Eleos insurance

Eleos
Type of site
Insurance Company
Available inEnglish
Country of originUnited Kingdom
Key people
URLwww.eleos.co.uk
CommercialYes
Launched2023
Current statusActive

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

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

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

Eleos operates through a B2B2C (Business-to-Business-to-Consumer) framework.[9] The company provides insurance services through partnerships with financial institutions.[10]

Funding

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

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

  1. ^ Towner, Lauren (May 7, 2024). "Eleos Secures $4m Seed Investment". FF News | Fintech Finance.
  2. ^ Marzo, Stefano De (November 2, 2023). "London-based insurtech Eleos raises €700k pre-seed". EU-Startups.
  3. ^ "Eleos secures £3.25M seed investment". Fuel Ventures.
  4. ^ "Insurtech Eleos Secures $4 Million in Seed Funding". June 6, 2024.
  5. ^ "Insurtech Eleos to expand life insurance offering". Cover Magazine.
  6. ^ "Insurtech Eleos raised $4 mn seed funding round". Beinsure Media. May 17, 2024.
  7. ^ "Eleos adds HealthHero's GoGP to protection policies for new customers". Protection Reporter.
  8. ^ "Eleos raises €3.75M in Seed funding". Tech.eu. May 7, 2024.
  9. ^ "Education dominant industry in Oxford's workforce". Oxford Mail.
  10. ^ "Education sector in the top 3 highest percentage of workers in England and Wales". FE News.
  11. ^ "Eleos Raises $4M in Seed Funding". May 8, 2024.
  12. ^ "London-based Eleos secures $4m". The Intermediary.
  13. ^ "Insurtech startup Eleos raises £615k". UKTN. November 2, 2023.
  14. ^ "Eleos - Company Profile". CB Insights.