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    Signature(s)

    Amount
    € 15,000,000
    Countries
    Sector(s)
    Cyprus : € 15,000,000
    Services : € 15,000,000
    Signature date(s)
    15/06/2021 : € 7,500,000
    15/06/2021 : € 7,500,000
    Link to source

    Summary sheet

    Release date
    3 December 2020
    Status
    Reference
    Signed | 15/06/2021
    20200189
    Project name
    Promoter - financial intermediary
    HELLAS DIRECT (EGFF)
    HD INSURANCE LTD
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 15 million
    EUR 35 million
    Location
    Sector(s)
    Description
    Objectives

    HD Insurance ("HDI") is a fully regulated general insurance company, founded in Cyprus in 2011, putting technology and innovation at the forefront of all its activities. It has built its own proprietary underwriting, claims management and online distribution platform which increases the efficiency of traditional services with the use of artificial intelligence (AI) / machine learning. The group's vision is to use this platform to generate leads and claims management fees and so contribute to the digitalisation of the insurance industry in Greece and Cyprus.

    The project concerns the digitisation and innovation of the underwriting and insurance industry. The promoter's proprietary algorithms and platform allow it to execute traditional services more efficiently with the use of machine learning and AI. The research and development (R&D) programme includes the years from 2020 to 2022.

    Environmental aspects
    Procurement

    The operation concerns the Promoter's investments in technology and product development. Due to the nature of the operation (mainly R&D and innovative information technologies, sales and marketing investments), it does not fall under any annexes of the Directive 2014/52/EU amending the EIA Directive 2011/92/EU.

    The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions.

    Link to source
    Summary sheet

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Documents

    Environmental and Social Data Sheet (ESDS) - HELLAS DIRECT (EGFF)
    Publication Date
    29 Jan 2021
    Document language
    Main Topic
    Lending
    Document Number
    131704212
    Document Focus
    Environmental Information
    Project Number
    20200189
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    scoreboard - EUROPEAN GROWTH FINANCE FACILITY
    Publication Date
    13 Sep 2019
    Document Language
    English
    Main Topic
    lending
    Document Number
    122912044
    Document Focus
    EFSI legal requirements
    Document Type
    Scoreboard
    Project Number
    20180667
    Last update
    19 Aug 2020
    Sector(s)
    Services
    Countries
    Bulgaria, Kenya, Ghana, Mexico, Philippines
    Publicly available
    Download now

    News & Stories

    General enquiries and comments

    The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
    Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
    Alternatively, the EIB can be contacted through its external offices.
    Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

    Media enquiries

    Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

    Complaints mechanism

    Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

    Zero tolerance against fraud and corruption

    The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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