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Eleos insurance

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Eleos
Type of siteInsurance 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. The company was established in 2023.

History

Eleos was founded by Kiruba Shankar Eswaran, who had previously established Zaask, a local services marketplace in Portugal. In May 2024, the company received £3.25 million in seed funding from investors including Fuel Ventures and Indico Capital.

Products and Services

The company provides two primary insurance products:

  • Life Insurance: Coverage up to £500,000 for term life insurance policies.
  • Income Protection: Financial coverage for individuals unable to work due to illness or injury.

Additional services include:

  • Remote general practitioner access
  • Mental health support services
  • Retail purchase cashback program

Business Model

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

Funding

A seed funding round in May 2024 raised $4 million, with participation from Fuel Ventures and Indico Capital. The company indicated plans to use the funding for UK market expansion and potential U.S. operations.

Regulatory Status

Eleos operates under Financial Conduct Authority (FCA) regulation in the United Kingdom. Its policies fall under the protection of the Financial Services Compensation Scheme.

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.
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