Swedish-based EIR, a leading white-label InsurTech, has announced it has expanded its operations into the Netherlands, Finland, and Greece.
EIR’s recent push into these new markets is driven by its scalable business model and robust underwriting approach, and follows the news that it has it achieved profitability in June 2024, according to InsurTech Insights.
EIR specialises in developing innovative insurance solutions for partners through a B2B2X model. The company operates across eight countries in Europe, including Sweden, Norway, Denmark, Germany, and Spain, and now with the addition of the Netherlands, Finland, and Greece.
By expanding its presence across multiple markets, EIR aims to diversify its portfolio, reducing exposure to individual market fluctuations, such as the inflation surge in Norway.
EIR achieved its first positive net result in June 2024, a significant milestone that reflects the company’s financial growth.
Speaking on the milestone, Fredrik Solberg, CEO of EIR said, “We now predict to be profitable on an ongoing basis. Having reached this milestone is a game changer for us and means we can look forward to 2025 and beyond with confidence. We remain on track to reach break-even for the full year 2024.”
The firm reported a gross written premium of SEK 302m in the first half of 2024, an 80% increase compared to the previous year. Its total portfolio grew by 90%, now standing at SEK 600m on a rolling 12-month basis.
The Swedish firm’s expansion strategy is anchored in partnerships that co-create insurance solutions with their partners, benefiting their end customers.
For instance, EIR recently launched an automated product with a partner, insuring vacation rental tenants against rainy weather. It also collaborated with Fair Insurance and GreaterThan to develop a solution using telematics data to provide insights into accident probabilities, creating competitive insurance for safer driving.
EIR founder Torgrim Lien commented, “In our European market expansion, we are pursuing a partner strategy, in which we focus primarily on the co-creation of insurance solutions with our partners. Together, we develop solutions that really benefit their customers. For example, with one of our partners, we launched an automated product on the market that insures tenants of vacation accommodation against rainy weather during their vacation.
“Together with Fair Insurance and the analytics company GreaterThan, we have developed an insurance solution that converts GPS and telematics data into actionable insights into accident probabilities and climate impacts – offering competitive insurance cover for safer-than-average driving.”
Copyright © 2024 InsurTech Analyst
