Hellas Direct

Hellas Direct is a technology-driven, direct-to-consumer insurance company founded in 2011 by Alexis Pantazis and Emilios Markou, two Cypriot former Goldman Sachs bankers who met at the firm's London offices. It operates as a digital-first, full-stack insurer, underwriting its own risk rather than acting purely as a distributor, and uses advanced analytics and proprietary technology across the insurance value chain, from pricing to claims handling.

The product range covers compulsory and comprehensive motor insurance, motorcycle insurance and home insurance. Quotes are generated online in about five minutes, with data pre-filled through an integration with the Greek government's gov.gr digital services and vehicle information retrieved from the licence plate number. The company states it settles 50% of claims within one day under a "Fast Track" process, offers 24/7 accident contact for customers, and gives access to a network of about 3,000 partner repair shops. Payment options include instalments on credit cards and a "FlexiPay" scheme allowing 12 debit-card instalments without a loan.

Alongside its core insurance business, the company runs a "Safe Roads" initiative repairing potholes and repainting pedestrian crossings, and has stated plans to offer its own credit product as part of a broader strategy around the regional mobility ecosystem.

Founding story

Alexis Pantazis and Emilios Markou, both from Cyprus, met while working at Goldman Sachs and decided to build a company from scratch. Markou, a computer science graduate and qualified actuary, had previously worked at McKinsey & Company, Barclays Capital and Goldman Sachs' investment banking division; Pantazis studied economics at Cambridge, took a US master's degree, and worked at Boston Consulting Group and Goldman Sachs' asset management investing arm. They surveyed the Balkans and chose Greece in 2011-2012, reasoning that insurance is countercyclical and that the onset of the Greek financial crisis created an opening; motor insurance was targeted because it accounts for roughly 80% of Greek premiums in a market with insurance penetration well below the European average. The company was founded in 2011 under the slogan "rethink insurance".

Business model

Full-stack insurer that underwrites and distributes its own motor, motorcycle and home policies directly to consumers online, supported by in-house technology, analytics-based pricing and an owned claims process using a partner repair-shop network. The group has also announced plans to add a credit product and to broaden into mobility and home ecosystems.

Insurance premiums from annual and flexible-duration motor, motorcycle and home policies, sold and renewed digitally, with payment available upfront or in instalments; the company reported EUR 155m in written premiums in 2023.

Traction

Reported EUR 155m in written premiums and around 900,000 customers in 2023; a network of about 3,000 partner repair shops; 50% of claims closed within one day; a 4.8-star Google rating from 14,398 reviews as displayed on its website.

Latest developments

In February 2024 Hellas Direct announced a EUR 30m (about $32.5m) funding round with new investor ETF Partners joining Portage Ventures, the European Investment Bank and other existing backers, intended to support growth, strengthen solvency capital and fund expansion in existing and new central and southern European markets, with an emphasis on mobility and home ecosystems and on products addressing climate-change risks. Product-level developments promoted on its site include gov.gr-based automatic data entry during quoting and the FlexiPay 12-instalment debit-card payment option.