Hellas Direct, a next-generation insurance company, has teamed up with Swiss Re, one of the world's leading reinsurers, and Revolut, Europe's fastest-growing digital banking alternative, to enter the Cyprus home-insurance sector. The partnership will deliver a highly-innovative and customer-focused home-insurance experience for Cyprus-based policyholders.
Hellas Direct is a digital-first, full-stack insurance company, empowered by cutting-edge technology and artificial intelligence. The company is backed by a roster of all-star investors, which include IFC, Third Point LLC, Portag3 Ventures, Endeavor Catalyst, former Goldman Sachs economist Lord O'Neill and private equity veteran Jon Moulton. Modelling itself on Amazon, Hellas Direct aims to disrupt the insurance value chain by adopting an extreme focus on operational excellence.
Hellas Direct is a Cyprus-based insurance company founded by Emilios Markou and Alexis Pantazis, two former Goldman Sachs executives who saw an opportunity to disrupt the Greek insurance market as the country was entering the deepest economic recession of modern times. Hellas Direct has experienced exponential growth during its first four years of operation, even as Greece saw a 25% reduction in GDP and a 40% drop in insurance premia.
Hellas Direct is already one of the largest car insurance companies in Cyprus, with more than 150,000 transactions over the last twelve months and having settled more than 30,000 claims since its launch five years ago. Hellas Direct's home-insurance offering introduces a wide range of innovations into the market, such as the ability to buy insurance by the day, instant claims settlement and the payback of micro-payments on a daily basis to consumers who have not had a claim.
"We are excited to be launching our insurance offering in the Cyprus market. This is a bit of a homecoming for us as we have always been a Cyprus company at heart. We already employ a fantastic team of technologists, data scientists and finance specialists at our Nicosia office and a big part of our innovation is being born here", said Emilios Markou, Executive Director of Hellas Direct.
"We are thrilled to be partnering up with Swiss Re and Revolut in designing a better, cheaper, faster insurance experience for the Cyprus consumer. Launching a brand new, innovative offering in our homeland is of particular sentimental importance to us and is the first step in our regional expansion," added Alexis Pantazis, Executive Director.
This is one of the first strategic partnerships between disruptive companies in the broader fintech space and traditional reinsurance powerhouses. The three companies plan joint R&D efforts to further challenge traditional operational models in the broader region. The partnership will allow Hellas Direct, Swiss Re and Revolut to roll out their home insurance offering into new markets and enable them to leapfrog some of the traditional barriers of growth and expansion.