IFC, a member of the World Bank Group, is becoming a shareholder in Hellas Direct, a pioneering Greek startup that is aiming to disturb the country’s insurance industry. The investment will help to diversify Greece’s financial sector and make car insurance available to more Greeks.
IFC is investing EUR 3.5 million in Hellas Direct, part of a $7 million equity offering by the company. Hellas Direct is part of a new wave of what’s known as insurtech companies. Globally and in Greece, the insurance industry is dominated by traditional brokerage systems. Insurtech companies aim to revolutionize the industry by using technology to bring the paper-heavy sector into the digital age. Hellas Direct aims to increase insurance ownership in Greece and bring further transparency and fairness, by eliminating commissions and hidden fees.