Evari: the flexible Platform for the next generation of financial services.
Insurers around the globe are looking to find ways to grow their revenues and business. Evari started off as a direct insurer and knows the challenges related to this growth.
Especially the lack of flexibility is a challenge to boost growth or innovation, as products cannot be easily changed, and data cannot be easily extracted and used for personalized insurance or services. In general, internal IT departments have a hard time solving these issues due to limited resources and being restricted by existing technology.
Evari uses its experience and in-house platform to offer its technology to enable insurers around the globe to quickly build and launch insurance products. Insurers are licensing Evari’s core technology to free up their teams to build value-adding pro-code extensions using AI and ML and integrate these into the configurable products and workflows. Resulting in improved risk selection, optimized conversion reduces fraud, and lower operational costs
With its platform, products and experiences are highly configurable, which creates a world without rigid data schemas but one where every user interaction and data transaction is handled as a real-time event. Evari provides fully flexible end-to-end core insurance systems that include user interfaces, ratings, quote and bind, policy administration, documents, claims, analytics, reporting and more. Allowing insurers to create, launch and manage any type of insurance product via any digital channel in days, not months.
Evari deals with major global insurance carriers from startups, and MGAs to listed insurers and brings not only technology but also its broad experience within insurance, across both the company and Lloyd’s markets and familiarity with MGA’s and specialty business.
How does it work?
Evari’s CloudStream includes solutions that are modular and easily embedded in third-party systems. The platform is structured on building blocks that include security, forms, rules, workflows, reports and analytics, which acts as a template for end-to-end insurance solutions. The platform is built to integrate with new and legacy systems, as well as third-party services and platforms. Embedding the solutions into third-party websites or apps can be done using either suite of available APIs or real-time Micro-Front-Ends.
The architecture enables insurers to deliver real-time and seamless digital experiences for users and enables the processing of large volumes of data. Being cloud-native, it is scalable and allows for fast deployment. It has flexibility and agility thanks to the architecture being event-native and real-time. Next, its no/low code builder tools enable the build of products, ratings and policy management. Furthermore, integration capabilities and pro-code extensibility options allow adding complexity where needed and facilitate the use of data.
Why did we select Evari for DIA Munich 2022?
Insurers are looking for a multitude of channels in which they can distribute their products to consumers and small businesses, including embedded insurance into third-party websites. Evari’s insurance technology solutions enable the distribution of products via any channel, through API and alternative technologies. The company will launch a self-service suite of tools for insurers to use, including processes, rating builders and reporting solutions.
At DIA Munich Daniel Fogarty (CEO) and Robert Jeffery (COO) will talk about Evari’s technology and how it helps insurers increase efficiency, reduce cost and digitalise their products. They will demo how to configure a product and how the integrated Pro-code for AI/ ML makes it available via any channel and explain how customer interactions produce data that can be used to inform pricing and underwriting.
Who is Evari?
The company initially launched with a direct insurance offering in Australia, which generated a lot of interest in Evari’s technology from within the insurance industry. Since 2018 the company transformed to be a a SaaS provider with its HQ in London while keeping a base in Australia. The company has clients across Europe, America, and APAC.
The company has a team of passionate insurance and technology experts. Its founders include the former CEO of an insurer and the Head of Risk and Technology at a Bank.
“We founded Evari with the mission to modernise the insurance experience for all types of insureds. We quickly realized the best way to achieve this goal was to provide amazing technology to as many insurers and MGAs as we could.”Daniel Fogarty, Founder & CEO