Eleos Life - Embedded Insurance

Background

Overview

Eleos Life is a UK-based insurtech company specializing in embedded life and income protection insurance. Founded in 2022, the company aims to revolutionize consumer access to essential financial protections by integrating insurance products directly into digital platforms through application programming interfaces (APIs) and white-labeled solutions. This approach enables partners to offer insurance seamlessly within their existing customer journeys.

Mission and Vision

Eleos Life's mission is to make financial protection simple, accessible, and inclusive. By embedding insurance into everyday digital experiences, the company seeks to close the protection gap and provide consumers with the confidence to make informed coverage decisions.

Industry Significance

The company addresses significant underinsurance issues, particularly in the UK and the US, where many individuals lack adequate life and disability coverage. By leveraging technology to embed insurance into familiar platforms, Eleos Life enhances accessibility and engagement, contributing to increased financial resilience among consumers.

Key Strategic Focus

Core Objectives

Embedded Insurance Distribution: Integrate life and income protection insurance products into digital platforms to enhance accessibility and adoption.

Consumer Education and Engagement: Utilize digital tools and partnerships to raise awareness and simplify the insurance selection process.

Areas of Specialization

Embedded Life Insurance: Providing term life insurance products that can be seamlessly integrated into partner platforms.

Income Protection Insurance: Offering policies that safeguard against loss of income due to illness or injury.

Key Technologies Utilized

APIs and White-Label Solutions: Facilitate the embedding of insurance products into partner platforms without additional costs.

Artificial Intelligence (AI): Deploy AI-driven tools like Theea, an AI-powered digital co-pilot, to guide customers through the insurance selection process.

Primary Markets Targeted

United Kingdom: Addressing the low penetration rates of life and income protection insurance.

United States: Expanding access to essential insurance products through partnerships with financial institutions.

Financials and Funding

Funding History

Pre-Seed Round: Raised $750,000 from investors including Fuel Ventures, Indico Capital Partners, APX, and Magic Fund.

Seed Round: Secured $4 million in May 2024, led by Fuel Ventures and Indico Capital Partners, with participation from APX.

Utilization of Capital

The funds are allocated towards:

Product Development: Expanding the range of insurance products offered.

Market Expansion: Launching operations in the US market.

Pipeline Development

Key Pipeline Candidates

Term Life Insurance: Products designed for seamless integration into partner platforms.

Income Protection Insurance: Policies aimed at providing financial security during periods of illness or injury.

Stages of Development

Product Integration: Embedding insurance offerings into partner platforms using APIs and white-labeled solutions.

Market Expansion: Establishing partnerships with financial institutions in the US to distribute products.

Target Conditions

Life Insurance: Providing coverage for individuals seeking financial protection for their families.

Income Protection: Offering policies to safeguard against loss of income due to unforeseen circumstances.

Anticipated Milestones

US Market Launch: Initiating operations and partnerships in the US market.

Technological Platform and Innovation

Proprietary Technologies

Theea: An AI-powered digital co-pilot that assists customers in understanding and selecting insurance policies.

Significant Scientific Methods

Natural Language Processing (NLP): Employed in Theea to interpret and respond to customer inquiries in real-time.

Data Analytics: Utilized to personalize insurance offerings and enhance customer engagement.

Leadership Team

Executive Profiles

Kiruba Shankar Eswaran: CEO and Co-Founder. Previously founded Zaask in Portugal and has experience in successful start-ups and exits in the UK.

Nuno Costa: CTO and Co-Founder. Background in technology development and digital solutions.

Antonio Garnier: Lead Engineer. Expertise in software engineering and system integration.

Competitor Profile

Market Insights and Dynamics

Market Size and Growth: The disability insurance market in the US is valued at approximately $127 billion, with a compound annual growth rate of nearly 12%. The individual term life insurance market is estimated at $15 billion.

Competitor Analysis

Cover Genius: Offers a wide range of insurance options in over 60 countries, including the UK.

Bolttech: Provides over 6,500 insurance products across 39 markets, partnering with major telecommunications operators, insurers, and retailers.

Chubb: Offers a diverse range of embedded insurance products integrating into digital customer journeys for both businesses and consumers.

Strategic Collaborations and Partnerships

Significant Collaborations

Assurity and SCOR: Partnerships to distribute embedded term life and disability insurance in the US market.

Willbox: Collaboration to offer digital income protection to customers, combining financial protection with legacy planning.

HealthKey: Partnership to provide physical and mental wellbeing services, including physiotherapy and mental health counseling, to policyholders.

Operational Insights

Strategic Considerations

Market Position: Eleos Life leverages its embedded insurance model to offer seamless integration of insurance products, differentiating itself from traditional insurers.

Competitive Advantages: The company's use of AI-driven tools like Theea enhances customer engagement and simplifies the insurance selection process.