Eleos insurance
 | |
Type of site | Insurance Company |
|---|---|
| Available in | English |
| Country of origin | United Kingdom |
| Key people |
|
| URL | www |
| Commercial | Yes |
| Launched | 2023 |
| Current status | Active |
Eleos Insurance is a digital insurance provider based in London, United Kingdom, offering life insurance and income protection insurance products.[1] The company was established in 2023.[2]
History
[edit]Eleos was founded by Kiruba Shankar Eswaran, who had previously established Zaask, a local services marketplace in Portugal.[3] In May 2024, the company received £3.25 million in seed funding from investors including Fuel Ventures and Indico Capital.[4]
Products and Services
[edit]The company provides two primary insurance products:
- Life Insurance: Coverage up to £500,000 for term life insurance policies.[5]
- Income Protection: Financial coverage for individuals unable to work due to illness or injury.[6]
Additional services include:
- Remote general practitioner access[7]
- Mental health support services
- Retail purchase cashback program[8]
Business Model
[edit]Eleos operates through a B2B2C (Business-to-Business-to-Consumer) framework.[9] The company provides insurance services through partnerships with financial institutions.[10]
Funding
[edit]A seed funding round in May 2024 raised $4 million, with participation from Fuel Ventures and Indico Capital.[11] The company indicated plans to use the funding for UK market expansion and potential U.S. operations.[12]
Regulatory Status
[edit]Eleos operates under Financial Conduct Authority (FCA) regulation in the United Kingdom.[13] Its policies fall under the protection of the Financial Services Compensation Scheme.[14]
References
[edit]- ^ Towner, Lauren (May 7, 2024). "Eleos Secures $4m Seed Investment". FF News | Fintech Finance.
- ^ Marzo, Stefano De (November 2, 2023). "London-based insurtech Eleos raises €700k pre-seed". EU-Startups.
- ^ "Eleos secures £3.25M seed investment". Fuel Ventures.
- ^ "Insurtech Eleos Secures $4 Million in Seed Funding". June 6, 2024.
- ^ "Insurtech Eleos to expand life insurance offering". Cover Magazine.
- ^ "Insurtech Eleos raised $4 mn seed funding round". Beinsure Media. May 17, 2024.
- ^ "Eleos adds HealthHero's GoGP to protection policies for new customers". Protection Reporter.
- ^ "Eleos raises €3.75M in Seed funding". Tech.eu. May 7, 2024.
- ^ "Education dominant industry in Oxford's workforce". Oxford Mail.
- ^ "Education sector in the top 3 highest percentage of workers in England and Wales". FE News.
- ^ "Eleos Raises $4M in Seed Funding". May 8, 2024.
- ^ "London-based Eleos secures $4m". The Intermediary.
- ^ "Insurtech startup Eleos raises £615k". UKTN. November 2, 2023.
- ^ "Eleos - Company Profile". CB Insights.