Tokio Marine and Direct Line partner with Eos on strategic insurtech fund

Specialist venture capital fund Eos has partnered with re/insurers from the UK, Europe, US, Canada and Asia, including Tokio Marine and Direct Line Group, for its Strategic InsurTech Fund with total funds under management at $85 million.

The fund invests in global insurtech companies and facilitates engagement between incumbents and emerging technology providers.

So far, the fund has made six investments in the UK, US, China and India, in companies operating 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.

Eos Venture Partners said that 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, it noted.

“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," said Carl Bauer Schlichtegroll, founding partner of Eos. "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 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 said: “We look forward to working with Eos and their portfolio companies to enhance our digital transformation efforts across insurance opportunities.”