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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

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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.

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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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