Digital Insurance Agenda

Inari: Nurturing the Ecosystem from Quotation to Portfolio Management

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Sep 14, 2018

INARI is an A.I.-enhanced digital platform for the B2B P&C insurance industry designed to make insurance operations and processes more efficient, transparent, and accurate from quotation to portfolio management.

The Insurance industry’s life-blood is the policy lifecycle. From Broker to Reinsurer, interdependent stakeholders work together to market, analyze, and underwrite policies. How fast, accurately, and reliably they do this makes or breaks industry growth.

INARI’s goal is to transform the policy lifecycle into a shared-Single Source of Truth, nurturing the disjointed policy chain into a living, breathing ecosystem and driving a dramatic increase in the policy lifecycle efficiency. With its open API’s, INARI enables companies to expand data sets and data flows to include legacy and external data sources allowing insurers to leverage the interdependencies and complementarities of their combined data in real-time through the Blockchain. INARI also provides a 360° automated policy cycle management with performance-enhancing A.I. via a secure SaaS.

INARI represented Catalunya at RISE Hong Kong 2018 as one of its “7 most innovative start-ups. INARI has recently completed the development of an open pilot solution for MGAs to perform a large array of the “insurer activities” entrusted to them and better serve their distribution network both up and down the insurance chain. Current projects under design are a full-comprehensive solution including PAS for a network of MGA/Syndicates in the London Market and an underwriting analytical tool for a prominent international carrier.

Transforming the insurance policy lifecycle
Transforming the insurance policy lifecycle is one of the most significant growth opportunities in the Corporate Insurance space and has a direct impact to the industry incumbent’s bottom line. Yet, todays Insurance systems are broadly the same as yesterday’s, favoring silos of information, bloated processes, limited scalability, and creating unnecessary opacity. New technologies such as Blockchain, A.I. and Machine Learning have the potential to dramatically improve the speed and reliability of the policy lifecycle and bring significant uplift to how the industry operates and grows in the future.

Unique approach
INARI’s team has built the platform with this insight in mind, slicing and dicing how to apply the latest technologies to tackle the business concerns and costliest inefficiencies. One interactive source of truth for the entire policy lifecycle with complete policy clarity and bespoke analytics.

The INARI’s way:

  • INARI’s shared front-end User Interface is designed with Insurance professionals in mind. Its focus is on enabling a “zero-training” implementation, with the goal of making adoption as intuitive as possible.
  • INARI offers multiple platform schemes on a pay-per-use basis encouraging scalability.
  • INARI is built with a modular framework with interconnected modules allowing complete flexibility in enhancing functionalities.

How it works

INARI’s ecosystem connects all sections of the life cycle, ingesting policy information directly from emails and recreating the entire policy transaction business flow in a simple and intuitive manner, ensuring underwriting discipline and enhancing performance.

Working tools like INARI’s Notes allow stakeholders to capture and document the underwriter thought process and critical exchanges for audit purposes, as well as providing a timeline snapshot of the full details of data and events attached to one policy.

Other embedded governance tools such as sanction checks, automated rating scenarios, and monitoring tools, such as interactive peer and portfolio dashboards, enable all policy lifecycle stakeholders to operate at a higher sophistication, improving risk underwriting and analysis.

INARI’s underlying technologies:

  • INARI’s use of Blockchain enables manually captured, API-ingested, or computer-generated data and events to be stamped and stored on a shared, immutable, distributed ledger, whilst also utilizing INARI’s powerful Machine Learning tools.
  • A proprietary powerful BPM engine with embedded Insurance-specific process flows, 100% modulable to fit customer´s operation lines.
  • By Q419, Machine Learning and Artificial Intelligence will further improve INARI’s predictive analysis and increase the breadth of its risk management functionalities, helping shape risk-based decisions, governance and capitalization management. 

Why we selected INARI for DIA Munich
INARI offers a unique organic approach to the industry challenges, focusing on transforming the current policy lifecycle into an ecosystem of true codependent actors which has the potential to create ever-growing efficiencies. As more stakeholders use the platform, the amount of data aggregated by the ecosystem will continue to grow spreading its network effect and overall value for the participants.

INARI is also designed to work with other Insurtech solutions providing collaborative compounded innovation to the customer. The INARI team see themselves not as gatekeepers, but as enablers to Insurance 3.0.

At DIA Munich Frank Perkins, CEO/CTO and Teresa Madariaga, CAO will be presenting a video demonstration of the underwriting process for a specific line of business.

Who is INARI?
Barcelona based INARI was co-founded in late 2017 by Frank Perkins and three other Insurance veterans.  Today, INARI is an international team of experienced Insurance and IT professionals. Privately funded, INARI has recently extended funding to external investors and is now open to partnership opportunities as well as additional funding round.

“Businesses derive their greatest benefits by improving their repeated and frequent processes. In this regard the Insurance Industry is full of potential as the policy lifecycle is riddled with such inefficiencies.INARI’s mission is to enable Insurers to unleash that potential, with minimal disruption, whilst expanding their capabilities with the latest Insurtech solutions”. Teresa Madariaga CAO and Co-Founder Inari

       
Teresa Madariaga CAO and Co-Founder
                       
Frank Perkins, CEO/CTO and Co-Founder

https://www.inari.io/

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