InsurTech platform EIS scores $100m funding from TPG to drive growth

July 2, 2021

San Francisco-based insurance technology firm EIS scored $100m in new growth funding from private equity investor TPG.

EIS will use the new funding to accelerate product development in risk, health and wealth, as well as to support its geographic expansion.

Founded in 2008, EIS provides insurance software to leading insurers in North America, Europe and Asia enabling them to operate in faster, more secure ways. With thousands of APIs, the EIS platform allows insurers across all lines of business to connect to – or serve as a hub for – a large ecosystem of InsurTech and emerging technologies. EIS serves clients across North America, Europe and Asia.

Its key product, the EIS Suite is an open, flexible platform of core systems and digital solutions that help insurers to accelerate innovation, launch products faster and deliver new revenue channels. EIS Suite can be deployed on AWS, Microsoft Azure, and Google Cloud.

EIS CEO and founder Alec Miloslavsky said, “The team at TPG is aligned with our ambitious growth strategy and their longstanding track record, industry relationships, and deep expertise make them an ideal partner for EIS as we propel our business forward.

“The investment will help us continue to meet growing client demand as insurers transition from outdated ‘modern legacy’ systems toward a platform that provides the flexibility, speed, openness, and security that today’s highly competitive market requires.”

TPG, jointly headquartered in San Francisco and Texas, now has almost $96bn under management. It has been a major investor in technology since its inception in 1992, with stakes in companies including C3 AI, McAfee and Wind River.

TPG partner Nehal Raj said, “Digital transformation of insurance has been a longstanding theme for TPG, and we believe EIS is a solution built for the future of the industry. Alec and his team have built a powerful platform that enables insurers across the globe to operate more effectively, become more customer-centric, and achieve better speed to market.”