Romanian software producer LIH ponders EUR 1 mln venture fund to digitize insurance sector

Life is Hard (BVB: LIH), a Romanian provider of software solutions listed on the Bucharest Stock Exchange (alternative market AeRo), ponders setting up a regional pre-seed investment vehicle (LIH Ventures) of EUR 1 mln to develop an eco-system in the sector of insurance services, Profit.ro announced quoting Erik Barna, LIH CA member and founder of the company.

The project would be carried out by LIH Ventures - an investment fund participating as a shareholder in companies in South-Eastern Europe (SEE), with an initial focus on Romania, focused on the digitization of services and the application of new technologies (Big Data, AI/ML).

LIH shareholders will have to vote on the project at their meeting on November 1.

LIH is active in Romania's insurance market through the 24Broker.ro platform, the most used insurance brokerage platform in Romania: 51% of the brokerage channel and 37% of the total insurance industry in Romania, according to the company's founder Erik Barna.

(Photo source: Dreamstime.com)