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    Reference: 20200189
    Release date: 3 December 2020

    Promoter – Financial Intermediary

    HD INSURANCE LTD

    Location

    Description

    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.

    Objectives

    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.

    Sector(s)

    • Services - Financial and insurance activities

    Proposed EIB finance (Approximate amount)

    EUR 15 million

    Total cost (Approximate amount)

    EUR 35 million

    Environmental aspects

    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.

    Procurement

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

    Status

    Signed - 15/06/2021

    Disclaimer

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

    Related tags

    Cyprus Services