committed early financing to Concirrus, a marine insurance analytics platform and Digital Fineprint (DFP) which makes an SME-focused lead generation and underwriting product.
Concirrus uses software with artificial intelligence tech to help marine insurers move to behavioral based underwriting. The software provides behavioral 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 behaviors 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 prioritize attractive risk segments, including risk scoring, benchmarking and claim indicators.
Erik Abrahamsson, CEO of DFP, said that the financing continues a partnership with Eos that began in 2016.
Concirrus CEO Andy Yeoman said the Eos financing has been “transformational.”
Eos was formed in 2016 and has three general partners: Sam Evans, Jonathan Kalman and Carl-Georg Bauer-Schlichtegroll.
Source:Eos Venture Partners
Was this article valuable?
Here are more articles you may enjoy.