Eloa Streamlines Sales for Credit and Insurance Industries

FACTS

• Eloa crafted a collaborative platform building links between credit players, insurance companies and customers.

• They just raised €1.3M from Family offices and private investors. Their goal: subsidise ongoing developments for their offer.
• Players on Eloa’s platform:
  • Credit and insurance brokers
  • Real-estate developers
  • Car traders (dealerships, intermediaries, etc.)
  • End customers
• Features: provide car loan or mortgage simulation in just a few minutes, send insurance quotes for given assets, manage the subscription process from end-to-end, manage customer relation online.

Key Figures

• Start-up founded in 2018
• 10 employees
• 1,200 affiliated businesses, 17,500 loans, 8,250 insurance contracts, for 50,000 end customers
• 2022 goal: 4,000 affiliates and 200,000 end customers

CHALLENGES

• Dematerialise financing and insurance processes. Eloa planned two use cases for their platform: car sales and real-estate property. This choice is consistent with an observation: these processes are seldom paperless still, and involve substantial delays considering the number of intermediaries. Eloa intends to digitalise this process and make it easier for all partakers, including credit and insurance players, to work together.
• Over time, Eloa wants to talk all banks and insurance companies into using their platform, without having to rely on a broker.

MARKET PERSPECTIVE

• Eloa is backed by the French Finance Innovation competitiveness cluster (Pôle de compétitivité Finance Innovation).
• This start-up pertains to the Gaia group, which also owns the websites Le-Partenaire.fr and DevenezProprio.fr.
• For their car industry-dedicated offer, Eloa already signed up BHCar, a platform for selling used cards online, to feature their financing and insurance offers.