Global specialist insurance company Tokio Marine Kiln (TMK) has forged a strategic partnership with Australian insurtech firm Evari, to gain access to the Perth-based firm's digital insurance platform and on-demand products in the Australian market.
Evari has developed insurance for SMEs that directly links in to a business’ cloud accounting system and its data, allowing for the automatic, ‘live’ adjustments to insurance policies according to changing financial and other information. The platform also provides clients with real-time online policy management functions including endorsements, certificates of currency, and claims.
The strategic deal, which includes an investment component, will help Evari build and deploy digital insurances rapidly, especially on-demand products.
Tom Hoad, head of innovation at TMK, said that as a company that specialises in underwriting risk, TMK is a “natural fit” with Evari, a young company that not only understands insurance, but “also has a competitive edge and an ability to rapidly build and deploy technology.”
Evari CEO Daniel Fogarty, meanwhile, said TMK’s underwriting expertise, global reach, and willingness to collaborate on new products were “the main attractions” that led the company enter the agreement.
